Close May2

​In European Equity Markets the pan-European Euro Stoxx 600 Index ended the session 0.6% lower. All major bourses and most sectors were in negative territory at the closing bell. Looking at individual stocks, Volkswagen reported first-quarter earnings in line with expectations on Thursday, as the automaker attempts to increase the pace of its transformation. Shares closed almost 4% higher. Chipmaker AMS was at the top of the European benchmark, raising over 10%, after the Apple supplier reported an upbeat outlook for the second quarter.



In Currency Markets the U.S. dollar gained against most currencies on Thursday as traders pared their bets of an interest rate cut from the Federal Reserve following Fed Chairman Jerome Powell’s comment about U.S. inflation. The pound fell after the Bank of England lifted its growth forecasts but warned that Brexit continued to cloud the outlook for monetary policy. The pound was down 0.16% at $1.3027, while the euro was up 0.09% at 85.83 pence. The single currency was 0.12% lower at $1.1182 and little changed at 124.74 yen.



In Commodities Markets oil fell more than $1 per barrel on Thursday, pulled down by record U.S. crude production that led to a surge in inventories. Brent crude futures were at $70.84, $1.34 below their last close. Brent is set for a weekly loss, which would break its longest string of weekly gains in a year. U.S. crude was down $1.47 at $62.13 per barrel, heading for its biggest weekly fall in two months. U.S. crude stockpiles last week rose to their highest since September 2017, jumping by 9.9 million barrels to 470.6 million barrels as production hit a record high.



In US Equity Markets stocks edged higher on Thursday as a handful of positive earnings reports helped investors look past the Federal Reserve’s policy decision that dented hopes of interest rate cuts. Among the gainers were financial stocks, which rose 0.5%, helped by MetLife Inc. The insurer’s shares rose 3.9% after beating quarterly profit estimates, helped by strong underwriting, volume growth, as well as higher investment income. The S&P 500 was up 0.20%, at 2,929.61 and the Nasdaq Composite rose 0.47%, at 8,087.71.



In Bond Markets Spain’s 10-year bond yield hit its lowest level since late 2016, while other southern euro zone debt yields fell on Thursday as data eased fears about the growth outlook. In contrast, yields on higher-rated bonds such as Germany faced some upward pressure a day after the U.S. Federal Reserve signalled little appetite for hiking or cutting rates. Spain’s 10-year government bond yield fell to 0.967 percent, its lowest since late 2016, pushing the gap over top-rated German peers to its tightest in around seven months at around 95 basis points.