On Wall Street, stock indices fell sharply, especially towards the close of trading. The Dow Jones Industrial closed -2.38% lower at 33,240.18 points, the lowest level since mid-March. The broad S&P 500 fell by -2.81% to 4,175.20 points. On the Nasdaq, the indices slumped by about -3.9%, falling to the lowest level since May 2021. While the latest economic data had no impact on market activity, the quarterly results of the major US technology stocks were the focus. Google parent company Alphabet and Microsoft presented their quarterly figures after the close of trading yesterday and do not seem to have convinced investors. The shares of Alphabet fell after the close of trading by about -3% and the Microsoft share had to give up about -2.5%. In the next few days, other tech heavyweights such as Apple, Amazon or Meta (Facebook) will follow. In Asia, the sell-off on the stock markets continued in part on Wednesday. In Tokyo, the Nikkei 225 index trades around -1.8% lower.
The mood of US consumers has deteriorated in April, the latest survey results of the New York economic research institute The Conference Board. The corresponding confidence barometer dropped from 107.6 to 107.3 points. Analysts had actually expected an improvement to 108.2 points.
The United States has invited about 40 countries to consultations on the further course of action in the Ukraine cherry. The conference was held at the largest US air base outside the United States in Rammstein, Germany. US Defense Secretary Lloyd Austin and US Secretary of State Antony Blinken were joined by NATO Secretary General Jens Stoltenberg. The consultations are intended to “ensure Ukraine's enduring security and sovereignty, as well as Ukraine's defense needs beyond Russia's war of aggression.”
Meanwhile, Russia announced it would halt its gas supplies to Poland and Bulgaria.
Exports from the European Union to the United Kingdom because of Brexit, respectively, the trade agreement agreed at the end of 2020 downright collapsed. A recent study by the London School of Economics and Political Science (LSE) highlighted that trade is now "significantly disrupted" and has led to a “sudden and sustained” decline in imports from the EU. British exports to the EU, on the other hand, had declined to a small extent and only temporarily.
|08:00||GE||GfK Consumer Climate (May)||-15.5|
|08:45||FR||Consumer Sentiment (April)||91.0|
|10:00||SZ||ZEW Economic Expectations (April)||-27.8|
|13:30||EZ||ECB President Lagarde speaks|
|16:00||US||Pending Home Sales (March, m/m)||-4.1%|
|18:00||EZ||ECB President Lagarde speaks|
|SWE||Skandi Enskilda Banken||Q1|
|UK||London Stock Exchange||Q1|
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Source: LGT Bank (Switzerland) Ltd.
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