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Stock markets mostly higher
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Oil prices advance amid OPEC+ meeting
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Gold dips below $1900 an ounce
Global stock markets started June on a positive note. European indices finished the day higher with the German DAX (DE30) and EuroStoxx 600 reaching fresh all-time highs. US indices started the session higher, yet pared most gains. Meme stock mania in the US continues, but traders witnessed some interesting headlines as Mudrick Capital is said to have sold the entire stake that the fund had purchased at $27.12, saying that the stock is overvalued.
Oil markets were focused on key OPEC+ meeting that is taking place today. OPEC+ countries are most likely to reconfirm gradual production increase through July. Both WTI and Brent prices soared today, but pared some gains in the afternoon. Gold fell below $1900 an ounce for a while, but the price returned slightly above that threshold.
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Create account Try a demo Download mobile app Download mobile appToday’s calendar was full of interesting macro releases. While OPEC+ discussed key issues for oil markets, investors also paid attention to numerous manufacturing PMI reports - most of them surprised to the upside. On the other hand, CPI report from the eurozone for May came in above expectations (2.0% YoY vs exp. 1.9% YoY). ISM Manufacturing from the US turned out to be better-than-expected as well as the headline index rose from 60.7 in April to 61.2 in May.
Tomorrow traders might expect higher AUD volatility as Australia will release its 1Q GDP report at 02:30 am BST. Apart form that, a retail sales report for April from Germany will be released in the morning European time, which might be helpful in assessing the sentiment among European consumers.
Brent prices (OIL) smashed through key $70 a barrel level today, reaching highest levels since early-March. However, oil suddenly dipped in the afternoon, paring some earlier gains. This does not change the fact that the prices are still trading higher on the day and remain above the $70 mark - key short-term support for now. Source: xStation5
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