US stocks opened higher today. The University of Michigan Sentiment Index released this afternoon indicated a decline in consumer confidence, with the preliminary reading for May dropping to 67.4, down from 77.2 the previous month. This index measures consumer attitudes and expectations regarding personal finances, the broader economy, and purchasing plans for various goods and services. The latest data showed that consumers anticipate prices rising at an annual rate of 3.5% over the next year, the highest in six months. The dollar index held steady at 105.3, while the 10-year US Treasury yield climbed to 4.5%.
Base metals started Friday’s trading on the front foot, spurred by the news of the possible introduction of US tariffs on Chinese EVs. The move is a culmination of the Section 301 tariffs first introduced by Trump in 2018 and a build on previous calls from the Biden administration to hike tariffs on Chinese steel and aluminium. However, this had a marginal impact on today’s appetite, and the complex quickly erased the gains it made earlier in the day. Copper breached the $10,000/t level; however, it struggled to break completely above it once again, prompting prices to correct to $10,004/t. Likewise, aluminium kept below $2,600/t. Lead and zinc remained elevated at $2,222.50/t and $2,930.50/t, respectively.
Gold continued its upward trend, appreciating to $2,358/oz, while silver dipped slightly, trading just above $28.0/oz. Oil prices remained largely unchanged, with WTI at $79.2/bl and Brent at $83.7/bl.
All price data is from 10.05.2024 as of 17:30
