May 3rd Morning Report

US markets closed lower on Tuesday while a top White House economist said Federal Reserve interest rate hikes aimed at curbing inflation were having a negative impact on the banking sector, and warned Republicans against worsening the situation with their debt ceiling threats. The Dow Jones Industrial Average closed down 1.08%, while the S&P 500 and Nasdaq Composite were down 1.16% and down 1.08% respectively. 

Other key markets ended higher. European stocks closed as follows: the FTSE100 (-1.24%), the Dax 30 (-1.12%), CAC 40 (-1.45%) and the STOXX (-1.48%). In Asia, the Hang Seng and Shanghai indices closed mixed. The key Asian indices ended yesterday as follows: Nikkei 225(+0.12%), HSI (+0.20%) and the Shanghai Composite (+1.14%).

The yield on the US 10 - year note was at 3.433%, while the 2 - year note was at 3.992%. Oil was up to $71.61 per barrel, down 5.35%. The gold price was at US$2025.60 per ounce, up 1.68%. 

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