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Indices in the US ended yesterday’s session with strong gains. Both the US500 and US100 contracts closed at new historic highs. The US500 gained almost 1.20% to 5360 points. The US100, on the other hand, rose by as much as 2.00% above the 19000 point level.

Thursday News
  • Indices in the US ended yesterday’s session with strong gains. Both the US500 and US100 contracts closed at new historic highs. The US500 gained almost 1.20% to 5360 points. The US100, on the other hand, rose by as much as 2.00% above the 19000 point level.
  • Asia-Pacific indices had an upward session, continuing the gains on Wall Street. Indexes from China are up around 0.50-0.60%. Japan’s Nikkei 225 index gains 0.80% and Australia’s S&P/ASX200 is trading 0.30% higher.
  • European index futures also show a slightly higher opening to the cash session. The UK100 gains 0.15% and the DAX gains 0.05%.
  • Nvidia gained 5.16% yesterday at the close of the session to US$1224 thereby surpassing its capitalisation of US$3.010 trillion and surpassing Apple’s capitalisation of US$3.000 trillion.
  • In the forex market, volatility is relatively low during the first part of the day. Among the strongest currencies, we can mention the Swiss franc (CHF), which is gaining around 0.10-0.20%.
  • The USD is slightly weaker in the first part of the day losing around 0.10-0.20%. US bond yields, meanwhile, are rebounding after yesterday’s sharp declines.
  • Australia’s trade balance data for April showed an increase in the surplus, which can be attributed to a drop in imports after several months of growth. The surplus came in at AUD6.5 billion (A$4.34 billion), compared with a downwardly revised AUD4.8 billion in March and beating market forecasts of A$5.4 billion.
  • Bank of Japan Governor Kazuo Ueda said inflation expectations are gradually rising, but remain well below 2%.
  • Bank of Japan representative Toyoaki Nakamura said Japanese inflation could fall below the central bank’s 2% target next year if consumption stagnates. Nakamura maintains his dovish stance, highlighting the uncertainty over the timing of further interest rate rises.
  • Goldman Sachs’ Global Markets Division Managing Director, Scott Rubner, predicts a significant influx of funds into the equity market in Q3 of this year. He anticipates that passive equity allocations will drive a substantial amount of money into the stock market starting in early July, propelling the current rally higher through the early part of the summer.
  • The cryptocurrency market is seeing consolidation at the highest levels. Bitcoin is trying to break through the resistance level around USD 71000-72000. At the time of publication, BTC is losing 0.30% to USD 70900.

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