Global markets remain resilient despite terror attacks and soft economic data

By Trevor Hoey. Published at May 24, 2017, in Features

US markets shrugged off some negative economic data to close 0.2% higher at 20,937 points.

However, if it wasn’t for financial stocks, the index could well have finished in negative territory with strong gains from Goldman Sachs Group Inc. and JP Morgan Chase & Co in particular.

While President Trump’s 2018 budget was an engaging document, as one Wall Street analysts said nothing will come of it in 2017, making it largely irrelevant in terms of providing market direction.

The NASDAQ put in a flat performance, closing at 6138 points.

European markets remained resilient despite the Manchester bombing, with the FTSE 100 coming off only 0.1% to close at 7485 points.

In Germany, the DAX gained 0.3%, closing at 12,659 points after hitting an intraday high of 12,703 points.

The Paris CAC 40 gained 0.5% to close at 5348 points.

On the commodities front, oil gained another 0.7%, closing at US$51.49 per barrel.

The gold price came under pressure, falling 0.8% to US$1250 per ounce.

Iron ore also gave up some of its recent gains as it pulled back nearly 2% to US$62 per tonne.

Base metals were mixed with copper and zinc gaining ground while lead and nickel came off marginally.

The best performance came from zinc as it increased nearly 1% to US$1.19 per pound, closing in on its May high of US$1.20 per pound after trading at US$1.14 per pound as recently as Thursday of last week.

Copper’s close of US$2.57 per pound leaves it only 1% shy of its May high of US$2.60 per pound.

The Australian dollar was relatively unmoved, fetching US$0.747.

This article is General Information and contains only some information about some elements of one or more financial products. It may contain; (1) broker projections and price targets that are only estimates and may not be met, (2) historical data in terms of earnings performance and/or share trading patterns that should not be used as the basis for an investment as they may or may not be replicated. Those considering engaging with any financial product mentioned in this article should always seek independent financial advice from a licensed financial advisor before making any financial decisions.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Facebook
Twitter
LinkedIn