Morning wrap (26.05.2022)

• US indices finished yesterday's trading higher after the release of the FOMC's May meeting minutes showed no signs that FED could turn more hawkish to curb rising inflation. S&P 500 rose 0.95%, Nasdaq jumped 1.51% while Dow Jones gained 0.60%

• Indices from Asia-Pacific are traded mixed today. Nikkei dropped 0.15%, S&P/ASX 200 and Kospi fell 0.55% and 0.12% respectively while indices from China traded mostly higher. 

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

• Shanghai port restored 95% capacity, according to Chinese state media

• PBOC urges banks to increase credit to small and medium-sized enterprises (SMEs)

• Number of companies which plan to relocate out of China have hit a decade high, according to WSJ

• South Korea's central bank hikes interest rate by 25bp to 1.75% now

• Apple plans hike pay for hourly workers due to tight labour market

• RBNZ Gov Orr said that central banks wants to move rates quickly

• Majority of cryptocurrencies trade mostly lower. Bitcoin fell 0.50%, Ethereum dropped 1.6%

• Brent and WTI trade 0.6-0.7% higher

• Precious metals pull back slightly. Gold lost 0.50%, while silver fell 0.80%

• EUR and USD are the best performing major currencies while AUD and CHF lag the most

CHNComp  took a hit this week amid worsening economic situation in China. If current sentiment prevails, support at 6500 pts may be at risk. Source: xStation5