Earnings Scorecard Eclipses Recession Fears – Market Trends At This Hour

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Diminishing fears of a painful recession as well as upbeat corporate earnings from the U.S. restored momentum to stock markets worldwide ahead of the monetary policy review by the ECB on Thursday. Inflation in the U.K. surging to a high of 9.4 percent, raising the prospect of a 50 basis-point hike by the Bank of England failed to destroy the positive momentum.

Asian stock markets recorded strong gains. The Wall Street Futures are trading in positive territory. European stocks are also trading in the green zone.

The Dollar Index weakened as currency markets priced in a larger rate hike by the ECB. Bond yields mostly hardened. Crude Oil prices softened amidst expectations of a pile-up in inventories in the U.S. Gold edged down as the positive corporate earnings updates triggered the risk-on sentiment. Cryptocurrencies are mostly in the green zone.

Here is a snapshot of the world markets at this hour across stocks, currencies, bonds, commodities and cryptocurrencies.

Stock Indexes:

DJIA (US30) at 31,867.70, up 0.13%
S&P 500 (US500) at 3,942.70, up 0.15%
Germany’s DAX at 13,353.54, up 0.34%
U.K.’s FTSE 100 at 7,312.50, up 0.22%
France’s CAC 40 at 6,219.04, up 0.29%
Euro Stoxx 50 at 3,593.25, up 0.16%
Japan’s Nikkei 225 at 27,680.26, up 2.67%
Australia’s S&P ASX 200 at 6,759.20, up 1.65%
China’s Shanghai Composite at 3,304.72, up 0.77%
Hong Kong’s Hang Seng at 20,890.22, up 1.11%

Currencies:

EURUSD at 1.0242, up 0.18%
GBPUSD at 1.2030, up 0.29%
USDJPY at 138.12, down 0.04%
AUDUSD at 0.6915, up 0.29%
USDCAD at 1.2864, down 0.04%
Dollar Index at 106.56, down 0.12%

Ten-Year Govt Bond Yields:

U.S. at 2.989%, down 0.98%
Germany at 1.2270%, down 4.07%
France at 1.794%, down 2.84%
U.K. at 2.1130%, down 2.98%
Japan at 0.238%, down 2.26%

Commodities:

Crude Oil WTI Futures (Sep) at $99.69, down 1.04%
Brent Oil Futures (Sep) at $106.38, down 0.90%
Gold Futures (Aug) at $1,706.45, down 0.25%

Cryptocurrencies:

Bitcoin at $22,363.44, up 6.63%
Ethereum at $1,531.84, down 0.09%
BNB at $264.60, up 1.64%
XRP at $0.37, up 3.88%
Cardano at $0.5239, up 8.15%

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