- During Monday's session, we could observe risk aversion in the European stock market. Major stock indexes started the new week with losses.
- European and Asian indices performed poorly in the absence of trading on Wall Street due to the national holiday. The DAX lost 0.9%, the CAC40 retreated 1% and the FTSE closed the session 0.7% lower
- On the German stock market, a cascading sell-off was recorded by Sartorius shares - the company lowered its full-year forecasts. Airbus gained nearly 1% after the largest deal in aviation history with India's largest airline.
- JAP225 saw a correction and was one of the weakest indexes today. Chinese indices did not react euphorically to optimistic comments by Xi Jinping, who after talks with Blinken indicated significant progress in US-China talks
- The dollar, which had clearly weakened in the past week, tried to make up for the losses today. However, the scale of the move is small compared to the recent discount. The US currency did best in terms of AUD and NZD.
- AUDUSD started a correction in the uptrend in the face of tomorrow's PBOC decision on interest rates in China. China is expected to decide to loosen monetary policy in order to support the slowing economic recovery.
- Analysts at Goldman Sachs lowered their forecast for China's economic growth to 5.4% from 6%.The forecast for 2024 was also lowered to 4.5% from 4.6% previously. China's economic growth outlook was also lowered by Nomura.
- The main currency pair's quotations retreated only 0.2%, leaving the exchange rate above the $1.09 level, and once the correction is over, a resumption of the uptrend movement is not out of the question.
- Industrial metals, heavily dependent on the momentum of the Chinese economy, also performed poorly. The biggest declines were in ZINC, where the market sees risks on the side of increasing supply and decreasing demand
- Brent and WTI crude oil lost slightly, with NATGAS trading 2.7% higher
- Cryptocurrencies traded in mixed sentiment although Bitcoin reacted with a slight breakout above key short-term resistance at $26,600 following news of an ETF application from Fidelity next after BlackRock.
Despite correction on German DAX (DE30), the upward trend is still the basic scenario. Now the key, short-term support zone is 16335 - 16315 pt (1:1 geometry), supported by EMA100 avareage and previous price reactions. Źródło: xStation5Source: xStation5
