Daily summary: WTI at 3-month highs amid supply concerns!

• In Europe, investor sentiment was undermined by incoming PMI data from Europe, which indicated a marked decline in business sentiment on the Old Continent. The DAX rose by just 0.01%, the FTSE rose by 0.17% and the CAC40 lost just 0.01%;

• Spanish index contracts lost nearly 0.4% today due to the uncertainty surrounding the results of the snap general election. The initial declines have largely been erased;

• The euro is losing against other currencies on a daily basis. Germany's manufacturing PMI index falls at 38.8 points against an expected 41 points, indicating an even deeper slump in the sector. The PMI index for services falls at 52 points against an expectation of 53.1 points and the previous level of 54.1 points.

• Adidsas (ADS.DE) reported its preliminary quarterly results after the close of the European session. Operating profit came in at €176 million against a forecast loss of €130.6 million. 

• US indices are trading up between 0.3 and 0.65%. The Nasdaq futures contracts are performing weakest, the Dow Jones the strongest;

• On Wall Street, the company which attracts the most attention from investors is AMC (AMC.US), whose shares are currently up over 36%. Such dynamic increases are mainly due to the court decision to reject the proposal to convert the company's preference shares and the positive momentum resulting from the premieres of films: "Barbie" and "Oppenheimer". According to AMC data, nearly 8 million cinemas operated by the company were visited this weekend. 

• US manufacturing and services PMI readings surprised analysts. Industry unexpectedly rebounded from around 46 to over 49 points. Against a weaker services reading of 52.2 versus 54.1 forecast and 54.4 previously;

• The US dollar index (USDIDX) climbed around 101 points. The EURUSD pair is losing more than 0.5% on a daily basis and is testing support at the psychological level of 1.07. 

• Cryptocurrencies are losing at the start of the week, with Bitcoin retreating below $29,000. On-chain data indicated more intense recent distribution from the largest whale addresses (above 10,000 BTC);

• Wheat price contracts gain almost 9% on fears of a complete cut-off of Ukrainian exports and a lower harvest. Russian drones attacked a transshipment port, key to an alternative to sea exports, to float goods across the Danube. 

• Crude oil has had a successful session. WTI gained almost 3% thanks to a potential supply shock. The outlook for crude was supported by estimated OPEC+ production cuts, lower exports from Russia and Saudi Arabia and still record demand. Goldman Sachs raised its forecast to USD 86 per barrel, Baker Hughes expects rigs to fall by 100, by the end of this year and highlighted the low volume relative to 2019.

Selected instruments and their quotes at the time of publication. Source: xStation 5