Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
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US stocks ended on a high note last week after a huge rally in Apple (AAPL) pushed the Nasdaq Composite index to a new record high. Shares in Apple rose over 13% last week following bullish projections from Wells Fargo as well as an announcement from the company that it is increasing its investments in the United States by an extra $100 billion over the next four years. Despite the worrying jobs figures published the week prior, all three major US indices finished the week in the green, with the Nasdaq Composite and S&P 500 gaining 3.9% and 2.4% respectively, while the Dow Jones rose by a more modest 1.3%. In Japan meanwhile, the Nikkei 225 is also pushing for a record high of its own after an early morning surge pushed the index back over 42,000 points.
The rise in traditional markets was certainly nothing to be sniffed at, but it paled in comparison to the movements in cryptocurrencies. Bitcoin ended the week on good footing yesterday and carried over the momentum into this morning’s session. BTC is now hovering around $121k but the greater story lies in the altcoin market. Bitcoin dominance has taken an absolute beating recently and the gains seen up and down the leader board certainly reflect that. Even Ethereum has finally stepped up to the plate, convincingly breaching $4k and pushing into valuations not seen since the tail end of 2021.
There is only really one item worth discussing on the economic calendar this week: US inflation. The PCE price index published two weeks ago suggested there had been an uptick in inflation in recent months, which may or may not be confirmed by Tuesday’s CPI report. Forecasts suggest a slight increase in core inflation to 3% year-over-year, while the headline figure is expected to hit 2.8%. Inflation is certainly one side of the equation, but the dire jobs numbers revealed by the most recent NFP report are a much bigger problem for the Federal Reserve. Stephan Miran is set to replace outgoing board member Adriana Kugler and should he be approved by the time of the next meeting in September, the Fed is facing the prospect of three dissenting members if Jerome Powell continues to hold rates steady. A lot can happen between now and the next decision on the 17th of September, but so far markets are pricing in a 25-bps cut with 90% confidence.
Эрсдлийн дохио : Худалдааны дериватив ба хөшүүрэг бүтээгдэхүүн нь өндөр түвшний эрсдэлтэй байдаг.
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