Global Markets:
- Asian Stock Markets : Nikkei up 0.32%, Shanghai Composite down 0.28%, Hang Seng down 0.60%, ASX up 0.32%
- Commodities : Gold at $1971.20 (-0.30%), Silver at $24.19 (-0.89%), Brent Oil at $73.75 (-1.39%), WTI Oil at $69.19 (-1.40%)
- Rates : US 10-year yield at 3.750, UK 10-year yield at 4.283, Germany 10-year yield at 2.381
News & Data:
- (CAD) Unemployment Rate 5.20% vs 5.10% expected
- (CAD) Employment Change -17.3K vs 21.2K expected
- (CNY) PPI y/y -4.60% vs -4.30% expected
- (CNY) CPI y/y 0.20% vs 0.20% expected
Markets Update:
China’s lackluster economic recovery since emerging from strict “zero-Covid” lockdowns has caused weaker sentiment toward the country, prompting investors to look for alternative options — like its near neighbours. In particular, stock markets in Japan, South Korea and India have all been major beneficiaries of the disappointment from China’s reopening, highlighted by softer-than-expected data from the world’s second-largest economy.
Japan’s Nikkei 225 and TOPIX rose 0.7% each, hovering just below 33-year peaks as media reports suggested that the Bank of Japan will leave its ultra-loose policy unchanged later this week. Hong Kong’s Hang Seng index also lost 0.5% on weakness in locally-listed mailand stocks. South Korea’s KOSPI fell 0.5%, while India’s Nifty 50 and BSE Sensex 30 indexes were flat in early trade. Markets were awaiting a reading on Indian consumer inflation due later in the day, after the Reserve Bank kept interest rates steady last week.
Crude oil prices slumped again on Friday, extending losses from the previous session on concerns about the outlook for demand ahead of several key central bank meetings this week.
Upcoming Events:
Monday, June 12, 2023
- 12th-15th GMT – (CNY) New Loans
- 05:01 PM GMT – (USD) 10-y Bond Auction
Tuesday, June 13, 2023
- 01:30 AM GMT – (AUD) NAB Business Confidence
- 06:00 AM GMT – (GBP) Claimant Count Change
- 06:00 AM GMT – (GBP) Average Earnings Index 3m/y
- 09:00 AM GMT – (EUR) German ZEW Economic Sentiment
- 12:30 PM GMT – (USD) CPI m/m
- 12:30 PM GMT – (USD) CPI y/y
- 12:30 PM GMT – (USD) Core CPI m/m
- 02:00 PM GMT – (GBP) BOE Gov Bailey Speaks
Wednesday, June 14, 2023
- 06:00 AM GMT – (GBP) GDP m/m
- 12:30 PM GMT – (USD) Core PPI m/m
- 12:30 PM GMT – (USD) PPI m/m
- 06:00 PM GMT – (USD) FOMC Economic Projections
- 06:00 PM GMT – (USD) FOMC Statement
- 06:00 PM GMT – (USD) Federal Funds Rate
- 06:30 PM GMT – (USD) FOMC Press Conference
- 10:45 PM GMT – (NZD) GDP q/q
Thursday, June 15, 2023
- 01:30 AM GMT – (AUD) Employment Change
- 01:30 AM GMT – (AUD) Unemployment Rate
- 02:00 AM GMT – (CNY) Industrial Production y/y
- 02:00 AM GMT – (CNY) Retail Sales y/y
- 12:15 PM GMT – (EUR) Main Refinancing Rate
- 12:15 PM GMT – (EUR) Monetary Policy Statement
- 12:30 PM GMT – (USD) Core Retail Sales m/m
- 12:30 PM GMT – (USD) Empire State Manufacturing Index
- 12:30 PM GMT – (USD) Retail Sales m/m
- 12:30 PM GMT – (USD) Unemployment Claims
- 12:30 PM GMT – (USD) Philly Fed Manufacturing Index
- 12:45 PM GMT – (EUR) ECB Press Conference
- 01:15 PM GMT – (USD) Industrial Production m/m
Friday, June 16, 2023
- Tentative – (JPY) Monetary Policy Statement
- Tentative – (JPY) BOJ Policy Rate
- Tentative – (JPY) BOJ Press Conference
- 11:45 AM GMT – (USD) FOMC Member Waller Speaks
- 02:00 PM GMT – (USD) Prelim UoM Consumer Sentiment
- 02:00 PM GMT – (USD) Prelim UoM Inflation Expectations
