On Wednesday, the markets were bearish. The Dow Jones closed the US session 0.44% lower, the Nasdaq was down 0.09% and the S&P 500 fell 0.18%. In Europe, the CAC 40 was up 0.19% and the Dax 30 closed with a decline of 0.38%.
In addition, US retail sales figures were released yesterday. The new figures showed an increase between 10.5% and 13.5%, surpassing last year’s figure of $4.44 trillion. This year, online and in-store sales are expected to rise by around 18% and 23% to $1.09 trillion and $1.13 trillion respectively. US consumer price index (CPI) data is scheduled to be released today. April’s figure jumped 0.8% and this month’s forecast is at 0.3%.
According to yesterday’s Energy Information Administration (EIA) data, US crude oil inventories fell by 5.2 million barrels last week. Crude oil closed yesterday’s US session at $69.75 a barrel. In Europe today, data is expected to be released by the European Central Bank. The releases include the deposit facility rate decision, the interest rate decision, as well as the marginal lending rate.
On the Asian continent, China is trying to protect commodity investors from high volatility in that market. The head of China’s Banking and Insurance Regulatory Commission, Gou Shuqing, has pointed out that investing in commodities “is tantamount to disguised gambling, and their outcome of losses is preordained”. The dragon country’s fear is not unfounded, as last year the People’s Bank of China lost $1 billion on an oil product.
Place your orders with Traders Trust, a trusted broker that has been supporting traders with premium conditions for longer than a decade, and triple your investment power with the 200% Deposit Bonus.