Once again, the rise in government bond yields is acting as the catalyst for the sell off in stocks.
An absence of major news has led to a lacklustre trading session. The move in BP sums up the London session as shares in the oil titan hit a two-year high because the company confirmed that yearly profit hit $12.8 billion, its highest mark in eights years.
Traders are cautiously optimistic this afternoon and in turn we are seeing a rally in stocks. European benchmarks are outperforming their US counterparts even though tensions between Russia and Ukraine haven’t been resolved.
The US dollar is driving higher this afternoon following the surprisingly strong US non-farm payrolls report. Last month, 467,000 jobs were added and that comfortably topped forecasts of 110,000.
Stock markets in Europe are down as the European Central Bank (ECB) delivered a mildly hawkish update.
European stock markets are set to finish higher again as the upbeat mood continues. Indices have been gaining ground this week as traders are in recovery mode.
Equity markets in Europe are pushing higher again as the bullish mood continues to circulate.
The mood in equity markets is a lot more optimistic today than it was last week, and even though the headlines about the Federal Reserve potentially hiking interest rates several times this year are still doing the rounds.
It is another painful day on the markets as traders are dumping stocks. Continued concerns about the possibility of several interest rate hikes from the Federal Reserve and the Russia-Ukraine standoff is weighing on the mood once again.
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