Daily summary: Global stocks remain under pressure

• European indices continue to move lower. DAX fell 1.26% while the CAC40 and FTSE100 dropped 1.20% and 1.07% respectively;
• The latest ECB meeting minutes showed policymakers are concerned over high inflation and agreed that a gradual normalization of the monetary policy should continue. 
• Downbeat moods prevail on Wall Street, however the scale of declines is much smaller compared to yesterday. The Dow Jones is down 0.70%, S&P 500 fell 0.45%, while Nasdaq hovers around the flatline;
• Today's weak Philly Fed, jobless claims and existing home sales data suggest that the economy is slowing down. 
• Weak earnings from Cisco and other major retailer Kohl's weighed on market sentiment. Walmart, Costco and Target extended yesterday's sharp declines;
• Twitter executives told employees that the deal with Elon Musk is proceeding as expected and they will not renegotiate on price '
• NZD and CHF are the best performing major currencies, while USD and JPY lag the most ;
• Oil prices remained volatile on Thursday, with WTI crude trading around $110 per barrel, while Brent jumped above $111.20 per barrel amid the widening supply and demand uncertainties; 
• Gold benefited from worsening moods and the commodity is currently trading at $1840, while silver rose to $21.88 level;
• Despite poor performance of global indices,  cryptocurrencies managed to rebound. Bitcoin returned above $30,000 and Ethereum jumped above the psychological barrier of $2,000.

Downbeat moods still prevail on the global stock market as worries about an aggressive tightening to rein on decades-high inflation and the economic slowdown continued to grip investors. Additionally weak economic data and another set of poor quarterly results weighed on market sentiment. After the recent weak performance of retailers, whose profits are depleted by inflation, it is worth paying special attention to Cisco's fiscal Q3 results which correspond to the February-April period and captured not only the impact of the Russia-Ukraine war but also a new wave of lockdowns in China. In fact, it was the prime reason why the company decided to cut revenue forecasts - the geopolitical situation in Europe and the pandemic situation in China is magnifying supply chain disruptions. It will be interesting to see what the central banks are going to do in order to avoid potential recession.

Despite rebound attempts, the US500 index remains under seller pressure. Index has been moving in a downtrend recently and the key resistance is located around 4,100 pts, where the upper limit of the 1: 1 structure and earlier price reactions can be found. Only a break above this level could change the sentiment to bullish. Source: xStation5