In the past 24 hours, US markets declined and most top cryptos were down. The UK100 finished lower.
Yesterday, US Treasury Secretary Janet Yellen commented that the government’s debt ceiling had to be raised or suspended by October 18. If not, the US was prone to default on its debt. The market did not react well and all major stock indices plummeted. The tech-heavy NASDAQ100 index fell by almost 3%, SP500 closed the day 2% lower, and DJ30 registered a daily drop of 1.6%.
This came in combination with a three-month high for treasury bond yields, propelled by worries over inflation. Today, markets are likely to be affected by a virtual panel discussion titled “Policy panel” at the ECB Forum on Central Banking, which will be attended by Federal Reserve Chair Jerome Powell, BOE Governor Andrew Bailey, and other prominent figures.
Most cryptos were down
Over the past 24 hours, the crypto market was in the red. Most of the cryptos in the top 10 by market cap were down this morning. Cardano registered the biggest loss, dropping by nearly 4% since yesterday. Uniswap, which is not in the top 10 yet, reflected a different trend. It was up by more than 4%.
Following excellent earnings, Smiths Group tops UK100
Yesterday, London-listed stocks were lower. The UK100 was down 0.5%. A few of its main stocks dropped by more than 3% although the index doesn’t contain as many technology names as its US analogues. Housebuilder Taylor Wimpey, jet engine maker Rolls Royce, and online grocer Ocado Group were in that group.
However, not all hope was lost for the index. Smiths Group, the engineering company, rose by 3.5% following delivery of an impressive annual earnings report.
European markets had a mixed opening today: While both the GER40 and FRA40 opened 14 points higher, UK100 opened 2 points lower.
Asian markets were lower today. The JPN225, China50, and HKG50 indices were all in the red this morning with Eastern markets following the cues from Wall Street.
Oil and natural gas ultimately closed lower after reaching unheard of price levels in almost 3 years. This morning, oil continued to decline. After reaching a 7-year peak, natural gas declined by 2%.
Organic foods are blooming. Supplier United Natural Foods reported earnings yesterday, which were much higher than what analysts anticipated. Due to this, the organic food company’s stock increased by the whopping 23.27%.
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