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Wall Street set to open first trading day of 2019
Despite solid gains to close out 2018 on Monday, Wall Street ended the year with the worst losses since the great recession of 2008. The DJ30 lost more than 6% annually, the SPX500 was down more than 5.5% and the SPX500 ended 2018 at a loss of 3.8%. As the new year begins on Wall Street today, futures point to a rocky start to 2019, as all three major index futures were seen lower this morning.
23076.25 -337.75 (-1.44%)
Today’s highlights: Global markets seen lower
- Cryptocurrencies show recovery: Following several price drops since last Sunday, the cryptocurrency market showed a recovery over the past 24 hours, as 8 of the top 10 cryptos registered gains. At the time of writing, Bitcoin was up around 2%, trading above the $3,800 mark. Ethereum led the top 10, rising nearly 5% over the past 24 hours.
- Asian market start the year lower: Markets in the East extended losses from 2018 into 2019, as the China50 index was down more than 2% at the time of writing, joined by the HKG50, which was down nearly 3%. Markets in Japan are closed today due to the ongoing New Year’s holiday.
- Oil continues to decline: Following a small uptick on Monday, oil prices continued to decline this morning, registering losses of more than 2%. The recent price drop is attributed to an increase in global supply. Major oil suppliers, including OPEC and non-OPEC members, are set to begin a global production slowdown this month, in an attempt to curb the global glut and increase prices.
- Lower volatility and liquidity expected for CHF: The majority of Swiss banks will be closed today in observance of Second New Year’s Day, potentially decreasing volatility and liquidity for the Swiss Franc.
- Gold on the rise: As global markets remain lower, demand for safe haven assets is on the rise, resulting in an increase in gold prices this morning. Other precious metals, such as copper and platinum, were also seen higher this morning.
- Europe opens lower: The UK100 opened 4 points lower, the GER30 was down 83 point and the FRA40 opened 20 points lower.
142.0512 4.985 (3.64%)
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1285.08 3.47 (0.27%)
* Cryptoassets are a highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.
* Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.
* The information above is not investment advice.