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Home » Modest bounce after sell-off ahead of the weekend

Modest bounce after sell-off ahead of the weekend

by Stephen Soo
May 20, 2022 04:51
in Fundamental analysis
0
Investor sentiment looks neutral at the start of the week

China’s central bank cut its five-year loan prime rate by 15 basis points

Wall Street stocks extended losses overnight, albeit the selling pressure has eased following a dramatic sell-off witnessed a day earlier. The S&P 500 fell 0.58% after a 4% plunge on Wednesday. The Dow Jones dropped 0.75% and the Nasdaq Composite gave up just 0.26% following a decline by 4.7% a day earlier. In individual stocks, shares of Cisco fell 13.7% as investors digested lower-than-expected quarterly revenue growth. On the positive side, Synopsis stocks added more than 10% amid solid earnings.

As the selling pressure continued to ease ahead of the weekend, Asian stocks advanced on Friday after China’s central bank cut its five-year loan prime rate by 15 basis points against the backdrop of Covid disruptions. The Shanghai Composite closed 1.6% higher, Hong Kong’s Hang Seng index was up 2.96%, South Korean Kospi gained 1.8%, and Australia’s S&P ASX/200 index increased 1.15%.

In Europe, equities opened higher today, as another turbulent trading week comes to a close. The pan-European Stoxx 600 added 1.2% in early deals, with US stock index futures pointing to a higher open on Wall Street. Still, European markets are still on course for a negative week amid persistent geopolitical and economic concerns. Earlier today, ECB policymakers Muller and Kazaks both hinted at a July rate hike amid the need to fight elevated inflation.

As for currencies, the dollar stays pressured on Friday after a solid dip witnessed on Thursday. The USD index is now clinging to the 103.00 mark, refraining from a deeper retreat for the time being despite some improvement in risk sentiment. So far, dollar’s dynamics looks like a modest consolidation after a rally towards multi-year highs. In other words, the bullish trend remains intact despite the waning safe-haven demand for the US currency.

Tags: ASX 200DOW JONESECBNasdaqS&P 500Stoxx 600USUSD
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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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