FX.co ★ Morning review of the US market (05/12/2021)

US stocks continued to move down yesterday. Dow Jones lost 1.4%, while S&P 500 and Nasdaq sank by 0.9% and 0.1%, respectively.

At the same time, world oil production fell to 93.06 million barrels per day, with OPEC lowering its forecast to 0.28 million bpd in the US.

The main reason was the attack on Israel, which fortunately did not deal very huge damages to properties.

Brent slipped by as much as 0.4%, hitting a price of $ 68.80. It is expected to range from $ 67.50 to $ 69.50 today.

WTI also fell by 0.4% and is trading at $ 65.50. It is projected to range from $ 64.50 to $ 66.50 today.

With regards to the economies, UK reported a slight decline in GDP for the first quarter, showing a 6.1% decrease in the index compared to last year. Nevertheless, industrial production was 1.8% higher compared to last month, while inflation in Germany was at 2.0%.

Toyota also gained 10% in profit, reaching $ 20.6 billion.

Conclusion: Although the US market is under a correction, it is still waiting for the inflation report on Wednesday, May 12.