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Markets Update: JP CPI inline; Asia chip co’s down post-TSM guidance revision; CN Govt continues to talk up new measures; Beijing/Foreign investors meeting today; Next week rate decisions FOMC, ECB, BOJ
Today's important market events:
[GBP] Core Retail Sales (MoM/YoY - Jun) - 08:00 CEST
[GBP] Retail Sales (MoM/YoY - Jun) - 08:00 CEST
[CAD] Core Retail Sales (MoM - May) - 14:30 CEST
[CAD] Manufacturing Sales (MoM - May) - 14:30 CEST
Global Markets Roundup: 21 June 2023
US Stocks Tumble
US stocks mostly tumbled on Friday, with the Nasdaq 100 posting its second worst day of the year. The declines were led by technology stocks, as investors continued to worry about the impact of rising interest rates on growth.
APAC Stocks Mixed
Asian stocks were mixed on Friday, as further support efforts from China partially offset the headwinds from Wall Street. The Shanghai Composite Index was down, while the Nikkei 225 and Hang Seng Index were up.
European Equity Futures S ofter
European equity futures are indicative of a softer open, with the Euro Stoxx 50 down 0.3% after the cash market closed up by 0.3% yesterday. Investors are awaiting more data on the global economy, including UK Retail Sales and earnings from Danske Bank, Evolution AB, American Express and Schlumberger.
FX The dollar index (DXY) held onto yesterday's gains, with the euro (EUR/USD) and the British pound (GBP/USD) sitting on 1.11 and 1.28 handles, respectively. The US dollar (USD/JPY) was choppy post-Japanese CPI.
The ASX 200 and Shanghai Composite were up, while the Nikkei 225 was down. The mixed performance was due to a combination of factors, including the release of ambiguous CPI data from Japan, further supportive efforts from China, and the upcoming monthly stock options expiry and Nasdaq 100 rebalances.
US Equity Futures Sideways
US equity futures traded sideways heading into the monthly stock options expiry and Nasdaq 100 rebalances. Investors are awaiting more data on the global economy, including UK Retail Sales.
FX
The dollar index (DXY) traded rangebound overnight and held onto yesterday's gains after briefly climbing to just shy of the 101.00 level on the back of the recent upside in yields owing to the multi-month low initial jobless claims data. The euro (EUR/USD) struggled to recover from this week's declines and remained firmly beneath the 1.1200 handle. The British pound (GBP/USD) attempted to nurse some of the prior day's losses, while attention turns to UK Retail Sales. The US dollar (USD/JPY) was choppy and traded on both sides of the 140.00 level after the mostly in-line inflation data although the pair is ultimately propped up by the wider yield differentials.
Fixed Income
10yr UST futures lacked direction after yesterday’s heavy selling pressure ahead of supply and after the initial jobless claims data although prices are off their worse levels after support held at 112.00. Bund futures languished below 133.00 and near the prior day’s trough after its recent one-way slide. 10yr JGB futures were choppy as participants digested the latest inflation data and with prices largely ignoring the improved demand at the enhanced liquidity auction from Japan.
Commodities Crude futures were supported as sentiment somewhat improved and Chinese participants entered the fray. OPEC+ moved the online panel a day later to August 3rd (prev. August 2nd), according to Reuters sources. US Senate voted to block sales of US strategic oil reserves to China, according to Bloomberg. Spot Gold was uneventful with prices contained as the greenback held on to recent spoils. Copper futures gradually edged higher with a mild tailwind amid China's support measures.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team
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