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July 16th 2024, 4:23:41 pm

(about a few seconds ago)

Stocks fall for the third week on weak earnings, hawkish Fed, and continued geopolitical risks.

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👎Stocks fall for the third week on weak earnings, hawkish Fed, and continued geopolitical risks.📉

North American equities fell for the third week as disappointing listed companies’ earnings came out, and markets expect aggressive rate hikes by US central bank. On Friday, US S&P 500 and Nasdaq dropped 2.8% and 2.55% respectively, the largest drops since March 7, While Canada’s S&P/TSX composite lost 2.14%. Major European Markets were all negative, with Euro Stoxx 50 losing 2.24%. Today’s drop brings tech-heavy Nasdaq’s loss to more than 9% in April. The CBOE volatility index, which acts as a fear gauge in stock markets, jumped to a one-month high.

 

The US dollar jumped to the highest level in the currency market since June 2020, standing at 101.22. Among major currencies, the Canadian and Australian dollars have been amongst the biggest gainers year to date, while the Japanese Yen has lost 13.07%. Among the emerging economies, the Brazilian real has soared 22.15% in 2022, while the Russian ruble has been the enormous decliner post the invasion into Ukraine with a 37.99% loss. US treasuries stay elevated, with a 10-year standing at 2.89%, pushing bond returns into negative territories after 20 years of positive returns. West Texas Intermediate oil prices stand at 101.73, with forecasts by EIA pointing at prices remaining above 90 for the rest of 2022.