Hello traders, Happy Friday! Let’s dive into the major news for the last trading session of the week!
Market Updates including Rate Cuts, Crypto Trends, and AI Investments in Friday’s Trading Session:
- 🇬🇧 Bank of England hints at possible rate cuts and easing quantitative measures due to economic worries. UK100 rises to 8411.
- 💸 Crypto trading volume, including spot and derivatives, dropped significantly by 43.8% in April, the first monthly decrease in seven months, according to CCData. However, BTCUSD rises to 62845.
- 🍎 Apple plans to boost its AI capabilities with in-house server chips later this year, reports BBG. APPLE stock rises to 184.63.
- ✂️ Switzerland and Sweden are among the first developed countries to start cutting interest rates, as reported by RTRS.
- 🇨🇳 Chinese stocks show signs of a prolonged rally. Hong Kong stocks continue to rise as regulators mull cancelling the dividend tax. The HK50 rises to 18960.
- 🛢 OPEC decides not to publish forecasts for its own oil demand due to changes in its joint policy with OPEC+ partners regarding global oil supply. XBRUSD rises to 84.20 in response.
- 🚫 European companies express negative sentiments about doing business in China, according to a survey reported by Reuters and the Financial Times, based on responses from 529 companies.
- ⚠️ Analysts at Deutsche Bank raise concerns about Tether’s solvency and warn of potential instability among stablecoins, fearing they may detach from their pegs.