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US indices finished yesterday's trading higher. S&P 500 gained 0.24%, Dow Jones moved 0.03% higher and Nasdaq added 0.36%. Russell 2000 rallied 2.69%, supported by outperformance of regional bank shares
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Indices from Asia-Pacific traded mixed today - Nikkei dropped 1.3%, S&P/ASX 200 traded flat, Kospi gained 0.1% and Nifty 50 added 0.3%. Indices from China traded little changed
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DAX futures point to a flat opening of the European cash session today
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RBA Governor Lowe said that more tightening may be needed in Australia and that failure to bring down inflation will cause pain
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Chinese trade data for May turned out to be a big disappointment. Exports dropped 7.5% YoY (exp. -0.4% YoY) while imports were 4.5% YoY lower (exp. -8.0% YoY). Trade balance came in at $65.81 billion (exp. $92 billion)
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Chinese oil imports increased 6.2% YoY in the January-May 2023 period. On the other hand, Chinese copper imports were year-over-year lower in YTD period
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Australian economy grew at a pace of 0.2% QoQ in Q1 2023 (exp. 0.3% QoQ). On an annual basis, GDP growth in Q1 reached 2.3% YoY (exp. 2.4% YoY)
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API report showed an unexpected 1.71 million barrel draw in US oil inventories (exp. +1.5 mb)
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Cryptocurrencies are trading mostly lower - Bitcoin drops 0.5%, Dogecoin pulls back 0.4% and Ethereum trades flat
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Energy commodities trade little changed - oil drops 0.2-0.3% while US natural gas prices trade flat
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Precious metals trade mixed - gold trades flat, silver drops 0.2%, platinum gains 0.7% and palladium jumps 1.5%
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AUD and JPY are the best performing major currencies while CAD and NZD lag the most
BITCOIN made a U-turn yesterday. Cryptocurrency rallied and recovered from Monday's slump, triggered by SEC suing Binance. Coin is once again trading near the $27,000 mark - around 1% lower week-to-date. Source: xStation5
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