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EU Market Open: May 20, 2016

By Alphaseeker IMMarket OverviewMay 20, 2016 09:14,-2016-200130958
EU Market Open: May 20, 2016
By Alphaseeker IM   |  May 20, 2016 09:14
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In Asia the Nikkei was flat on Friday as investors stayed on the sidelines ahead of Group of Seven meetings, and prospects for a U.S. interest rate hike as early as June curbed buyers’ appetite. Japan Tobacco (T:2914) dropped 2.6% after Britain got the go-ahead to make plain packaging compulsory on cigarettes when a court struck down a legal challenge brought by the world’s top four tobacco companies, including Japan Tobacco. Such defensive stocks as retailers and utility companies were in demand. Shimamura Co (T:8227) soared 3.2% and Aeon Co (T:8267) rose 1.1%. Kansai Electric Power Co (T:9503) rose 1.6%, Tokyo Electric Power Co (T:9501) gained 0.8%.

In Currency Markets the GBP was the only major currency to strengthen against the USD this week, buoyed by polls indicating that the campaign to keep the U.K. inside the European Union is extending its lead before a referendum next month. The pound reached a two-week high of $1.4663 and was last at $1.4598. Its trade-weighted index peaked at 87.9, its highest since Feb. 5.

Oil rose 1% to $48.65 a barrel in New York. Prices were boosted this week as data showed U.S. output slid to the lowest since September 2014 and wildfires in Canada expanded.

In US stocks widely declined amid concern that a Federal Reserve interest-rate increase as early as next month could further burden a struggling global economy. The S&P 500 fell 0.4% to 2,040.04. Microsoft Corp (NASDAQ:MSFT). was the biggest drop falling 1%. Wal-Mart's (NYSE:WMT) 9.6% jump led the recovery.

In Bond Markets Japan’s 10-year yield fell three basis points to minus 0.105%. Overseas investors bought 3.6 trillion yen ($32.7 billion) of the nation’s government bonds in April, the most since August 2007, data showed Friday. U.S. Treasuries were headed for their first weekly loss in a month, securities having fallen 0.7% over the last four days. The yield on 10-year notes declined one basis point on Friday to 1.84%.

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EU Market Open: May 20, 2016

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EU Market Open: May 20, 2016

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Disclaimer: The information within this article has been prepared and issued by Alphaseeker Trading Services Limited on the basis of publicly available information and other sources believed to be reliable. Whilst all reasonable care is taken to ensure that the facts stated are accurate, neither Alphaseeker Trading Services Limited nor any director, officer or employee shall in anyway be responsible for its contents. This document is intended to provide clients with information and should be construed as an offer or solicitation to buy or sell securities.
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