CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Leadership switches at Fox and Twitter lead the day s company news

Article By: ,  Financial Analyst

​Market news

On Wall Street overnight, stocks rebounded on strong retail sales in the US. The Dow Jones Industrial Average rose 38.97 points, or 0.22 percent, to 18,039.3, the S&P 500 gained 3.66 points, or 0.17 percent, to 2,108.86 and the Nasdaq Composite added 5.82 points, or 0.11 percent, to 5,082.51.

Asia-Pacific markets had a mixed day with the Hang Seng climbing 1.39 ​per cent​​ ​to 27,280.54, the Shanghai Composite up 0.87​ per cent​ to 20,407.08 and the Nikkei etched up slightly to 20,407.8 up 0.1​2 per cenrt​. The STI closed flat at 3,352.21, 4.54 points or 0.14​ per cent up. While the ASX 200 finished 11.4 points lower at 5,545.25 on market worries about Greek default and a possible exit from the eurozone and South Korea's KOSPI fell 0.22​ per cent​ to close at 2,052.17.

Economic news
The US Labor Department released its weekly numbers of new claims for unemployment benefits which held below 300,000 for a 14th week rising 2,000 to 279,000 in the week ended June 6, but remained consistent with a firming labour market according to reports by CNBC. Analysts are also anticipating the Fed’s policy meeting next week, where a decision could be forthcoming on the timing of interest rate rises.

Company news

In company news, Twitter announced that CEO Dick Costolo is stepping down to be replaced on an interim basis by co-founder Jack Dorsey on 1 July, with an executive search underway. The market responded positively with Twitter’s share price up 4.41​ per cent to $37.42 in after-hours trading.

The market was also abuzz with succession planning speculation at News Corp with signals that 84​-​year​-​old tycoon Rupert Murdoch will soon step down and handover to his sons. Speculation was rife that James Murdoch is to take over 21st Century Fox films with older son Lachlan expected to become co-chairman of the group.

Currency

The yen eased up after three days of gains including a spike on Wednesday following commentary from the Japanese central bank governor, which stated further declines in the currency were “unlikely”.

The US Dollar rose slightly, despite expectations this would move higher on the back of the strong retail sales announced on Wednesday.

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024