Weekly Recap: Political jitters still weigh on market sentiment

Pharmaceutical shares remained resilient, with Novo Nordisk’s stock hitting an all-time high on news that the company plans to invest $4.1 billion in a new US plant. On weekly performance, shares of Europe’s biggest drugmaker were up 1.79%. Roche GS shares are 0.12% higher than Ultimate Generation.

Additionally, Airbus shares fell 12% over the past five trading days after the airplane maker downgraded its outlook for 2024 due to supply chain disruptions. This left alternative business and defense stocks obsolete, with Rolls Royce down 5.2% and BAE Programs down 2.07% at London Keep Change compared to the last generation.

Among currencies, the euro continued to weaken against the US dollar due to the uncertain political park. The euro exchange rate remained below a three-week low of 1.07 against the dollar.

wall boulevard

Store markets in the United States continued to rise but at a slower pace. As tech giants continued to fuel a rally on Wall Boulevard, alternative sectors gained negligible amid expectations of “higher long-term” interest rates. Over the five trading days, the Dow Jones Industrial Average was up 0.04%, the S&P 500 rose 0.33%, and the Nasdaq climbed 0.93%.

At the sector level, only 3 of the 11 sectors recorded gains from a generation ago, with the telecommunications sector leading, up 2.22% from the previous generation, Alphabet and Meta Platforms up 5.2% and 3. 6% respectively. The custodial discretionary sector also outperformed, climbing 1.51% on a weekly basis, boosted by Amazon and Tesla, which rose 6.31% and 8.73% respectively. Amazon shares hit a new high in an AI-fueled rally, pushing its marketplace cap above $2 trillion for the first time in history.

The power sector regained momentum amid two-month top oil prices, rising 0.65% in 5 trading days.

On the other hand, customer base, technology, business and utilities lagged behind, all declining more than 1%. Profit taking in Nvidia was the biggest contributor to the decline in the tech sector.

Buyers will keep an eye on the United States personal consumption expenditure (PCE) data after recently assessing the country’s inflation trajectory.

Asian market

Asian markets are headed for a mixed situation for the generation, with the Japanese Nikkei 225 up 3.13%, the Australian ASX 200 flat, and the Chinese Hold Seng Index weakened 1.72% over the past 5 trading days as of 3:58 p.m. CEST.

Australia’s annual inflation reached 4% in May, exceeding the forecast 3.8% and rising much higher for three consecutive months. This raises concerns that Australia’s safe haven will increase its fiat value at its next meeting in August, after five consecutive pauses.

Japanese stock markets hit a two-month high as the Japanese yen fell to a 28-year low against the United States dollar, with the exchange rate rising above 161 yen to one dollar. Chinese language store markets remained in a prolonged slump amid emerging trade tensions with alternative primary economies such as the United States, the European Union and Canada.