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Top 5 Things to Know in the Market on Friday

Published 2018-03-30, 05:38 a/m
Updated 2018-03-30, 05:53 a/m
© Reuters.  Singapore is investigating the Uber-Grab deal.

© Reuters. Singapore is investigating the Uber-Grab deal.

Investing.com - Here are the top five things you need to know in financial markets on Friday, March 30:

1. Major Markets Closed

Major European and U.S. markets were closed on Friday for the Easter holiday weekend.

In Europe, the Frankfurt, London, and Paris markets were closed. Markets in Hong Kong, Mexico City, and Sao Paulo, Chile, Australian, and Canada were also closed.

Some markets will also be closed on Monday in celebration of Easter, including London, Frankfurt, Hong Kong, Australia, Paris and Milan.

Stocks ended Thursday higher, with the Dow up 1.07%, the S&P 500 rising 1.40% and technology heavy Nasdaq rallying 1.64%. U.S. markets had been on edge all week following concerns over a potential global trade war and fears over increased technology regulation after a Facebook (NASDAQ:FB) user data scandal.

2. Asian Markets Cap Worst Quarter in Two Years

Asian markets rose on Friday, as major stocks in China ended their worst quarter in nearly two years.

China stocks were higher after the close on Friday, as gains in the technology sectors led shares higher.

At the close in Shanghai, the Shanghai Composite gained 0.27%, while the SZSE Component index climbed 1.05%.

Meanwhile the China A50 Index of China’s biggest companies was down 4.2%, the most in nearly two years, compared to a rally of 32% last year.

In Japan, the TOPIX rose 0.72% while the Nikkei 225 was flat on Friday.

3. Cryptos Fall to Lowest Level Since November 2017

The cryptocurrency market cap was at its lowest level since November 23, 2017, falling to $251.8 billion overnight. The market cap was at $269.9 billion as of 5:13 AM ET (9:13 GMT), according to data from Coinmarketcap.

Bitcoin fell 5.60% to 7,131 as talk of a “death cross” lead to an investor sell-off. The “death cross” is a term used to describe a crossover of the 50-day moving average and the longer-term 200-day moving average. Technicians often look at this pattern as a bearish sign of what's to come.

4. Singapore Watchdog Halts Uber-Grab Deal

In a rare move, a Singapore watchdog has halted the integration of Uber and Grab as it investigates whether or not the deal infringes on competition.

The Competition Commission of Singapore (CCS) is investigating the deal and proposed interim measures that will require Uber and Grab to maintain their pre-transaction independent pricing.

The deal was announced on Monday, as the U.S. share driving giant retreats from Asia.

Under the deal, Uber will take a 27.5 percent stake in Grab, which is valued at around $6 billion.

5. Trump May Hold Up South Korea Trade Deal Until North Korea Denuclearization Reached

U.S. President Donald Trump said on Thursday that he may hold back on a South Korea trade deal reached this week until North Korea is denuclearized.

“I may hold it up until after a deal is made with North Korea,” Trump said in a speech. “You know why? Because it’s a very strong card. And I want to make sure everyone is treated fairly,” he added.

Trump accepted a meeting with North Korean leader Kim Jong Un, which is expected to take place at the end of May.

South Korea and the U.S. agreed earlier this week to revise their six-year old free trade agreement, in an attempt to deter currency devaluation and open up the South Korean automobile and drug markets to U.S. companies. The deal would also exempt South Korea from the steep steel and aluminum tariffs introduced by Trump earlier this month.

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