Morning wrap (14.06.2024)

6:30 AM 14 June 2024
  • Wall Street indices traded mixed yesterday - S&P 500 gained 0.23%, Nasdaq jumped 0.33%, Dow Jones dropped 0.17% and small-cap Russell 2000 dropped 1%
  • Adobe rallied 14.8% in the after-hours trading after company reported better than expected fiscal-Q2 results and boosted full-year guidance
  • Indices from Asia-Pacific are trading mixed today - Nikkei gains 0.4%, S&P/ASX 200 drops 0.3%, Kospi trades 0.3% higher and Nifty 50 adds 0.2%. Indices from China trade 0.2-0.6% lower
  • European index futures point to a higher opening of the cash session on the Old Continent today
  • Bank of Japan kept interest rates unchanged, in-line with market expectations. However, Bank also decided to keep bond purchases unchanged at 6 trillion JPY per month (around $38 billion)
  • Decision to continue with bond purchases at previous pace was a dovish surprise, as markets expect BoJ to start reducing them
  • BoJ, however, agreed to discuss and decide on specific bond buying reduction plan at the next policy meeting
  • JPY dropped following BoJ decision and is the worst performing G10 currency at press time
  • Japan's industrial production declined 0.9% MoM in April (exp. -0.1% MoM). On year-over-year basis, production declined 1.8% (exp. -1.0% YoY)
  • New Zealand manufacturing PMI dropped from 48.9 to 47.2 in May
  • Energy commodities trade higher - oil gains 0.3% and US natural gas prices rise 0.4%
  • Precious metals also advance - gold and palladium gain 0.2%, silver trades flat and platinum jumps 0.6%
  • CAD and USD are the best performing major currencies while JPY and NZD lag the most
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