CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Morning wrap (08.06.2023)

06:28 8 June 2023
  • U.S. indexes closed yesterday's session in a weaker mood amid a sell-off in technology company stocks. The S&P 500 lost 0.32%, the Dow Jones rose 0.27% and the Nasdaq lost 1.76%. The standout was the Russell 2000, which recorded a strong session during which it gained 1.78%
  • On Wall Street, stocks of major U.S. companies like Amazon (-4%), Meta Platforms (-2.7%), Nvidia (-3%) and Alphabet (-3.7%) lost heavily
  • Goldman Sachs analysts believe that AI adoption resulting in productivity gains could lift the value of the S&P 500 9% higher from current levels in a baseline scenario (with a growth bias of 5% and 14% in extreme scenarios, respectively)
  • Despite positive comments from Goldman Sachs and Stanley Druckenmiller regarding artificial intelligence, stocks of companies benefiting from the AI trend saw a correction
  • Bond yields rose in Australia and Japan, while U.S. treasuries maintained their gains. Yields on 3-year bonds in Australia reached the highest level since 2012. 
  • Japan's GDP data surprised on the upside (2.7% growth in Q1 vs. exp. 1.9%) strengthening the yen. As a result, USDJPY settled below 140 points
  • The Bank of Canada's decision yesterday to raise rates by 25 bps despite the pause expected by the market did not cause a sharp reversal of expectations for the Fed's June decision. The market sees a 66% chance of keeping rates unchanged. At the same time, swaps fully price a 25bp hike at the July meeting
  • USDCAD remains in the range of 1.336 - CAD strengthened sharply to this level yesterday after the BoC decision
  • The sell-off of recent days continued on Japan's Nikkei index, which lost 0.86% amid weakness in technology companies. Chinese indices, including the technology Hang Seng traded flat
  • DAX index futures pointed to a slightly lower opening of the trading session in Europe.
  • Cryptocurrencies were unable to sustain the rebound that took Bitcoin above $27,000 yesterday. Currently, the major cryptocurrency is trading at $26,500, with smaller cryptocurrencies posting modest gains. Nearly 10% decline after yesterday's euphoric increases is recorded by cryptocurrency Metal
  • Energy commodities are trading unchanged - oil is trading flat, and U.S natural. gas prices are trading 0.5% lower
  • The dollar index USDIDX is again trading below 104 points and losing 0.12% with EURUSD up 0.10%
  • Precious metals are trying to stem the sell-off and are gaining slightly - gold is trading 0.4% higher, silver is gaining 0.7%, platinum and palladium are gaining in the range of 0.85%

JAP225 continues its declines and loses nearly 5% from multi-year highs near 32,700 points. The MACD is close to confirming a bearish 'crossover, and the key support for a eventually deep correction is the level of 29,000 points near which is the 23.6 Fibonacci retracement of the March 2020 upward wave and previous price reactions. Source: xStation5

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This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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