Dow Jones gains as U.S. manufacturing activity rises
Out of the main U.S. indices, it was the Dow Jones which was trading the most in the green on Friday. The blue chip index rose on PMI data.
Figures released by IHS Markit showed that its U.S. manufacturing PMI rose to 61.5 in May thus far. The highest flash reading since 2009.
Today’s figures follow the final reading for April, which came in at 60.5 in April. Typically, a reading of 50 or above signals growth, with anything below highlighting contraction.
The Dow Jones rose on Friday as the flash reading beat market expectations of 60.2 reading for May.
As of writing, the Dow was trading 0.51% higher. The S&P 500 was up slightly at plus 0.12%, meanwhile NASDAQ was down 0.11%.
UK retail sales send FTSE 100 higher
The FTSE 100 closed slightly lower on Friday. The London based index stayed above 7,000 points after releasing UK retail sales figures.
Data released by the Office for National Statistics showed that sales in April rose by 9.2% month on month. The biggest high street could re-open as lockdown restrictions ease.
Today’s figures see retail sales continue to grow, after rising 5.1% in March. The biggest contributor today’s rise was clothing sales soared by almost 70%.
In addition, online sales also dropped from 34.7% in March to 30% last month.
London’s FTSE 100 closed in the red to end the week.
Bitcoin falls on China crackdown
Bitcoin prices continued to tumble in today’s trading session, as China announced a crackdown on cryptocurrency mining.
Reports show Chinese Vice Premier Liu as he stated that the government had to. “Crack down on Bitcoin mining and trading behaviour, and resolutely prevent the transmission of individual risks to the social field”.
The news comes after a bad week of trading in the cryptocurrency market, which saw Bitcoin fall by over 30% in value.
BTCUSD fell to an intraday low of $36,546. However, Bitcoin was slightly higher as of writing, trading above $37,000.
Many believe that this week’s sell off will give opportunities to bullish Bitcoiners looking to “buy the dip”.
Quote of the day – “Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected.”– George Soros
Senior Market Analyst