Global Markets:
- Asian Stock Markets : Nikkei up 1.21%, Shanghai Composite up 0.18%, Hang Seng down 0.66%, ASX up 0.98%
- Commodities : Gold at $1963.55 (+0.02%), Silver at $23.39 (+0.13%), Brent Oil at $77.56 (+0.75%), WTI Oil at $73.28 (+0.84%)
- Rates : US 10-year yield at 3.821, UK 10-year yield at 4.372, Germany 10-year yield at 2.535
News & Data:
- (GBP) Retail Sales m/m 0.50% vs 0.30% expected
- (USD) Core PCE Price Index m/m 0.40% vs 0.30% expected
- (USD) Core Durable Goods Orders m/m -0.20% vs 0.00% expected
- (USD) Durable Goods Orders m/m 1.10% vs -1.00% expected
- (USD) Revised UoM Consumer Sentiment 59.2 vs 58.2 expected
Markets Update:
Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from global markets on Friday, as traders react positively to an apparent resolution to the U.S. debt ceiling crisis forged over the weekend to avoid a potentially disastrous default by the U.S. government. Asian markets closed mostly higher on Friday. President Joe Biden and House Speaker Kevin McCarthy, R-Calif., reached an agreement in principle during a phone call Saturday evening to raise the debt ceiling for two years and keep non-defense spending roughly flat for fiscal 2024.
The Japanese stock market is sharply higher on Monday, extending the gains in the previous two sessions, with the Nikkei 225 moving above the 31,300 level to fresh 33-year highs, following the broadly positive cues from global markets on Friday, with gains across all sectors as traders react to the news of an “agreement in principle” reached on the US debt ceiling over the weekend. Hong Kong’s Hang Seng index continued sliding to new lows this year, falling 0.7%. In mainland China, the Shanghai Composite rose 0.2%.
Crude oil prices climbed higher on Friday after Russia played down the prospect of additional output cuts by OPEC.
Upcoming Events:
Tuesday, May 30, 2023
- 07:00 AM GMT – (CHF) GDP q/q
- 07:00 AM GMT – (EUR) Spanish Flash CPI y/y
- 02:00 PM GMT – (USD) CB Consumer Confidence
- 11:00 PM GMT – (AUD) RBA Gov Lowe Speaks
Wednesday, May 31, 2023
- 01:30 AM GMT – (AUD) CPI y/y
- 01:30 AM GMT – (CNY) Manufacturing PMI
- 01:30 AM GMT – (CNY) Non-Manufacturing PMI
- All Day – (EUR) German Prelim CPI m/m
- 08:00 AM GMT – (EUR) ECB Financial Stability Review
- 12:30 PM GMT – (CAD) GDP m/m
- 02:00 PM GMT – (USD) JOLTS Job Openings
- 03:05 PM GMT – (CHF) SNB Chairman Jordan Speaks
- 04:30 PM GMT – (USD) FOMC Member Harker Speaks
Thursday, June 01, 2023
- 09:00 AM GMT – (EUR) CPI Flash Estimate y/y
- 09:00 AM GMT – (EUR) Core CPI Flash Estimate y/y
- 09:30 AM GMT – (EUR) ECB President Lagarde Speaks
- 12:15 PM GMT – (USD) ADP Non-Farm Employment Change
- 12:30 PM GMT – (USD) Unemployment Claims
- 02:00 PM GMT – (USD) ISM Manufacturing PMI
- 02:00 PM GMT – (USD) ISM Manufacturing Prices
- 05:00 PM GMT – (USD) FOMC Member Harker Speaks
Friday, June 02, 2023
- 12:30 PM GMT – (USD) Average Hourly Earnings m/m
- 12:30 PM GMT – (USD) Non-Farm Employment Change
- 12:30 PM GMT – (USD) Unemployment Rate
