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Markets Update: CN markets ignore stimulus comments from officials, Chinese equities drop; Eyes this week on US earnings + FOMC, ECB, BOJ rate decisions; CN Politburo also in focus.
Economic Calendar
Global Markets Roundup: 24 June 2023
Asian markets traded mostly positive on Monday, with gains capped ahead of upcoming key risk events, including the release of Eurozone, UK, and US Flash PMIs, and earnings from NXP Semiconductor, Ryanair, Philips, Vodafone, and Julius Baer.
European Equity Futures Softer
European equity futures are indicative of a softer open, with the Euro Stoxx 50 down 0.3% after the cash market closed up by 0.4% on Friday. Investors are awaiting more data on the global economy, including the Flash PMIs, and earnings from the aforementioned companies.
FX
The dollar index (DXY) tested 101 to the downside, but ultimately remained rangebound. The euro (EUR/USD) and the British pound (GBP/USD) sat on 1.11 and 1.28 handles, respectively. The Japanese yen (JPY) marginally outperformed the other major currencies.
Spanish Election None of the individual parties, nor the left or right blocs were able to secure a majority in the Spanish parliamentary election. This has led to uncertainty about the formation of a new government and could have implications for the country's economic outlook.
The ASX 200 and Nikkei 225 were up, while the Hang Seng and Shanghai Composite were down. The mixed performance was due to a combination of factors, including the release of Australian flash PMIs, reports that the BoJ is leaning towards keeping its yield curve control policy unchanged, and the NDRC’s notice to promote high-quality development of private investment.
US Equity Futures Non-Committal
US equity futures began the week with a non-committal tone, as markets awaited the major events of the week, including the FOMC and ECB meetings.
FX
The dollar index (DXY) marginally softened to test the 101.00 level to the downside, while the euro (EUR/USD) languished on a 1.11 handle. The British pound (GBP/USD) was uneventful, and the Japanese yen (JPY) slightly pulled back after last Friday’s surge.
Fixed Income
10yr UST futures traded rangebound ahead of the upcoming central bank rate decisions. Bund futures were subdued, and 10yr JGB futures partially held on to last week’s late gains.
Commodities Crude futures were indecisive with early pressure amid lingering Chinese economic concerns. IEA’s Executive Director Birol said they will revise global oil demand growth projections based on the economic growth prospects of China and some other countries.
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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