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A rather hawkish FOMC minutes release, combined with a streak of better-than-expected US data today, led to strong risk-off moods on global equity markets
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Wall Street indices managed to recover from daily lows but continue to trade significantly lower on the day. Dow Jones drops 1%, S&P 500 and Nasdaq drop 0.9% while Russell 2000 plunges around 2%
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European stock market indices slumped today - German DAX dropped 2.7%, UK FTSE 100 moved 2.2% lower, French CAC40 plunged 3.2%, Italian FTSE MIB dropped 0.6% and Spanish Ibex moved 1.2% lower
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BoE governor Bailey said that moves by regulators on retail prices will help lower UK inflation
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Fed Logan said that she would have been okay with a rate hike at June meeting and that more rate hikes are likely necessary
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ECB Nagel said that he cannot say where interest rates will peak but they will have to remain high for a longer period. Nagel also said that he does not see threat of overtightening
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US services ISM index jumped from 50.3 to 53.9 in June (exp. 51.0)
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JOLTS report for May showed job openings at 9.824 million, down from 10.32 million in April (exp. 9.9 million)
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US Challenger report showed lay-offs in June dropping to a 7-month low of 40.7k, down from 80.1k in May
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ADP reported for June turned out to be a huge positive surprise and showed a jobs gain of 497k while market expected 230k increase
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US jobless claims came in at 248k (exp. 246k). Continuing claims came in at 1.72 million (exp. 1.734 million)
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US trade balance for May came in at -$68.98 billion (exp. -$69.0 billion)
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Atlanta Fed GDPNow model now points to a 2.1% growth in Q2 2023, up from previous 1.9%
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Canadian trade balance for May came in at -C$3.44 billion (exp. +C$1.2 billion)
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German factory orders surged 6.4% MoM in May (exp. +1.2% MoM)
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Euro area retail sales dropped 2.9% YoY in May (exp. -2.7% MoM). Retail sales were flat month-over-month (0.0% MoM) while market expected a 0.2% MoM increase
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Saudi Arabia lifted export prices for light, medium and heavy oil deliveries to Asia. Prices for Mediterranean countries, North-West European countries and the United States were increased as well
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EIA report showed a 1.51 million barrel drop in US oil inventories (exp. -1.7 mb), gasoline inventories declining 2.55 mb (exp. -1.0 mb) and distillate inventories dropping 1.04 mb (exp. -0.5 mb)
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Oil has been pulling back earlier today on overall risk-off moods. However, things change in the afternoon as big inventory draw in EIA report encouraged buyers. OIL.WTI bounced off the $70.30 support zone, marked with the lower limit of the Overbalance structure, and is looking towards a $72.20 resistance zone. Source: xStation5
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