Nervousness ahead of this afternoon’s CPI release saw U.S. Equity Markets close lower Tuesday. The small across the board sell-off saw the VIX close higher by 4.3% at a price of 17.71. The Federal Reserve reported tighter lending standards and a continued decline in loan demand for the first quarter according to its Senior Loan Officer Opinion Survey. Banks had already started to tighten lending standards late last year and the recent regional banking crisis has only further incentivised banks to tighten credit access. Federal Reserve Bank of Chicago President Austan Goolsbee said that the prolonged stalemate over the debt ceiling is making the Fed’s job harder. He warned that the contentious debate is adversely affecting the economic outlook and could spark another round of banking stresses. U.S. small business confidence fell in April on worries that economic conditions in the short-term will not improve. Additionally, businesses continue to report that worker shortages continue to be a drag on companies. Tesla (TSLA) broke ground on its new lithium batter refinery in Texas on Monday. The new factory is expected to produce enough battery metal to supply about 1 million electric vehicles by 2025. The step into the mineral refining space will make Tesla the only major car maker to refine its own lithium. PayPal (PYPL) cut its outlook for operating margin by 20%, sending shares lower. The news seemed to overshadow the fact that its profit forecast was raised as investors viewed the declining margin as a major red flag for the company that generates a bulk of its revenue from high margin transactions through e-commerce checkouts. European Markets closed lower. European Central Bank Chief Economist Philip Lane said that inflation in the Euro-Zone still has plenty of momentum but that underlying pressures combined with tighter policy should see a reversal later this year. In Asia, China has officially launched its new initiative aimed at cracking down on consulting firms. The anti-spy measure is the latest move from Beijing aimed at tightening foreign access to sensitive government data. Australian business conditions remained stable in April as sales volume and continued labour market strength continued to withstand elevated cost pressures on businesses. This new data comes just a month after the Reserve Bank of Australia unexpectedly decided to lift its temporary pause and hike rates to an 11-year high of 3.85%. Elsewhere, Oil rose 0.55% while Gold closed higher by 0.8%.

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For anyone following my Platinum Service it made 130 points yesterday and is now ahead by 1753 points for May. April saw a gain of 3354 points while March closed with a gain of 6168 points. The Platinum Service made 3164 points in February, 4687 points in January 2054 points in December, 4789 points in November and a record 9619 points last October.  Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1900 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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