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Wall Street indices finished yesterday’s trading lower but off the session lows. Dow Jones dropped 0.4%, S&P 500 and Nasdaq traded 0.6% lower and Russell 2000 plunged 1%

Thursday News

Latest updates:

– Wall Street indices finished yesterday’s trading lower but off the session lows. Dow Jones dropped 0.4%, S&P 500 and Nasdaq traded 0.6% lower and Russell 2000 plunged 1%

– Higher-than-expected JOLTS data yesterday led to a jump in Fed rate hike pricing and triggered a drop on stock markets. However, those moves were later reversed on the back of dovish Fed speak

– Fed members Jefferson and Harker strongly hinted that FOMC is in position to skip a rate hike at the coming meeting

– Wall Street Journal also reported, based on insider info, that holding rates unchanged at June meeting looks to be the base case scenario

– Indices from Asia-Pacific traded higher today. Nikkei gained 0.8%, S&P/ASX 200 moved 0.4% higher and Nifty 50 added 0.2%. Indices from China traded up to 1% higher. Kospi was a laggard and dropped 0.2%

– DAX futures point to a slightly higher opening of the European cash session today

– US House of Representatives passed a bill suspending the debt ceiling. Bill will now be put under the vote in Senate, where it is also expected to pass

– Chinese Caixin manufacturing PMI jumped from 49.5 to 50.9 in May (exp. 49.5)

– Japanese business capital expenditures in Q1 2023 increased 11% YoY (exp. 5.5% YoY)

– Australian capital expenditures increased 2.4% QoQ in Q1 2023 (exp. 1% QoQ)

– API report showed an unexpected 5.2 million barrel build in US oil inventories (exp. -1.0 mb)

– Energy commodities trade higher – oil gains around 1% while US natural gas prices climb 0.3%

– Precious metals gain – gold and silver trade 0.1% higher, platinum adds 0.6% and palladium surges 1.5%

– AUD and CAD are the best performing G10 currencies while JPY and NZD lag the most

Brent (OIL) and WTI (OIL.WTI) trade lower today, following a price cut from Saudi Arabia. Saudi Arabia announced that it will reduce the price of crude sold to Asia by around $1 per barrel, putting a downward pressure on prices. From a technical point of view, OIL.WTI is pulling back after a failed attempt of breaking above the downward trendline.

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