Financial Market Headlines – 18/7/2018

US

  • The S&P 500 rose 0.4% yesterday as gains in Materials and Technology stocks offset losses elsewhere.
  • Technology stocks initially traded lower in the session following a disappointing earnings report from Netflix. Netflix shares dropped 15% at one point before rebounding throughout the day to settle 5% lower. Amazon shares touched a fresh all-time high.
  • Federal Reserve Chairman Jerome Powell gave a positive assessment of the US economy during his semi-annual congressional testimony, indicating that gradual interest rate increases were warranted.

 

Europe

  • European equities also closed higher yesterday. The Euro Stoxx 50 index gained 0.2%, the German DAX index rose 0.8% and the French CAC settled 0.2% higher.
  • In the UK, the pound pared losses after PM Theresa May won a close vote over pro-Europe Tories who want the option of staying in the EU’s customs union.
  • On the economic data front, UK and Euro-Area inflation data is due to be released today.

 

Asia

  • Asian stocks traded mixed overnight. Japanese equities gained 0.4% while their Chinese counterparts settled marginally lower.

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