Morning wrap (26.05.2023)

6:38 AM 26 May 2023
  • US indices finished yesterday's trading mixed. Dow Jones dropped 0.1%, Russell 2000 declined 0.7% while S&P 500 added 0.9% and Nasdaq rallied 1.7%

  • Solid performance of US tech sector was driven by post-earnings surge in Nvidia shares (+24%)

  • US House Speaker McCarthy said that negotiators were unable to reach a debt ceiling deal yesterday

  • Indices from Asia-Pacific mostly higher today. Nikkei gained 0.6%, S&P/ASX 200 moved 0.1% higher, Kospi added 0.2% and Nifty 50 jumped 0.4%. Indices from China traded mixed

  • European index futures point to a flat opening of the cash session on the Old Continent today

  • Asked about tweaks to yield curve control, BoJ Governor Ueda said that switching yield target from 10-year to 5-year yield is one of the options

  • RBNZ Assistant Governor Silk said that rates in New Zealand need to stay on hold for an extended time

  • According to Wall Street Journal report, US authorities may consider breaking big banks into smaller ones if they prove to be too big to manage

  • Russian oil minister Novak said yesterday that he does not think OPEC will lower production at the June meeting. However, Novak tried to walk back from those comments later on

  • Japan announced new sanctions on Russia, including a ban on providing construction and engineering services in Russia

  • Australian retail sales were flat month-over-month in April (0.0% MoM) while market expected 0.2% MoM increase

  • Core CPI inflation in Japanese Tokyo area dropped from 3.5 to 3.2% YoY in May (exp. 3.3% YoY). Core-core inflation accelerated from 3.8 to 3.9% YoY, the highest level in 40 years (exp. 4.3% YoY)

  • Cryptocurrencies are pulling back with Bitcoin and Dogecoin trading 0.4% lower each

  • Energy commodities trade little changed - oil gains 0.1% while US natural gas prices drop 0.3%

  • Precious metals are pushing higher on the back of weaker USD. Gold gains 0.4%, silver jumps 1.3% and platinum adds 1%

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

GOLD tries to regain some of yesterday's losses and climb back above $1,950 per ounce. Source: xStation5

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