Market Recap: A Week in Review – Key Trends, Movers, and Shakers in the Global Markets
Last week brought a flurry of activity to global markets, with several key trends, movers, and shakers making headlines.
Stock Markets
The S&P 500 hit a new all-time high on Tuesday, continuing its steady climb in the face of ongoing economic uncertainty. European markets also saw gains, with the DAX and FTSE 100 both posting strong performances. However, Asian markets were mixed, with the Nikkei 225 falling slightly and the Hang Seng Index holding steady.
Currencies
The US Dollar continued its downward trend against major currencies, with the Euro and British Pound both gaining ground. Meanwhile, the Japanese Yen strengthened against its US counterpart due to safe-haven demand. Elsewhere, emerging market currencies were largely unchanged.
Commodities
Oil prices continued to climb, with West Texas Intermediate (WTI) crude hitting a two-year high above $70 per barrel. Gold, on the other hand, saw a modest decline as investors shifted their focus back to stocks. Meanwhile, natural gas prices spiked due to unexpected supply disruptions in the US.
Economic Data
On the economic front, several key data points were released last week. In the US, jobless claims fell to their lowest level since 1969, indicating a continued improvement in the labor market. Meanwhile, US retail sales came in weaker than expected, raising concerns about consumer spending. In Europe, German GDP growth was revised upwards, while French industrial production missed estimates.
Company News
Several companies made headlines last week, with Tesla’s stock price soaring after the electric vehicle maker reported record quarterly profits. Apple also announced strong earnings, while Facebook faced a backlash over its handling of misinformation on its platform. On the mergers and acquisitions front, Visa agreed to acquire Plaid for $5.3 billion.