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- Trading day in one post 12.06.2017
Trading day in one post 12.06.2017
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Loading...Asian stocks were mixed after Friday’s selloff in U.S. technology companies, while the British pound edged higher as investors assessed the risks from political turmoil in the U.K.
The rout in U.S. tech stocks began when Robert Boroujerdi, global chief investment officer at Goldman Sachs Group Inc., warned that low volatility in Facebook Inc., Amazon.com Inc., Apple Inc., Microsoft Corp. and Google parent Alphabet Inc. may be blinding investors to risks such as cyclicality and regulation.
Economic calendar
11:00 Italy - Industrial production
21:00 USA - Federal budget balance
GBP - The pound rose by 0.1 percent to 1.2759 dollars after dropping 1.6 percent on Friday. The political risks about forming a government in the UK remain after Teresa May has failed to gather enough seats in parliament. There will probably be a short-term rise in the British currency when a new government is formed, but for now we are short.
Indices - US indices closed around the same levels they opened last week, after Friday's big technology stocks sell-off. Nasdaq lost 1.8% on Friday, with Apple sinking 3.9%, while Microsoft, Amazon, Facebook and Alphabet Inc. lost just over 2%. For now, we remain cautious until we see if the correction is over.
Crude Oil - Oil prices rose slightly after the big downturn last week. WTI gained 0.6 percent to $46.08 a barrel. Oil slumped almost 4 percent last week as an unexpected increase in U.S. stockpiles cast doubt on OPEC’s ability to rebalance world crude markets. A short-term price increase may be possible but given the negative sentiment we remain short.
Jr Trader Ivan Ivanov
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