Wednesday's Markets Update (June 19, 2024)

19 Jun 2024 by rate3

On Wednesday, cryptocurrencies are on the rise, while the stock market is closed for a holiday. ETH is slightly outperforming BTC with an increase of approximately 2%. The rest of the major coins showed growth of up to 4%. In global markets, oil is rising due to increasing geopolitical tensions.

Details

Homebuilder sentiment dropped to a 6-month low in June due to high mortgage rates and construction costs. Builders report fewer buyers and lower sales expectations in the coming months. 1Y trend: "Side" (Nahab)

World Markets

European stocks fell after gains earlier in the week. Investor worries about political instability returned, especially in countries criticized by the EU for high debt. French upcoming elections added to the concern. Chipmakers and healthcare companies were hit the hardest, but gains in British mining stocks limited the overall decline. 1Y trend: "Up"
South Africa's inflation held steady at 5.2% in May, a four-month low but still above the target rate. While some categories like food saw slower price increases, transport and others rose. Core inflation also remained steady at 4.6%. Overall, price hikes are slowing down slightly. 1Y trend: "Side" (StZa)

Commodities

Oil prices are near a 7-week high at $85.3 per barrel due to worries about supply disruptions. Drone strikes, potential conflict in the Middle East, and solid demand forecasts are pushing prices up. While US oil stockpiles rose, key producers are sticking to output plans, keeping supply concerns alive. 1Y trend: "Up"