Morning wrap (13.05.2022)

6:39 AM May 13, 2022
  • US indices finished yesterday's session mixed. S&P 500 dropped 0.13%, Dow Jones moved 0.33% lower, while Nasdaq rose 0.06% and Russell 2000 jumped 1.24%
  • Indices from Asia-Pacific moved higher. Nikkei and S&P/ASX 200 rose 2.50% and 1.7% respectively. Kospi added 1.8% higher and indices from China also moved higher

  • DAX futures point to a higher opening of the European cash session

  • Fed Chair Powell says factors outside the Fed's control may mean a hard landing; 

  • BoJ Governor Kuroda said massive bond buying may hurt market functioning, however central bank will continue powerful monetary easing;

  • Japan finance minister Suzuki says FX stability is important, recent rapid moves are undesirable and government will continue to watch yen price moves carefully

  • China would “strictly limit” unnecessary travel outside the country by Chinese citizens due to the spread of the COVID-19 response;

  • Toyota will suspend production in 12 plants in Japan, & will cut North American production further due to semiconductor shortages;

  • New Zealand April manufacturing PMI fell to 51.2 which is the lowest since August 2021;

  • Cryptocurrencies rebounded sharply - Bitcoin trades 8% higher and returned above $30,000 mark while Ethereum trades over 10% higher on the day and approached $2,100 area

  • Precious metals are trying to erase yesterday loses amid weaker US dollar 

  • Brent and WTI rose 1.8% and 1.5% respectively after OPEC cut forecast for world oil demand growth in 2022 for a second straight month

  • AUD and NZD are the best performing major currencies while JPY and USD lag the most

Bitcoin managed to recoup some of its recent losses  and broke above psychological $30,000 level. Source: xStation5

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