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Global stocks rebound, dollar under pressure

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Home » Global stocks rebound, dollar under pressure

Global stocks rebound, dollar under pressure

by Stephen Soo
May 14, 2021 05:31
in Fundamental analysis
0
Global stocks rebound, dollar under pressure

Positive jobless claims data helped to offset worrisome inflation figures

Snapping a three-session skid, Wall Street stocks closed higher on Thursday, as positive jobless claims data helped to offset worrisome inflation figures. Applications for first-time benefits falling to a pandemic low of 473,000 in the week ended May 8 while April PPI jumped 0.6%, exceeding forecasts for a 0.3% rise. As such, the S&P 500 gained 1,22%, the Dow Jones Industrial Average rose 1.29%, and the Nasdaq climbed 0.72%.

Following suit, Asian equities rebounded on Friday, with big semiconductor manufacturers leading the advance in the region. Japan’s Nikkei 225 rallied 2.32%, the Kospi in Seoul picked up 0.9%. In Hong Kong, the Hang Seng advanced 1.11%. The Shanghai Composite index gained 1.77%, while Australia’s S&P/ASX 200 was 0.45% higher.

In Europe, stocks climbed modestly to finish the week, with the pan-European Stoxx 600 adding 0.4% in early trade. In the UK, Prime Minister Boris Johnson has said his government is concerned about the increased transmissibility of the new Covid-19 variant first detected in India. Meanwhile, Germany has set a new daily vaccination record with 1.35 million doses administered yesterday.

Meanwhile, the dollar is on the defensive on Friday as risk mood is keeping rather firm, with US futures being also marked higher. As such, EURUSD is back above the 1.2100 figure, facing local resistance around 1.2130. Later today, retail sales will take centre stage seconded by the preliminary reading of the consumer sentiment and industrial production figures. If the figures exceed expectations, dollar demand could reemerge across the board. In this scenario, the euro would retreat back under the 1.2100 threshold.

Tags: Boris JohnsonCovid-19DOW JONESEURUSDHang SengNasdaqNikkeiS&P 500
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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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