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Report of China slashing car import tariffs lift automotive sector
Another volatile session on Wall Street yesterday, as the DJ30 showed both massive gains and declines throughout the day, eventually closing slightly lower, joined by the SPX500. The automotive sector was lifted by reports that China is planning to reduce import tariffs on cars from 40% to 15%, as Fiat-Chrysler spiked 2.9%, joined by GM, Ford and Tesla. The tech sector continued to show gains, as the NSDQ100 closed higher.
FCA.MIFiat Chrysler Automobiles
13.7 0.382 (2.87%)
GMGeneral Motors Co
34.67 0.25 (0.73%)
FFord Motor Co
8.53 0.01 (0.12%)
Today’s highlights: Global markets seen higher
- Asian markets higher: Reports of China’s intention to slash tariffs also had a positive effect on markets in the East. The China50, HKG50 and JPN225 indices were all up by 1% or more at the time of writing.
- Cryptos continue to fall: The cryptocurrency market continued its slow and steady decline over the past 24 hours, as all top 10 cryptos registered losses. At the time of writing, Bitcoin was about 2% lower, slipping below the $3,500 mark.
- Volatility expected for USD: Consumer Price Index reports are due in the US at 13:30 GMT, potentially impacting the greenback.
- May could face vote of no confidence: The political turmoil in the UK continues. After the British Prime Minister pulled the vote to approve her Brexit deal, reports suggest that Labour party members may call for a vote of no confidence in May as early as tomorrow.
- Oil shows gains: The production freeze announced by OPEC continues to impact oil prices, as it climbed more than 1% yesterday.
- SNB rate decision coming tomorrow: The Swiss National Bank will be delivering its quarterly Monetary Policy Assessment tomorrow morning at 8:30 GMT, followed by a press conference with Chairman Thomas Jordan. The events could generate volatility for the CHF.
- Europe opens higher: The UK100 opened 58 points higher, the GER30 was up 110 points and the FRA40 opened 48 points higher.
China50China A50 Index
10997.75 111.25 (1.02%)
0.9933 0.0001 (0.01%)
Earnings season coming to a close: The last round of earnings report will be released over the next few weeks towards the end of the year. To follow upcoming earnings reports, go to eToro’s Earnings Reports Calendar. Please note that maximum leverage for CFD stocks will be limited to X5 one day ahead of earnings report releases. X10 leverage will be available again soon after the report is published.
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