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US indices finished yesterday’s trading higher. S&P 500 gained 0.24%, Dow Jones moved 0.03% higher and Nasdaq added 0.36%. Russell 2000 rallied 2.69%, supported by outperformance of regional bank shares

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Wednesday News
  • US indices finished yesterday’s trading higher. S&P 500 gained 0.24%, Dow Jones moved 0.03% higher and Nasdaq added 0.36%. Russell 2000 rallied 2.69%, supported by outperformance of regional bank shares
  • Indices from Asia-Pacific traded mixed today – Nikkei dropped 1.3%, S&P/ASX 200 traded flat, Kospi gained 0.1% and Nifty 50 added 0.3%. Indices from China traded little changed
  • DAX futures point to a flat opening of the European cash session today
  • RBA Governor Lowe said that more tightening may be needed in Australia and that failure to bring down inflation will cause pain
  • Chinese trade data for May turned out to be a big disappointment. Exports dropped 7.5% YoY (exp. -0.4% YoY) while imports were 4.5% YoY lower (exp. -8.0% YoY). Trade balance came in at $65.81 billion (exp. $92 billion)
  • Chinese oil imports increased 6.2% YoY in the January-May 2023 period. On the other hand, Chinese copper imports were year-over-year lower in YTD period
  • Australian economy grew at a pace of 0.2% QoQ in Q1 2023 (exp. 0.3% QoQ). On an annual basis, GDP growth in Q1 reached 2.3% YoY (exp. 2.4% YoY)
  • API report showed an unexpected 1.71 million barrel draw in US oil inventories (exp. +1.5 mb)
  • Cryptocurrencies are trading mostly lower – Bitcoin drops 0.5%, Dogecoin pulls back 0.4% and Ethereum trades flat
  • Energy commodities trade little changed – oil drops 0.2-0.3% while US natural gas prices trade flat
  • Precious metals trade mixed – gold trades flat, silver drops 0.2%, platinum gains 0.7% and palladium jumps 1.5%
  • AUD and JPY are the best performing major currencies while CAD and NZD lag the most

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