Pipeline failure, rise in metals, drop in DogeCoin – What’s happening in the markets? By Investing.com


© Reuters.

Yazar: Geoffrey Smith

Investing.com – The pipeline, which carries 2.5 million barrels of fuel to the east coast a day, is still out of service after the cyber attack on Friday. DogeCoin faded after Elon Musk went on Saturday Night Live. Copper and iron ore saw new records. The yuan reached a three-year high. The pound rose as the prospect of a new election dropped over Scottish independence.

Here’s what you need to know in financial markets on Monday, May 10:

1. Colonial Pipeline still out of service

Crude oil and U.S. gasoline futures responded relatively quietly to the disruption of the largest pipeline supply to the largest demand centers on the country’s East Coast.

futures increased 0.5% to $ 65.19, while gasoline RBOB rose 1.1% to $ 2.15, but retreated from March highs.

The Colonial Pipeline Company, which carries 100 million gallons of fuel to the Gulf coast every day, said its outline is still unusable, despite all efforts. On the other hand, the US government has issued an emergency mandate to lift restrictions on other means of supplying vital fuel to the market.

“It appears to be a short-term disruption, but it will add some volume to the data,” said Paul Donovan, senior economist at UBS Global Wealth Management.

2. Musk drops DogeCoin

Elon Musk was unable to create new momentum for computer code that was inherently worthless while on Saturday Night Live, and DogeCoin lost about a third of its value.

The comedy scenario in which Musk was questioned by other members of the SNL team about the existence of crypto led Musk to admit that “it was a cheat” but more importantly, DogeCoin was exaggerated by NBC’s decision to broadcast live in many countries outside the US. It was a lack of seriousness about advertising to the audience.

DogeCoin fell from the pre-program 73.8 cents to around 50 cents. Those who came out of DogeCoin found themselves and. reached $ 4,163.73, an increase of about 6%.

3. Stock markets will open mixed among JEDI news

US stocks will open mixed after a surprisingly weak report on Friday.

Initial responses focused more on the continuity of ultra-expansionary macro policy than on concerns of mismatch in supply and demand in the labor market after the epidemic.

It rose by less than 0.1%, up by 80 points, and fell by 0.3%.

Among the stocks that may be in the spotlight are Microsoft (NASDAQ 🙂 and Amazon (NASDAQ :). The US Department of Defense rethinks the $ 10 billion ‘JEDI’ contract for cloud hosting, which has been delayed due to lawsuits from Amazon.

Earnings pace is declining, but reports will come from Duke Energy, Air Products and Marriott.

4. Copper and iron ore hits new records with yuan rise

Iron ore futures hit new record highs in Asia, with the US employment report hurting the dollar. The Yuan reached the highest Donald Trump has seen since escalating the trade war with China in 2018.

Iron ore futures in Singapore traded at $207.25.

Elsewhere, copper futures hit $10,746 before dropping to $10,705.25. Increasing demand for both metals is Glencore (OTC :), one of the world’s largest miners. Anglo American It helped (LON:) and Rio Tinto (NYSE:) reach their highest levels since the beginning of the pandemic. It also increased the index to the 15-month high.

5.Reopening and Scotland’s election results raise sterling

Assets in the UK received good support, thanks to the government’s reopening measures, despite the large drop in the number of cases across the country.

Sterling, also supported by developments that the Scottish National Party lost an absolute majority in the deposed parliament, reached its highest level since February. SNP leader Nicola Sturgeon can still rely on support from the Green Party and – for now – opinion polls for a new referendum on independence, but analysts said Britain’s risk of disintegration in the short term is reduced.

Prime Minister Boris Johnson will hold a press conference and confirm that with the reopening of the indoor hospitality industry, non-primary external tourism will continue. EasyJet and WizzAir still declined due to the government’s “list of green travel destinations” not very long.

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