Market moods have deteriorated as the Covid situation in China is not improving and the media is hinting that Beijing could be next in line for a lockdown after Shanghai and several other major cities. Negative moods could be noticed during the Asian session today with Nikkei dropping 1.7%, Kospi 1.4% and indices from China falling up to 3% lower and they extended into the start of the European session with the majority of european indices trading lower despite some reassurance arrived following Emmanuel Macron’s victory in the French elections.
While there is a lack of significant data releases today, investors and traders will be keeping an eye on developments surrounding the situation as risk-off moods dominate the markets
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Furthermore, as China is the second largest economy in the world, the situation also has a big impact on commodity markets with oil and industrial metals dropping significantly today (WTI dropped 2.8% and fell below $99 per barrel). While there is a lack of significant data releases today, investors and traders will be keeping an eye on developments surrounding the situation as risk-off moods dominate the markets. In addition, this will be a key week for the Wall street earning season with the release of several mega cap earnings including Microsoft, Apple, Alphabet, Amazon and Twitter which could certainly have a noticeable impact on sentiment.
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