Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.27% to 3,418.86. Hong Kong’s Hang Seng Index was down about 2.26% to 27,944.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 3.00 per cent at 28,623.63 on Tuesday , while the Australian Index S&P / ASX 200 fell 1.11 per cent to 7,093.71. South Korea’s Kospi was down by 1.41% to 3,204.98.
The FTSE MIB climbed up by 0.78% to 24,802.46 In the cash markets, the DAX futures Germany was trading 0.02% higher at 15,400.25. CAC 40 futures in France climbed up by 0.01% to 6,385.57, while the FTSE 100 futures in the U.K was down by 0.08% to 7,123.97, at the time of writing.
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.10% down at 34,742.38 the S&P 500 was down 1.04% to 4,188.56 and the Nasdaq 100 was down 0.88% at 13,742.03.
In the Forex market, GBPUSD rose 0.06% at 1.4129. The USDJPY was up 0.09% at 108.88. The USDCHF was down 0.06% at 0.9006. EURUSD was up 0.11% at 1.2142, EUR/GBP was up 0.10% at 0.8594, at the time of writing.
In the commodity market, U.S. Gold futures fell 0.06% at $1,836.85. Elsewhere, Silver futures fell 0.21% to $27.438 per ounce, Platinum fell 0.20% at $1,249.05 per ounce, and Palladium was down 0.19% at $2,956.50.
Brent crude oil was down 0.76% to $6.80 barrel while U.S. West Texas Intermediate (CLc1) fell 0.72% at $64.46.
In the Cryptocurrency Markets, BTCUSD fell 6.80% at $55,389.9 , Ethereum at 3,904.41 down by 4.64%, Litecoin at 356.791 down 11.39%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
Unilever up 0.13% at 4,278.5 Apple Inc. down 2.58% at $126.85 , Amazon.com down 3.07 % at $ 3,190.49, TESLA Inc down 6.44% at $629.04, Barclays up 2.16% at 185.46, Microsoft down 2.09% at $247.18 , Adidas up 2.31% at 287.65.
President Joe Biden on Monday urged U.S. companies to help workers gain access to vaccines and to raise their pay while touting an infusion of $350 billion in federal aid to state and local governments, saying that will help more parents obtain child care and return to work.
Biden’s remarks were designed to address ways employers can hire more workers and to help more people take jobs.
The Labor Department reported on Friday the economy added 266,000 jobs in April, short of the million jobs that most forecasters had expected. Republicans have blamed enhanced unemployment benefits for the numbers, saying the benefits discourage people from returning to work.
“My expectation is that, as our economy comes back, these companies will provide fair wages and safe work environments,” Biden told reporters at the White House. By doing so, he said, the companies will “find plenty of workers, and we’re all going to come out of this together better than before.”
Biden also defended himself against critics who have said expanded unemployment benefits offered in the COVID-19 relief bill passed in March are keeping Americans from taking new jobs.
He said the administration will remind U.S. states this week that any unemployed American offered a comparable job must take it or risk losing unemployment benefits.
Biden, a Democrat, said he will direct the U.S. Labor Department to work with states to reinstate requirements that those receiving unemployment benefits must demonstrate they are actively looking for work.
He said school closures, child care constraints and fears of contracting the coronavirus had hindered job creation last month.
The European Union’s huge post-pandemic recovery fund could become a more permanent feature if it is successful in firing up growth and fostering a greener and more digital economy, the European Commission’s top economic officials said on Monday.
The 27 EU nations made an unprecedented agreement last year to jointly borrow 750 billion euros for a fund to help fight the economic slump caused by COVID-19 and address the challenges of climate change.
To overcome the opposition of the EU’s frugal northern states, which have long opposed joint borrowing for fear of financing less strict fiscal policy in the south, the scheme was clearly described as an extraordinary, one-off measure.
But many economists saw it as a foot in the door for more regular joint debt issuance by the AAA-rated EU in future and top Commission officials echoed that view before the European Parliament’s economic and monetary affairs committee.
“The more successful we are in the implementation of this facility the more scope there will be for discussions on having a permanent instrument, probably of a similar nature,” Commission Vice President Valdis Dombrovskis said.
The borrowing, to be done by the executive Commission in the name of all EU countries, is to be repaid over 30 years from new taxes called new own resources. These have yet to be yet to be agreed but could include levies on the digital economy, on CO2 emissions or on imports of goods made using dirty technologies.
“It will have permanent consequences on financial markets because we have this European-denominated debt to be repaid in the next 30 years,” European Economic Commissioner Paolo Gentiloni told the same committee.
“In the future — if this instrument works and we are able to agree on the new own resources to repay this common debt, I think we can have a serious discussion on further initiatives.
“But what is crucial for these further initiatives, is to make this one work and be repaid with new own resources,” Gentiloni said.
For the Commission to start borrowing the money on markets, all EU national parliaments must ratify a decision to increase national guarantees to repay it, in case the new taxes fail to materialise. Eight have yet to do so.
To get the EU cash, which will come partly as grants and partly through ultra-cheap loans, each government must submit a plan of how it intends to spend its share which must conform with EU-agreed rules. So far 14 countries have sent in plans and Dombrovskis said the rest could trickle in by early June.
The plans must include not just spending, but also reforms to make economies ready for the digital age and without CO2 emissions. Dombrovskis said that after initial problems with the plans, they in general showed a good balance.
The Commission has two months to assess each plan and EU finance ministers then have one month to endorse a Commission recommendation on it. Dombrovskis said everything was on track for first disbursements from the scheme to be made in July.
TRADE SUGGESTION- BUY AT 1.21320, TAKE PROFIT AT 1.21620 AND STOP LOSS AT 1.21170
TRADE SUGGESTION- Sell AT 1.20950, TAKE PROFIT AT 1.20850 AND STOP LOSS AT 1.21000.
TRADE SUGGESTION- BUY AT 1.4110, TAKE PROFIT AT 1.4160 AND STOP LOSS AT 1.4060
TRADE SUGGESTION- BUY AT 13,235.50, TAKE PROFIT AT 13,435.50 AND STOP LOSS AT 13,135.50.
TRADE SUGGESTION- BUY AT 27.260, TAKE PROFIT AT 27.460 AND STOP LOSS AT 27.160
TRADE SUGGESTION- BUY AT 3,925.50, TAKE PROFIT AT 4,125.50 AND STOP LOSS 3,825.50 .