05/08 Will cocoa prices stay up?

Table of Contents

Will cocoa prices stay up?

Market Daily Update from Etoro

Today’s highlights

Job data to be released today
Cocoa back in the green
BoE hikes rates

Wall Street muted ahead of jobs data

Wall Street traded broadly flat yesterday ahead of key US jobs data today, to be released at 12:30 GMT. The SPX500 rose just 0.03%, the DJ30 reversed 0.17%, and the NASDAQ100 was up 0.57%. Among the top performers were EPAM Systems (+12.4%), Ceridian HCM Holdings (+10.55%) and AMD (+6.06%). Biggest fallers in the session were Ball Corp (-18.61%), DXC Technologies (-16.99%) and Fortinet (-16.23%). Ball Corp’s share price tanked on the announcement that it shut down a beverage plant in St. Paul, Minnesota. For the most recent and significant price movements in markets, check out the Market Movers page.

Cocoa whipsaws back into the green

After declining more than 2% in the previous sessions, cocoa prices surged yesterday, finishing more than 3% higher. The surge came after Ghana and Côte d’Ivoire, two major cocoa exporters, reversed an earlier decision to lower exported cocoa bean prices. eToro has recently added several new commodities to its platform; discover the Commodities Category.

Bank of England hikes base rate on 13% inflation and recession forecast

The Bank of England has hiked the UK’s base rate by 0.5% taking it to 1.75%. In its update the BoE warned it forecasted 13% inflation by Q4 2022 and a recession to begin in the same quarter, lasting five quarters – which would make it as long as the financial crisis of 2008/09. The BoE anticipates GDP will fall by 2.1%. Top performers in a flat session for the UK100 were Entain (+5.37%), Flutter Entertainment (+4.74%) and Anglo American (+2.67%). Among the worst performers were Rolls-Royce (-7.78%), Hikma Pharmaceuticals (-6.29%) and Mondi (-4.45%).

Other highlights

Oil shows recovery: The black gold yesterday closed below $90 for the first time in nearly six months, following a major increase in crude oil inventories in the US earlier this week. This morning, however, oil prices recovered slightly, climbing 1.5% at time of writing.
Goldman Sachs under investigation: The banking giant announced that it is under investigation by regulators over the business practices of its credit card unit, which also operates the Apple Card.
Crypto market stagnant: The top 10 cryptos showed little change over the past 24 hours, with none registering price movements larger than 0.5%. Bitcoin was nearly flat, trading around $23,000 at time of writing.
Asian markets mostly higher: Markets in the East were in the green this morning, as the JPN225 was up 1% at time of writing, joined by the China50 index. In contrast, the HKG50 index was in the red.
Europe opens slightly higher: The UK100 opened 11 points higher, the GER40 was up 12 points and the FRA40 opened 10 points higher.

-Cryptoassets are a highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.
-Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.
-The information above is not investment advice.