_edited_edited.png)
Markets Update: APAC Stocks Mostly Subdued as Lack of Bullish Macro Drivers Weighs
Today's important market events:
[GBP] CPI (MoM - May) - 08:00 CEST
actual at 0.7%, lower than expected.
[GBP] CPI (YoY - May) - 08:00 CEST
actual at 8.7%, as expected.
[USD] Fed Chair Powell Testifies - 16:00 CEST
Global Markets Roundup: 21 June 2023
Asian stocks were mostly subdued on Tuesday, following the negative handover from Wall Street amid the lack of bullish macro drivers.
The Nikkei 225 was down 0.2%, while the Hang Seng and Shanghai Composite were both down 0.3%.
The subdued mood in Asia came as investors remained cautious ahead of a number of key events, including the release of UK CPI data and the BoC minutes. European equity futures were indicative of a slightly higher open, with the Euro Stoxx 50 up 0.3%. In FX, the dollar was slightly stronger, with the DXY index hovering above 102.50.
The euro was flat against the dollar, while the yen was slightly weaker. Crude oil futures were a touch firmer, with Brent crude up 0.1%.
Asian markets were mixed on Wednesday, with investors weighing the economic outlook amid a lack of bullish macro drivers.
The ASX 200 was dragged lower by weakness in the commodity-related sectors, while the Nikkei 225 clawed back losses after SoftBank's CEO noted that AI is about to grow explosively.
The Hang Seng and Shanghai Composite were both lower, with sentiment in the mainland dampened by the weaker outlook for China's GDP.
US equity futures were flat, while European equity futures were indicative of a slightly higher open.
In FX, the dollar was slightly stronger after Fed Vice Chair nominee Jefferson, as well as Board nominees Cook and Kugler, all suggested a determination to tackle inflation.
EUR/USD lacked direction, while GBP/USD was contained ahead of the UK inflation data due later and tomorrow's BoE rate decision.
USD/JPY edged higher following dovish reiterations from BoJ's Adachi and the outdated April meeting minutes.
AUD and NZD eventually gained with price action choppy amid the cautious risk appetite and lack of tier-1 releases.
In FIXED INCOME, 10yr UST futures marginally eased back after the prior day's bull flattening, while Bund futures pared some of their gains.
Commodities Crude futures traded marginally higher but with upside limited amid the lack of oil-specific catalysts.
Spot gold remained lacklustre albeit off worst levels, while copper futures were rangebound.
Looking ahead, highlights include the release of UK CPI data, the BoC minutes, speeches from Fed officials, and supply data from Germany and the US. Overall, the mood in the markets is cautious ahead of a number of key events.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team