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Risk-on moods could be spotted during the Asian session today. Nikkei gained 2.3%, S&P/ASX 200 moved 1.3% higher and Kospi added 1.2%. Indices from China traded up to 2% higher
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European and US index futures are trading higher at the beginning of a new week
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Some Covid restrictions in Beijing and Shanghai are being eased. Museums, gyms and theaters will be allowed to reopen in Beijing with visitor limits while Shanghai will see some malls reopen and bus services resume
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Shanghai authorities proposed a 50-point plan to boost the city's economy after lockdowns. Plan includes subsidies, rent reductions or tax payment delay, among others
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Russian President Putin said in a phone call with Macron and Scholz that he is open to resuming dialogue with Ukraine. Putin also said that he may allow Ukrainian grain to be shipped overseas but only if Western sanctions are lifted first
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Moody's lowered GDP growth forecast for China from 5.2 to 4.5% in 2022
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US President Biden is expected to meet with Fed Chair Powell on Tuesday, May 31
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European Union has once again failed to reach agreement on Russian oil embargo but talks will continue today
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Paul Conway, RBNZ Chief Economist, said that 75 basis point rate hikes were not seriously considered but more 50 basis point rate hike will come
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Cryptocurrencies benefit from overall upbeat moods and trade higher. Bitcoin rallies 3.7% and jumps above $30,000 mark
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Brent and WTI trade at 2-month highs, gaining around 0.6% each
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Precious metals benefit from USD weakness and trade higher. Silver is top performer, trading 0.8% higher
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AUD and NZD are the best performing major currencies while USD and CHF lag the most
Easing of restrictions in China boosted risk appetite on the markets, including the oil market. OIL.WTI attempts to break above the resistance zone, marked with 61.8% retracement of the early-March downward move, and trades at 2-month highs. Source: xStation5
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