☀️ Happy Wednesday, traders! It’s May 1st, and here’s a quick update on today’s key market developments:
Global Economy updates include US, China, Amazon, and Japan for May 1, 2024:
🛒Amazon is witnessing growth fueled by its AI initiatives, which are significantly boosting its cloud business. However, despite this progress, Amazon shares have fallen by 3.29%.
🌍 Emerging markets are confronting increasing interest rates due to shifting expectations. This may lead countries like Turkey and South Africa to consider tightening their monetary policies.
📉 Wall Street ended April shakily with rising labor costs and falling consumer confidence. Concerns grew over sustained high U.S. Federal Reserve rates. This turbulence fueled market worries.
🇯🇵 Japan may have intervened in the currency market, initiating a ¥5.5 trillion effort to prop up the yen, marking its first such move since 2022.
🇸🇦 Saudi Arabia’s economy saw a smaller contraction of 1.8% in Q1 2024, an improvement from a previous 4.3% decline, helped by less severe oil production cuts.
🇨🇳 China’s factory activity continued its growth streak into April, indicating a consistent economic rebound.
🚗 Tesla is scaling back its Supercharger team, possibly slowing down the expansion of its critical charging network, amid wider layoffs. Tesla shares dropped by 5.49%.
⚡️ Gold prices fell below $2,300 as a tougher Federal Reserve outlook lessened its attractiveness, amidst a decrease in safe-haven demand.
Stay tuned with Guriforex for more updates and insights on these evolving market conditions!
