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Wall Street indices finished yesterday’s trading mixed. S&P 500 gained 0.08%, Nasdaq moved 0.39% higher while Dow Jones dropped 0.68%. Small-cap Russell 2000 plunged 1.17%

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Thursday News
  • Wall Street indices finished yesterday’s trading mixed. S&P 500 gained 0.08%, Nasdaq moved 0.39% higher while Dow Jones dropped 0.68%. Small-cap Russell 2000 plunged 1.17%
  • FOMC kept interest rates unchanged at a meeting yesterday. However, dot-plot suggested two more 25 bp rate hikes this year
  • Indices from Asia-Pacific traded higher today – Nikkei gained 0.2%, S&P/ASX 200 moved 0.3% higher, Nifty 50 ticked 0.1% higher and indices from China gained 0.4-1.8%. Kospi was a laggard and dropped 0.1%
  • DAX futures point to more or less flat opening of the European cash session today
  • People’s Bank of China cut the 1-year medium-term lending facility rate by 10 basis points, from 2.75 to 2.65%. Such a decision was widely expected
  • It is said that PBoC may follow with a similar 10 bp cut to 5-year MLF rate next week
  • Chinese industrial production increased 3.5% YoY in May (exp. 3.8% YoY), retail sales surged 12.7% YoY (exp. 13.7% YoY) and urban investments increased 4.0% YoY (exp. 4.5% YoY)
  • Japanese exports were 0.6% YoY higher in May (exp. -0.8% YoY) while imports plunged 9.9% YoY (exp. -10.3% YoY)
  • Japanese machinery orders were 5.5% MoM higher in April (exp. 3.1% MoM)
  • New Zealand GDP contracted 0.1% QoQ in Q1 2023 (exp. -0.1% QoQ)
  • Australian employment increased by 75.9k in May (exp. +14.8k) while the unemployment rate dropped from 3.7 to 3.6% (exp. 3.7%)
  • JPMorgan lowered its Brent forecast for 2023 and now expects the price to average $81 per barrel throughout the year ($90 previously). WTI forecast was cut from $84 to $76 per barrel
  • Cryptocurrencies trade mixed today – Bitcoin and Ethereum drop 0.6% while Dogecoin and Ripple gain 0.1%
  • Energy commodities trade lower – oil drops 0.1% while US natural gas prices trade 1% lower
  • Precious metals pull back amid USD strengthening – gold drops 0.3%, platinum trades 0.8% lower and silver plunges 1.7%
  • AUD and USD are the best performing major currencies while CHF and JPY lag the most

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