Equities Are Firm As Wall Street Takes The Lead
AvaTrade | May 09, 2017 06:54AM ET
A successful corporate earnings season and decreased political risks – after centralist Emmanuel Macron beat Eurosceptic Marine Le Pen in France’s presidential election – have helped support a rally in equity markets.
The lack of risk in the market has tipped Wall Street’s measure of risk, the Vix, to its lowest point since December 1993.
- CAC 40 is at €5382.50
- DAX 30 is at €12766
- FTSE 100 is at £7289
- FTSE MIB is at €21315
- Nasdaq 100 is at $5657
- S&P 500 is at $2396
- DJ 30 is at $20963
The Australian dollar was the worst performing major currency today after March retail sales fell by 0.1%, much weaker than expectations of 0.3% growth. The Aussie dollar is at $0.73 against its US counterpart.
Additionally, the pound is under pressure after news broke that UK retailers enjoyed healthy sales growth in April. On Monday, sterling hit a seven-month intraday high of $1.298 on the hopes that the Conservative party will triumph in next month’s election and with them, bring a softer Brexit. However, now, the pound is suffering a 0.2% decline at $1.29.
The euro has dipped 0.2% at $1.08, after touching $1.10 in the hours after the French election results.
h3 Commodity Cove/h3Oil prices are under pressure even as Saudi Arabia assured that cartel OPEC would endeavour to cut production. Crude oil is at $46.45 and the international benchmark Brent oil is at $49.40. Crude oil inventories will be released tomorrow and are expected to be -2 million barrels.
Gold has shed 0.1% at $1225 per ounce as perceived risk in the market subsides.
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