MARKET UPDATE

Dollar Edges Lower; Risk Sentiment Remains Fragile

The U.S. dollar edged lower in early European trade Thursday, handing back some of the previous session’s substantial gains although the safe haven remains in demand with risk sentiment fragile.

At 3:05 AM ET (0705 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower to 103.770, following a 0.6% jump during the previous session.

 

Retailers drag European shares lower after overnight Wall St jolt

European shares slumped on Thursday, following a sharp sell-off on the Wall Street overnight, as dismal results from retailers underlined the hit from surging inflation on the world’s biggest economy.

Tracking U.S. peers, regional retailers fell 2.2% and were the biggest drags in the pan-European STOXX 600 index that slid 1.2% by 0713 GMT, extending losses after falling 1% on Wednesday.

 

EasyJet Narrows Loss Through March But Still Coy on Guidance

EasyJet (LON:EZJ) reported a loss of 545 million pounds before taxes for the first half of its fiscal year and warned that it still can’t give guidance for the full year.

The loss was in line with expectations, but an improvement from last year’s 701 million and toward the better end of its guidance range.

The airline did say that leisure and domestic travel demand are currently running ahead of 2019 levels, but noted that sharp rises in fuel costs and broader inflationary pressures hurt its ability to predict financial results over the next six months. 

 

Crypto-loving S.Koreans bet on Luna rising from ashes, worrying regulator

Reckoning they have little to lose with prices so ridiculously low, South Korean speculators in recent days have piled into Luna, a cryptocurrency that lost 99.99% of its value last week after its paired stable coin TerraUSD collapsed.

Both tokens are affiliated with Terra, a blockchain platform co-founded by Korean developer Do Kwon and, according to blockchain analytics firm Elliptic, investors in them have lost around $42 billion.

Luna had been one of the world’s most popular cryptocurrencies and its downfall, alongside TerraUSD, caused mayhem across the crypto spectrum globally, with bitcoin losing around a quarter of its value between May 9-12.

 

 

 

 

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