- Sentiment in the US stock market improves slightly in the later hours of trading. The US500 and US100 are losing in the range of 0.1-0.2%, while the US30 is posting modest gains. Strong downward pressure is evident among companies linked to the uranium market and silver miners, with Sibanye and Silvercorp's stocks pricing heavily
- Data from the U.S. labour market came in well below forecasts. The JOLTS report indicated 8.05 million versus 8.48 million forecasts and 8.5 million previously. Factory orders fell in line with expectations, while seasonally adjusted durable goods orders rose 0.6% vs. 0.7% forecasts and 1.5% previously
- Oil erases some of the latest declines, and Brent is already approaching $78 per barrel. The latest comments from Hamas leave it uncertain whether Palestinian representatives will ultimately reach an agreement with Israel, despite initially optimistic comments from Qatar's Foreign Ministry, which is mediating between the parties
- Strong declines are credited to silver today. The decline was nearly 4%, the largest among all metals. Copper also lost heavily. The drop in metal prices was linked to uncertainty about economic strength in the US and Europe and the strengthening of the US currency in anticipation of ECB and BoC decision
- Natgas is losing nearly 6% in response to an impending cold wave in the Midwest and East Coast in the US. Seasonality indicates that June usually sees a bottom, while the largest increases occur in late July and early August, when gas consumption for electricity generation is highest.
- Cryptocurrencies are not responding to declines in gold, silver and weaker stock market sentiment. A rise in bonds and a sizable drop in the yield on the US 10-year note, which is down nearly 8 basis points today (to 4.33%), with a weaker dollar, is supporting Bitcoin. The price of the largest cryptocurrency is struggling to stay above $71,000
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