TOPICS MENTIONED IN THIS MARKET BRIEFING:
- IEuropean Stock Exchangesgive way
- Wall Street continues to rebound
- Chart of the day –Ethereum : a consolidation phase
European stock markets give ground
European Stock Exchanges retreated in early trading on Friday, the lack of tangible progress towards a negotiated solution to the conflict in Ukraine prompting investors to be cautious after the sharp rise in recent sessions.
But the latest statements from Moscow on the talks with Kyiv have dampened hopes of rapid diplomatic progress and the bombardments continue on several Ukrainian cities. Investors are now awaiting the scheduled meeting between US and Chinese Presidents Joe Biden and Xi Jinping this Friday.
On the monetary front, after the rate hikes announced by the US Federal Reserve and the Bank of England in an attempt to stem inflation and despite the risks associated with Ukraine, the Bank of Japan (BoJ) unsurprisingly left its monetary policy unchanged, emphasizing the “very great uncertainty” about the economic consequences of the Ukrainian crisis.
Wall Street continues to rebound
Wall Street ended Thursday sharply higher, confirming its trend since the beginning of the week, after having hesitated for a good part of the session the day after the announcement, expected, by the Federal Reserve of a first rate hike. of interest in the United States this year.
Investors are also watching developments in the war in Ukraine and negotiations between that country and Russia, which appear to be blowing hot and cold on the prospects for an agreement to end the conflict. A relief factor, Russia seems to have so far avoided default despite the heavy Western sanctions against it.
In this context without much change, investors seem to have chosen to continue buying cheaply on assets that have fallen sharply in recent weeks.
Othersfinancial market news
The lack of apparent progress in talks between Ukraine and Russia is benefiting the oil market by reigniting fears of a sharp drop in global supply.
Today’s economic calendar:
Find the full economic calendar to know all the economic events to comer.
CHART OF THE DAY – Ethereum: a consolidation phase
I‘Ethereum has been trending without a clear direction for several weeks and volumes remain relatively quite low. It is clear that the prices are locked in a symmetrical triangle. Thus, the breaking of one of the two terminals will trigger the next directional movement.
A crossing of the upper boundary coupled with the resistance of $2,875 would lead to a bullish recovery. The cryptocurrency could regain height in order to rally to $3,250.
On the other hand, if prices break through the support towards $2,545, then the decline should continue towards $2,300 and then $2,000.
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