Global Markets:
- Asian Stock Markets : Nikkei up 1.17%, Shanghai Composite down 0.55%, Hang Seng up 2.14% ASX up 0.69%
- Commodities : Gold at $2340.5 (-0.23%), Silver at $30.28 (-0.91%), Brent Oil at $80.87 (-0.25%), WTI Oil at $76.79 (-0.33%)
- Rates : US 10-year yield at 4.49, UK 10-year yield at 4.29, Germany 10-year yield at 2.56
News & Data:
- (EUR) Core CPI Flash Estimate y/y 2.9% vs 2.7% expected
- (EUR) CPI Flash Estimate y/y 2.6% vs 2.5% expected
- (CAD) GDP m/m 0.0% vs 0.0% expected
- (USD) Core PCE Price Index m/m 0.2% vs 0.3% expected
Markets Update:
Stock markets across the Asia-Pacific region surged on Monday following a private survey revealing China’s manufacturing activity expanded at its fastest pace in nearly two years. The Caixin survey’s May PMI reached 51.7, exceeding expectations and marking the sector’s quickest growth since June 2022. This contrasted with Friday’s official data showing an unexpected contraction.
Hong Kong’s Hang Seng index rose by 2.14%, while mainland China’s CSI 300 saw a slight dip of 0.14%. Investor focus shifted to India’s markets, with exit polls suggesting Prime Minister Narendra Modi’s alliance could secure a rare third consecutive term. Indian stocks hit record highs, with the Nifty 50 index climbing 2.6% and the S&P BSE Sensex Total Return index up by about 2.7%.
Japan’s Nikkei 225 gained 1.17%, and Australia’s S&P/ASX 200 added 0.69%. South Korea’s Kospi surged by 1.92%, while the Kosdaq rose by 0.38%. Wall Street futures remained stable ahead of June’s first trading day, with the Dow Jones Industrial Average futures up by less than 0.1%, while S&P 500 futures held steady, and Nasdaq 100 futures slipped by 0.1%.
May ended on a strong note for major indexes, with all three recording their sixth positive month out of seven. The Nasdaq Composite notably soared by 6.9%, marking its best month since November 2023.
Upcoming Events:
- 1:30 PM GMT – CAD Manufacturing PMI
- 1:45 PM GMT – USD Final Manufacturing PMI
- 2:00 PM GMT – USD ISM Manufacturing PMI
- 2:00 PM GMT – USD ISM Manufacturing Prices
- 2:00 PM GMT – USD Construction Spending m/m
