Market optimism couldn’t survive to Jerome Powell’s testimony yesterday, as he said that a recession is possible, and that calling a soft landing is ‘very challenging’ under the current circumstances. Major US indices closed the session slightly in the negative. Powell will testify today, as well, but most of the negative pricing is certainly done by now. In commodities, the barrel of American crude extended losses below $103 yesterday, BP fell and iShares Diversified Commodity index fell below the 100-DMA for the first time this year, and deeper decline is possible, given the risks of tighter monetary policies to the global economy.
The British FTSE index, which has a high concentration of oil and mining stocks lose its advance versus its US peers. Regarding the individual stocks, Altria lost near 10% on news that Juul’s e-cigarettes could be banned, and Alibaba gained on news that Ant Group will apply for a key financial license as soon as this month, and the People’s Bank of China could accept it. Watch the full episode to find out more! 0:00 Intro 0:26 Jerome Powell talks about inflation and recession 2:08 Equities fall 3:08 US crude eased below $103pb, but bears remain skeptical 4:22 Other commodities fall, as well 4:53 FTSE at risk, BP falls below 400p 6:11 Altria hit by potential Juul’se-cig ban 7:31 Good news about Alibaba’s Ant Group Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020. #Fed #Powell #testimony #inflation #recession #USD #ICOM #CrudeOil #BP #China #stocks #Alibaba #buythedip #Altria #Juuls #ban #SPX #Dow #Nasdaq #investing #trading #equities #stocks #cryptocurrencies #FX #bonds #markets #news #Swissquote #MarketTalk #marketanalysis #marketcommentary _____ Learn the fundamentals of trading at your own pace with Swissquote's Education Center. Discover our online courses, webinars and eBooks: https://swq.ch/wr _____ Discover our brand and philosophy: https://swq.ch/wq Learn more about our employees: https://swq.ch/d5 _____ Let's stay connected: LinkedIn: https://swq.ch/cH