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Wall Street closes lower on trade war fears
US indices registered sharp declines yesterday, after US Trade Representative Robert Lighthizer told the press that new tariffs will be imposed on Chinese imports this Friday, reigniting fears of a US-China trade war. The DJ30, SPX500 and NSDQ100 all closed more than 1.6% lower, and companies that are dependent on Chinese imports, such as Apple and NVIDIA, registered significant declines.
Today’s highlights: Trade war fears impact global markets
- Crypto market shows correction: After showing impressive gains in the previous session, the crypto market was seen lower over the past 24 hours, as all top 10 cryptos were in the red at the time of writing. Bitcoin was down around 1%, drifting away from the $6,000 mark. The largest drop was seen in Binance Coin BNB, which fell more than 5%. BNB’s parent company, crypto exchange Binance, yesterday reported a $40 million hack, information that might have acted as a catalyst to the recent downturn.
- Asia seen lower: Trade war fears impacted markets in the East today, as major indices registered declines. The JPN225 index was down around 1.9% at the time of writing, while the China50 index lost more than 1% and the HKG50 was down more than 0.7%.
- Oil prices show recovery: The black gold was seen higher this morning, recovering some of yesterday’s losses, as ongoing US sanctions against Iran and Venezuela supported prices.
- Gold at 2-week high: The growing uncertainty in global markets increased demand for gold, as the safe haven asset registered gains today, reaching price levels not seen in 2 weeks.
- Lyft falls after-hours: The ridesharing company, which went public last March, yesterday released its first earnings report as a public company. The report showed a large loss for the company, causing its stock to drop more than 2.8% after-hours.
- SolarEdge soars 20%: Following a strong earnings report, the solar energy giant skyrocketed more than 20% yesterday. SolarEdge is part of the RenewableEnergy CopyPortfolio on eToro, which gives investors exposure to a clean energy focused investment strategy.
- Europe opens lower: The UK100 opened 9 points lower, the GER30 was down 15 points and the FRA40 opened 3 points lower.
21.35 -0.38 (-1.75%)
Stocks earnings releases on 08/05/2019
ETEnergy Transfer Equity LP
Stocks earnings releases on 09/05/2019
BDXBecton Dickinson & Co.
Earnings season continues: To follow upcoming earnings reports, go to eToro’s Earnings Reports Calendar. Please note that maximum leverage for CFD stocks will be limited to X5 one day ahead of earnings report releases. X10 leverage will be available again soon after the report is published.
* Cryptoassets are a highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.
* Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.
* The information above is not investment advice.
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