Mixed week for the international markets - Weekly Review, June 9-12

Mixed week for the international markets - Weekly Review, June 9-12

Markets moved pushed by the FOMC meeting, alongside other events.

Monday-Tuesday:The week started with good news from the American side – with New York easing its lockdown measures. The American benchmarks traded higher, with USA30 gaining 1.7%.

Oil and Brent Oil had the most significant drops since May 27-28: the first lost 3.4%, while the latter lost 3.5%.

European markets closed in the red, with Europe50 losing at least 0.3%, and France40 shedding 0.8%.

AUD/USD reached a ten-month high by trading at $0.7040.

GBP/USD traded at $1.2755, reaching a three-month high.

IBM decided to reconsider its partnership with the governmental institutions for which it has provided facial recognition technology. At that time, the stock price went up by 2.80%.

Macy’s got back on track after it raised $4.5 billion in borrowings, which will be used to save the company from bankruptcy. During regular trading hours, the stock price went up 8.9%.

Chesapeake Energy considers filing for Chapter 11 bankruptcy after the company didn't manage to recover after the hit it took when Oil traded negative. The lockdown measures didn't help either. Since the beginning of the year, the company's stock lost more than 57%.

Wednesday: The FOMC meeting and decisions made a mess out of the international markets. The American benchmarks lost almost 1% each. In Asia, Japan225 shed 1.25%, while HongKong45 fell 0.39%.

ASX dropped by 2.19%.

In Europe, Germany30 lost 0.70%.

The Dollar Index added 0.38% to 96.315.

Chinese companies are facing delisting from the US stock exchanges, as the conflict between the US and China continues to escalate. According to President Trump and the US Senate, the SEC regulations might be imposed on Chinese companies. Alibaba, Baidu, and JD.com are among the companies listed on the US stock exchanges.

The aviation industry seems to recover not only because the lockdown measures started to ease, but also because airlines got financial support from governments. Last week, Lufthansa, alongside various European airlines, received stimulus packages. Airbus,Air France, manufacturers, and suppliers will receive 417 billion worth of financial support. The German Lufthansa will receive $450 million from the Austrian government.

Tesla's share price topped $1,000 for the first time after it gained more than 9%. It reached a market cap of $190 billion.

Thursday: Oil had the most significant drop in six weeks – 8.8%.

Ford recalled more than 2 million cars due to incorrect placement of door latches.

The unemployment claims report came in lower than expected – 1.54 million. The markets didn’t budge over the results, but over the fact that the number of infections started to increase again after states reopened the economic activity: USA500 fell 4.79%, while TECH100 lost 3.96%.

Adobe posted better-than-expected results after the number of paid subscriptions increased during the pandemic. It had revenue of $3.13 billion, with an EPS of $2.45.

Friday: ONS (Office for National Statistics) showed that the UK's economy contracted by 20.4% in April. For the next quarter, the contraction could be high enough to make the country fall into recession. At that time UK100 closed 2.6% lower.

In China, social media networks started to limit propaganda regarding Coronavirus and Hong Kong. Twitter has removed more than 170,000 accounts. After the news hit the market, the company's stock price dropped by more than 6% in after-hours trading.

Sources: investing.com, marketwatch.com, cnn.com yahoo.com, reuters.com


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