Senior Relationship Manager
Summary: Stabilization
Good morning,
Markets stabilized yesterday. Yields came off their highs, equities traded on a firmer footing, the USD Index fell below 100, and oil moved back to pre-weekend levels. Gold and silver stabilized at lower levels, with silver trading close to its 200-day moving average. The Dow closed down 0.2%, while the S&P 500 gained 0.3% and the Nasdaq rose 0.9% on relatively moderate volumes.
The USD Index is at 99.93. EURUSD has recovered from its lows to 1.1540, GBPUSD is at 1.3355, and USDJPY remains well within intervention territory at 160.20. Gold is at 4,330, silver at 67.90, and Bitcoin at 63,300.
The US 500 is trading firmer at 7,424 this morning, the GER40 is at 24,600, and the US Tech 100 is at 29,560.
Apple’s conference failed to inspire buyers, and the stock closed 2% lower. Intel rose 11% after Google placed an order for 3 million chips.
Iran and Israel said on Monday that they had halted attacks on each other after an appeal and thinly veiled threats from Donald Trump. However, there has been no tangible progress toward reopening the Strait of Hormuz.
OpenAI, the maker of ChatGPT, recently filed confidentially for a U.S. initial public offering, the company said on Monday.
The U.S. on Monday added Chinese e-commerce giant Alibaba, internet search provider Baidu, and automakers BYD and Nio to a list of companies it believes are aiding Beijing’s military.
China’s trade data exceeded expectations, with exports up 19.4% and imports up 27.4%, compared with expectations of 15% and 25%, respectively.
Today’s economic data should not be too exciting. Tomorrow’s CPI release is the next major event, alongside the Bank of Canada rate decision, followed by the ECB on Thursday.
The Bank of Canada is expected to leave rates unchanged, with a 95% probability. The ECB is expected to hike by 25 basis points, with a 98% probability.
The big test for sentiment is likely to be the IPO round being kicked off by SpaceX
Tuesday, June 9
Germany Industrial Production & trade balance US Trade Balance, Canada Trade Balance
Wednesday, June 10
China Rate decision, CPI & PPI, US CPI, Bank of Canada Rate Decision
Thursday, June 11
US PPI, ECB Rate Decision
Friday, June 12
UK Industrial Production, UK GDP, US Michigan Sentiment, SpaxeX IPO
Outrageous Predictions
Head of Investment Content Switzerland
Outrageous Predictions
Senior Relationship Manager
Outrageous Predictions
Saxo Group
Outrageous Predictions
Chief Investment Strategist
Outrageous Predictions
Chief Investment Strategist
Outrageous Predictions
Global Head of Investment Strategy
Outrageous Predictions
Investor Content Strategist
Outrageous Predictions
Global Head of Macro Strategy
Outrageous Predictions
Global Head of Macro Strategy
Outrageous Predictions
Global Head of Macro Strategy