Daily summary: Wall Street rebounds after yesterday's PMI report 📣

6:55 PM 24 May 2024
  • Indexes on Wall Street end the day with gains supported by a weak dollar. The US500 gained 0.75% to 5325 points and the US100 gained almost 1.20% testing the 18900 point area. 

  • The mood on the European equity market was clearly mixed today, but the DAX managed to recover and closed the session on a minimal positive note, driven by a rebound in the US equity market. 

  • The WIG20 closed the session almost 0.5% lower and the mWIG40 lost less than 0.2% against an almost 1% sell-off in sWIG80 companies

  • The dollar is the weakest G10 currency, with declines accelerated following the release of a University of Michigan survey that showed consumer improvement and a relatively strong drop in inflation expectations for the next one and five years. 

  • Final consumer sentiment according to the University of Michigan indicated 69.1 versus 67.7 forecast and 67.4 previously

    • 1-year inflation expectations: 3.3% vs. 3.4% forecast and 3.5% previously
    • 5-year inflation expectations: 3% vs 3.1% forecasts and 3.1% previously
  • US durable goods orders (for April) rose m/m by 0.7% vs -0.8% forecasts and 2.6% previously (revised to 0.8%). Indices gained in reaction after the release.

  • Canadian retail sales, for April, fell -0.2% m/m vs -0.1% forecasts and -0.1% previously. USDCAD loses after the data, with the chances of an interest rate cut by the Bank of Canada in July increasing.

  • NATGAS is trading down after the rollout, with oil futures trading marginally higher. Wheat futures close the week around US$695 per bushel;

  • Among US technology stocks, Magnificent 7 shares are doing well, with Apple and Meta Platforms leading the way. Intuit shares lose almost 8% today after disappointing forecasts for the next quarter

  • ZIM Integrated Shipping shares continue their rise and are trading at their highest since April 2023. Growth has been driven by higher freight rates supported by solid global macro data and a recovery in China. Similarly, the shares of Maersk and Hapag Lloyd traded better today

  • Cryptocurrencies are rebounding slightly, but sentiment is not as positive as that for US equity indices. Bitcoin gains 1.00% to $68600, while Ethereum loses almost 2.00% and remains around $3700.

  • Analysts at JP Morgan estimate that now when Ethereum ETFs are approved, it could be several months, even until November this year, before the ETFs actually starts trading.

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