- The new trading week in global markets promises to be optimistic. The negation of the declining momentum during Friday's session on Wall Street supports today's trading on APAC markets, and thus uplifts the valuations of futures contracts based on European indices.
- China's Hang Seng is currently gaining 2.15%, Korea's KOSPI is adding 1.9% and Japan's Nikkei is up nearly 1.1%. The leader of the gains, however, is the Indian market, where the Nifty 50 is adding nearly 2.8% following an exit poll result suggesting an extension of Narendra Modi and the BJP party in power.
- Futures based on European indices point to a higher opening of the cash session on the Old Continent. Futures based on the DAX o FTSE indexes are currently priced nearly 0.4% higher on an intraday basis.
- The OPEC+ oil exporters' agreement extended collective oil production cuts through 2025. Brent and WTI are losing slightly this morning.
- In the Chinese market, today's revised manufacturing PMI data came as a positive surprise. The China Caixin Manufacturing PMI for May was: 51.7 (expected 51.5, previous 51.4).
- Moody's Ratings raised China's economic growth forecast to 4.5% in 2024 from 4.0%.
- The bank has no immediate plans to divest its exposure in ETFs, BoJ's Kato communicated.
- AMD unveiled its new MI325X gas pedal chip, which will be available in Q4 2024.
- The Swiss franc and the New Zealand dollar are currently leading the FX market. Elevated declines are seen in the yen and the Australian dollar.
- Cryptocurrencies are regaining some ground after relatively weak trading over the weekend. Bitcoin is currently adding 1.2%, while Ethereum is up 1.05%.
- Today, investors' attention will turn to manufacturing PMI data from Europe and the UK, GDP data from Poland, and ISM PMI manufacturing data from the US.
Heatmap of volatility in the FX market today. Source: xStation
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appThe content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
