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Home » Global markets at fresh record highs ahead of the weekend

Global markets at fresh record highs ahead of the weekend

by Stephen Soo
August 13, 2021 06:15
in Fundamental analysis
0
Global stocks sharply lower amid a new coronavirus strain

The German Economy Ministry said they are not expecting a sustained increase in inflation

Wall Street stocks edged higher on Thursday. Both Dow Jones Industrial Average and S&P 500 climbed to fresh records while Nasdaq Composite gained 0.3%. On the data front, initial jobless claims declined slightly. There were 375,000 claims, matching estimates. The producer price index rose 0.9% last month versus a forecast for a 0.5% gain.

Asian stock markets were mixed Friday ahead of more regional economic releases. Tokyo’s Nikkei 225 shed 0.14%, while South Korea’s Kospi slid 1.16%. The Hang Seng in Hong Kong dropped 0.48%. The Shanghai Composite Index shed 0.24%.

In Europe, stocks opened higher on Friday to notch new highs and were on track for their fourth consecutive week of gains. The German Economy Ministry said they are not expecting a sustained increase in inflation. As for the data, Eurozone exports fell in June for the sixth consecutive month. The Eurozone recorded an 18.1-billion euros surplus in goods traded with the rest of the world in June, compared with 20.0 billion euros in June 2020.

Meanwhile, the dollar is marginally lower ahead of the weekend while trading in relatively tight ranges on Friday. EURUSD is flirting with the 1.1750 region, struggling to get back above the 1.1800 figure as the overall demand for the greenback persists. On the downside, the 1.1700 level remains in focus. A break below this figure would pave the way to 2021 lows.

Elsewhere, gold prices keep trending higher these days, retaining a bullish bias on Friday. The precious metal rose to the $1,760 area during the European hours, a break above which would open the way towards the $1,800 figure. If the dollar keeps retreating during the US session, the bullion could add to intraday gains.

Tags: DOW JONESEURUSDGoldHang 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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