- The new trading week in global markets promises to be optimistic. The negation of the declining momentum during Friday's session on Wall Street supports today's trading on APAC markets, and thus uplifts the valuations of futures contracts based on European indices.
- China's Hang Seng is currently gaining 2.15%, Korea's KOSPI is adding 1.9% and Japan's Nikkei is up nearly 1.1%. The leader of the gains, however, is the Indian market, where the Nifty 50 is adding nearly 2.8% following an exit poll result suggesting an extension of Narendra Modi and the BJP party in power.
- Futures based on European indices point to a higher opening of the cash session on the Old Continent. Futures based on the DAX o FTSE indexes are currently priced nearly 0.4% higher on an intraday basis.
- The OPEC+ oil exporters' agreement extended collective oil production cuts through 2025. Brent and WTI are losing slightly this morning.
- In the Chinese market, today's revised manufacturing PMI data came as a positive surprise. The China Caixin Manufacturing PMI for May was: 51.7 (expected 51.5, previous 51.4).
- Moody's Ratings raised China's economic growth forecast to 4.5% in 2024 from 4.0%.
- The bank has no immediate plans to divest its exposure in ETFs, BoJ's Kato communicated.
- AMD unveiled its new MI325X gas pedal chip, which will be available in Q4 2024.
- The Swiss franc and the New Zealand dollar are currently leading the FX market. Elevated declines are seen in the yen and the Australian dollar.
- Cryptocurrencies are regaining some ground after relatively weak trading over the weekend. Bitcoin is currently adding 1.2%, while Ethereum is up 1.05%.
- Today, investors' attention will turn to manufacturing PMI data from Europe and the UK, GDP data from Poland, and ISM PMI manufacturing data from the US.
Heatmap of volatility in the FX market today. Source: xStation
