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    Investor sentiment mixed in thinner pre-holiday deals

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    Market sentiment worsens across the world

    Stocks bounce after another widespread sell-off

    Global stocks in recovery mode but still cautious

    Stocks back under pressure after short-lived relief rally

    Markets digest the inflation shock, dollar enjoys the rally

    Dollar sags as investor sentiment keeps improving

    Investor sentiment looks neutral at the start of the week

    Modest bounce after sell-off ahead of the weekend

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Home » Risk-off sentiment intensified at the end of the week

Risk-off sentiment intensified at the end of the week

Investors digesting rising tensions between China and the U.S. and the latest economic data

by Stephen Soo
May 22, 2020 09:24
in Fundamental analysis
0
Investors digesting rising tensions between China and the U.S. and the latest economic data

Wall Street indexes dropped overnight as investors digested rising tensions between China and the U.S. and the latest economic data. According to the Labor Department report, another 2.4 million people filed for unemployment benefits last week, bringing the total number of filings to more than 38 million. The Dow Jones Industrial Average closed 0.4% lower, the S&P 500 fell 0.8% while the Nasdaq Composite was down 1%.

Today in Asia, stocks were on the defensive, with Hong Kong’s Hang Seng index plunging 5% after China said it is poised to impose a new national security law on Hong Kong, which fueled worries about another wave of pro-democracy protests. Elsewhere, the Nikkei 225 in Japan closed 0.8% while over in South Korea, the Kospi fell 1.41%. Overall, the MSCI Asia ex-Japan index finished 2.68% lower.

European equities started on a downbeat note as well amid concerns over tensions between the U.S. and China, and between Beijing and Hong Kong. The risk-off sentiment intensified after a report showed that the UK retail sales saw a record slump last month due to the coronavirus lockdown. The UK retail sales came in at -18.1% over the month in April versus -16% expected and -5.1% previous.

Elsewhere, the dollar regains upside momentum against high-yielding currencies amid risk aversion across the financial markets. As a result, EURUSD accelerated its pullback from the 1.10 handle and is now clinging to the 1.09 support. Once below, the common currency may challenge the 50-DMA around 1.0880. Later today, the ECB will publish its minutes of the latest meeting. 

Meanwhile, bitcoin prices remain under the selling pressure after yesterday’s plunge from the $9,600 area. On Friday, BTCUSD has settled around the $9,000 handle which is the key level in the immediate term, as a break below it may attract more aggressive profit-taking following the recent rally towards $10,000. 

Tags: BITCOINBTCUSDDOW JONESECBEURUSDNikkei
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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