Weekly News Summary For May 3-9, 2019
Friday, May 3: US Stocks Rally on Upbeat Jobs Data
US stocks rallied on Friday, as the markets absorbed a better-than-expected April jobs report and muted wage increases.
Tech-heavy NASDAQ Composite index rose to record highs, while the S&P 500 almost made a record high finish, after the Labor Department stated that US payrolls climbed 263,000 in April, and unemployment rate fell by 3.6% to mark its lowest since December 1969.
Monday, May 6: Crude at One-Month Low after Trump’s Tariff Threat
Oil prices edged lower on Monday after US President Donald Trump threatened to lift tariffs on Chinese goods, putting trade negotiations with China at risk, and renewing concerns over global oil demand.
Brent crude futures hit its lowest since April 2 at $68.79 per barrel, before recovering to trade at $70.69 a barrel, while US West Texas Intermediate stood at $61.65 per barrel, after posting its weakest since March 29 of $60.04 a barrel earlier in the session.
Tuesday, May 7: Turkish Lira Falls on Political Upheaval
The Turkish lira plunged to an eight-month low on Tuesday after country’s election authorities nullified the latest municipal elections results for Istanbul.
The news instantly left the lira with a 2% loss and an additional 1.5% drop afterwards, deeming the currency as the worst performing of all G-20 currencies except for the Argentine peso.
Wednesday, May 8: Global Stocks Weaken Ahead of Trade Talks
Global stock markets stood close to five-week lows on Wednesday, as the latest trade tensions and worldwide economic worries prompted investors to flee from riskier assets.
The Shanghai Composite and Nikkei closed down more than 1%, while European stocks weakened as support from the unexpected rise in German industrial output faded.
Thursday, May 9: Dollar Falls vs Yen as Trade Talks Await
The dollar lingered near a six-week low against the Japanese yen on Thursday, as broader markets sought for safe-haven amid fears of a possible escalation in the US-China trade dispute.
The greenback was at 109.91 yen after hitting 109.70 overnight to mark as its weakest since March 25, while markets await the start of the 2-day trade negotiatons in Washington later in the day, to find out if China will be able to convice the US to withdraw its planned tariff hike on Friday.
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