Stocks slump on global growth concerns; Stormont risks being plunged into stalemate
May 10, 2022
GBP/USD 1.2329 GBP/EUR 1.1672 EUR/USD 1.0563 USD/CAD 1.3003 EUR/CHF 1.0489 EUR/SEK 10.6188 EUR/NOK 10.2156 EUR/DKK 7.4385 USD/ILS 3.4429 AUD/USD 0.6953 NZD/USD 0.6317 USD/SGD 1.3896 USD/JPY 130.27 USD/CNH 6.7442 USD/INR 77.3813 EUR/ILS 3.6366 GBP/ILS 4.2446 USD/ZAR 16.1382
UK retail sales decline 0.3% in April from a year earlier, the first fall on an annual basis since the start of last year. The FTSE100 fell -2.32% yesterday, it still outperforms most other index’s down only 2.7% on the year, compared to -18% in the Euro Stoxx.
Stormont risks being plunged into a political statement once again. The Runners-up in last week’s election, the DUP, are refusing to appoint a deputy first minister, and hence grid-locking parliament due to the complex power-sharing agreement. The DUP have stated that they will not appoint a deputy first minister until the Northern Ireland protocol has been ‘fixed’.
Kier Starmer, opposition leader has offered his resignation should he be fined for breaking covid rules, in an act set to undermine Boris Johnsons tenure as PM, despite repeated calls to resign.EUR
Ursula Von de Leyen has travelled to Hungary to ease internal tensions within the EU, regarding the EU’s proposed sanctions to ban Russian oil.
Germany’s ZEW survey is expected to show a further deterioration in sentiment in May as the war delays the country’s recovery.USD
The Federal Reserve warned of worsening liquidity conditions across key markets due to rising risks. This comes following commodities markets that have seen large price movements and margin calls.
The Biden administration is working on a proposal to bolster Latin American economies and strengthen ties ahead of a June summit.
The NASDAQ fell -4.29% yesterday, and the S&P500 fell -3.2% following global growth concerns.ASIA/PACIFIC
Ferdinand Marcos Jr. won a landslide victory in the Philippine presidential election. Meanwhile, violence erupted in Sri Lanka yesterday evening after the brother of President Gotabaya Rajapaksa resigns as PM. Protestors are targeting the homes of lawmakers.
Yoon Suk Yoel took office as South Korea’s eighth elected president.
Asian equities slipped following global equitiesILSUSDILS trades higher 0.21%, continuing to trade near yearly highs, at 3.42.Data & Events
Italy Industrial Production
Germany ZEW Survey
Several ECB and Fed Speakers
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