Monday News

Latest updates:

– Indices from Asia-Pacific are trading mostly higher today. Nikkei gains 0.7%, S&P/ASX 200 adds 0.1%, Nifty 50 jumps 0.4% and Kospi trades flat. Indices from China trade up to 1.2% higher
– European and US index futures trade slightly above Friday’s cash closing prices
– NBC reports that meeting to discuss debt ceiling between US President Biden and congressional leaders was scheduled for Tuesday
– With almost all votes counted, no single candidate managed to score an over-50% result in Turkish presidential elections, meaning that a run-off between incumbent president Erdogan and opposition candidate Kilicdaroglu is likely to take place in 2 weeks (May 28, 2023)
– According to preliminary results, Erdogan’s party AKP managed to win parliamentary elections with 35.6% votes and secure 268 seats in 600-seat parliament
– Turkish lira has been rather calm so far today as investors wait for an official confirmation that run-off in presidential elections will be needed
– According to Financial Times, G7 countries and European Union consider banning restarting of the Russian gas pipelines if Moscow has previously halted supplies via them
– According to Reuters, G7 also aims to more strictly target sanctions evasion involving third countries
– Iraqi oil minister said he does not expect OPEC+ to announce more oil output cuts at June meeting
– ECB’s De Guindos said that rate hike cycle in EMU is on the final stretch and that’s why ECB decide to return to 25 basis point moves
– According to Reuters report, it was advised during BoJ-government meeting that Bank of Japan considers changing its policy approach should CPI and wages keep rising
– Energy commodities trade mixed – oil drops 0.3% while natural gas jumps 0.7%
– Precious metals advance – gold gains 0.2% while silver and platinum trade 0.3% higher
– AUD and NZD are the best performing major currencies while JPY and USD lag the most

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