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Markets in China and Australia remain closed on Monday due to local holidays. Meanwhile, other indices in the Asia-Pacific region are experiencing an upward session. The Japanese Nikkei 225 index gains 1.00%, while the SG20cash index (MSCI Singapore Index) rises by 0.15%.
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Futures contracts for European indices indicate a lower opening session on the Old Continent. The UK100 loses 0.32%, and the DAX is down by 0.20%.
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In the forex market, volatility is relatively high in the first part of the day. Among the strongest currencies is the Australian dollar (AUD), which gains about 0.2-0.4% against other G10 currencies. On the other hand, the Japanese yen is among the weakest currencies, losing about 0.2-0.4%.
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The GDP report from Japan for Q1 2024 turned out to be slightly better than expected. GDP contracted by 1.8% year-on-year compared to a 2.0% decline noted in preliminary data. Economists had forecasted that the revised data would remain unchanged.
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The better-than-expected reading can be attributed to a revision from -0.8% to -0.4% for the capital investment sector. Private consumption, which accounts for more than half of GDP, remained unchanged at minus 0.7%. Meanwhile, exports performed slightly worse than indicated in the preliminary data.
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JP Morgan has moved its forecast for the first FOMC interest rate cut from July to November following Friday's US labour market data. JP Morgan is not ruling out just one interest rate cut this year.
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Goldman Sachs, on the other hand, still expects a 25bp cut in September and December this year. The rate cuts would continue into 2025, in which the Fed would make four cuts. GS suggests that other global central banks cutting interest rates adds to the downward pressure on the Fed to cut rates.
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Volvo Car AB is preparing to move production of the Volvo EX30 and EX90 models from China to Belgium, in the face of the European Union's plan to impose tariffs on Chinese-made electric vehicles.
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In the cryptocurrency market, we are observing a continuation of weaker sentiments. Bitcoin loses 0.10% to 69,600 USD. High leverage in the market has led to even greater declines in smaller projects. The total market capitalization of altcoins drops by 0.75%, while Ethereum loses 0.55% to 3,685 USD.
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