U.S. Equity Markets finished yesterday’s volatile session mixed after a late rally wiped most of the respective losses. Despite the Volatility, the VIX again closed lower by 2.43% signalling that Equity Markets are close to a tradeable bottom. The U.S. Bureau of Labour Statistics’ Producer Price Index data for April jumped 11% year over year compared with the anticipated rise of 10.7% and March’s upwardly revised 11.5%. Meanwhile, the U.S. Department of Labour said another 203,000 individuals filed Initial Jobless Claims in the week ending May 7, higher than the prior week’s upwardly revised figure of 202,000 and Wall Street’s consensus of 193,000. These factors combined could suggest interest rates may need to rise a lot higher to offset consumer costs and a tighter workforce, even if the jobless figure was slightly higher than anticipated. Within the S&P 500, six of the 11 sectors finished higher. European Markets closed lower. Russian Foreign Minister said Moscow is uninterested in a broader European conflict while accusing the West of pursuing policies hurting global economic growth. European Central Bank President Christine Lagarde said it would end bond purchases early in the Third Quarter and raise interest rates shortly after, implying the July policy meeting. The European Commission is said to have drawn up a draft proposal indicating it will require more than $205 billion in spending to achieve independence from Russian energy. U.K First-Quarter Gross Domestic Product growth was weaker than anticipated as monthly numbers indicated activity contracted in March. In Asia, Taiwan’s central bank said it is closely monitoring rising costs for businesses, adding that it will adjust monetary policy to offset inflation. South Korean Finance Minister Choo Kyung-ho called on central bank officials to stabilise prices, implying additional interest-rate hikes this year. The Bank of Japan’s summary of opinions from the most recent policy meeting indicated policymakers are unwilling to change their stance to boost the Yen. Shanghai officials found two new COVID-19 cases outside of quarantine areas, breaking the city’s target of three days without community transmission to ease restrictions. Elsewhere, Oil rose 0.95% as the European Union continues to investigate ways to reduce its reliance on Russia, while Bitcoin fell a further 1.5% on a broader Crypto sell-off.

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For anyone following my Platinum Service it made 157 points yesterday and is now ahead by 1264 points for May having made 762 points in April, following a gain of 5883 points in March. The Platinum Service made an impressive 5324 points in February, after ending January with a gain of 3878 points, more than making up for December’s 932 points loss, having made 2466 points in November, 1028 points in October, 2866 points in September, 1543 points in August, and 996 points in July. The Platinum Service made 1366 points in June, 1439 points in May, 1244 points in April, after ending March with an impressive gain of 3769 points. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification 

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