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Stocks and bonds in Asia fell. Investors evaluated the effects of the higher Treasury yields after Hawkish comments from the chair of Minneapolis Federal Reserve Bank, Kashkari

Wednesday News
  • Stocks and bonds in Asia fell. Investors evaluated the effects of the higher Treasury yields after Hawkish comments from the chair of Minneapolis Federal Reserve Bank, Kashkari
  • Yesterday session on Wall Street ended ‘in green’ for S&P 500 and Nasdaq 100, but both benchmark has risen slightly. Dow Jones lost more than 0.5%
  • Nvidia rallied 7% after Elon Musk’s commented that artificial intelligence startup, xAI, which has raised $6 billion, will purchase and use 100,000 of the H100 GPUs
  • Hong Kong stocks leading losses in Asia, with Hang Seng losing 1.8% and MSCI Asia Pacific Index fell for a second day on Wednesday.
  • Benchmark rates on Japanese bonds rallied to the highest levels since 2011 and the Japanese yen also weakened. Nikkei and Topix leading stock benchmarks from Japan lost 0.6% and 0.7% respectively despite weakening yen
  • There were no very important macro readings releases during APAC session.
  • Consumer sentiment from Japan came in 36.2 vs 39.2 exp and 38.3 previously, pressuring yen. RBNZ Own Activity and Business Outlook in May came in much lower than in April. Australian Construction Work done fell 2.9% vs 0.5% exp. and 0.7% previously
  • Cryptocurrencies are slightly higher with Ethereum near $3900 level and Bitcoin reaching $68,500. At the same time, futures on US dollar index (USDIDX) gains today more than 0.1%
  • Futures on oil are losing slightly today and don’t react despite tensions in the Middle East where media are focusing on situation in Rafah
  • Quotations of futures contracts on DE40 and UK100 are losing in 0.3% – 0.4% range, signalling potential lower opening of the European session.
  • Precious metals are traded flat. GOLD loses 0.15% while SILVER gains 0.3%. WHEAT futures in Chicago drops below $700 per bushel again

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