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US stocks dipped yesterday after many investors closed positions in the market. Nasdaq sank by a huge 2.5%, while S&P 500 and Dow fell by 1% and 0.5%, respectively.
Then, Asian markets followed this morning, with Japan indices going down by 3%. Meanwhile, China indices rose 0.7%, thanks to the very strong economic growth in the country.
Apparently, China's GDP grew at a fantastic rate this 1st quarter, by as much as 18.3%. Inflation also increased, with PPI rising to 6.8% last April, which is well above the figures last year and in March. Unfortunately, this could lead to an overheated economy.
With regards to the world's epidemiological situation, a huge dip in incident rate was observed yesterday. However, daily COVID-19 cases in India are still large, nearing 330,000. As for the US, approximately 30,000 new patients were recorded yesterday. Europe also observed significant progress, with Turkey, Germany and France listing 14,000, 8,000 and 4,000 cases, respectively.
Accordingly, this good news raises the chance of earlier-than-scheduled easing of quarantine measures, which is very beneficial to the EU markets. Authorities in Germany, for instance, are cautiously promising a significant reduction in sanitary restrictions in June.
As for oil, a 0.4% decline was observed this morning. But Brent slipped by as much as 0.6%, mainly due to the cyber-attack in one US pipeline. It is currently trading at $ 67.90 and is expected to range from $ 66.50 to $ 68.50 today.
WTI also fell by 0.6% and is trading at $ 64.50.
Conclusion: Although the US market is under a correction, it is still waiting for the inflation report on Wednesday, May 12.
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