Wall Street quiet ahead of big tech earnings
US indices have entered a period of quiet trading as we await the latest batch of earnings from tech companies. But bearishness among individual investors has reached levels not seen in fourteen years, according to today’s Conference Board data. Almost half those surveyed expect stocks to go down over the next 12 months. Historically, such overwhelming caution is a great sign that a rebound is on the cards, though investors can be forgiven their cautiousness after the madness of the last month.
White House takes aim at Amazon
Amazon’s decision to display the cost of tariffs puts it on a collision course with the Trump administration. Other companies have taken quieter routes to make their case to the president, but it is clear that Bezos plans a more obvious approach. The gap between US companies and their government continues to grow, providing global investors with yet another reason to stay cautious on US assets.
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Editors’ Picks
EUR/USD keeps the bullish tone around 1.1260
EUR/USD now manages to regain upside impulse and revisits the 1.1260 zone on Tuesday. The resurgence of the selling pressure continues to hurt the US Dollar amid fresh concerns over the US economy and unabated uncertainty stemming from the US trade policy.
GBP/USD turns positive around 1.3370
GBP/USD picks up renewed pace on Tuesday, leaving behind earlier daily lows near 1.3330 and refocusing on the 1.3360-1.3370 band amid a mild bearish tone in the Greenback. Meanwhile, investors continue to assess the recent Moody’s downgrade of US rating ahead of key UK inflation data on Wednesday.
Gold accelerates its advance, retargets $3,300
Gold now climbs to multi-day highs beyond the $3,280 mark per troy ounce on Tuesday, following the resumption of the selling pressure on the Greenback and propped up by a cautious market mood.
Bitcoin fails to reach all-time high despite building institutional and state support
Bitcoin price stabilizes around $105,200 on Tuesday, just 4% shy of its all-time high at $109,588. JPMorgan CEO Jamie Dimon says the bank will let clients buy Bitcoin.The Texas House is set to conduct a second reading of a bill that, if passed, would establish a Bitcoin Reserve.
China April slowdown shows the impact of economic uncertainty
Trade war uncertainty is denting Chinese confidence, resulting in slower economic activity in April. Retail sales and fixed-asset investment both underperformed forecasts amid heightened caution. Yet the impact on manufacturing was less than feared.
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