Global Market Quick Take: Asia – June 12, 2024 Global Market Quick Take: Asia – June 12, 2024 Global Market Quick Take: Asia – June 12, 2024

Global Market Quick Take: Asia – June 12, 2024

Macro 6 minutes to read
APAC Research

Key points:

  • Equities: Apple surged to a record high after AI announcements
  • FX: EUR slide extended to 1.0720
  • Commodities: Gold rose, while copper and iron ore fell
  • Fixed income:  Treasury rally on strong 10 year auction
  • Economic data: US CPI, FOMC decision /dot plot /press conference


The Saxo Quick Take is a short, distilled opinion on financial markets with references to key news and events.

Disclaimer: Past performance does not indicate future performance.

In the news:

  • Apple stock surges to record high after AI announcements (Yahoo)
  • US stock futures steady after AI rally; Fed rate decision, CPI on tap (Investing)
  • US oil futures rise after crude stocks fall more than expected (Investing)
  • Nasdaq, S&P 500 post record closing highs as Apple soars (Investing)
  • BOJ to keep ultra-low rates, debate fate of huge bond buying (Investing)
  • Swedish fund manager to vote against Musk's $56 bln Tesla pay package (Reuters)
  • Dollar hits four-week high ahead of US inflation report (Investing)


  • The US CPI and FOMC policy decisions are key events on the market radar today. For a full preview of both, read this article from our Global Market Strategist, Charu Chanana where she outlines the expected market reaction in different scenarios for both the inflation release and the shift in Fed’s dot plot. The market focus is on disinflation progress; April's softer-than-expected inflation raised hopes for rate cuts, but the May CPI print will be crucial in confirming this trend. The Federal Reserve is expected to keep interest rates unchanged at 5.25-5.50%, but the median dot for Fed Funds rate is likely to sift hawkish to reflect two or less rate cuts this year. Chair Powell is, however, likely to balance the narrative in his press conference.
  • UK labor market report came in mixed. The unemployment rate surged higher to 4.4%, the highest since 2021. Headline employment change also disappointed at -139k for 3M to Apr, while wage pressures remained sticky.

Macro events: FOMC Announcement & Press Conference, IEA OMR, China Inflation (May), Germany Final CPI (May), UK GDP (Apr), US CPI (May)

Earnings: Affimed, Vera Bradley, Broadcom, Dave&Buster’s, Torrid, Oxford


Equities: In today's trading session, the S&P 500 and Nasdaq experienced some fluctuations but ultimately rose to close near the session high with S&P 500 gaining 0.27% while the Nasdaq 100 gained 0.71%. Despite initially dipping in early trading, both indices rebounded without any economic news. Apple did well today, gaining over 7% as investors remain optimistic about an upgrade cycle after Apple announced to integrate AI features as part of its new OS. This is ahead of the US CPI tonight which is set to play a crucial role in determining the Federal Reserve's decision to cut interest rates this year.

Fixed income: Treasuries stabilized following a significant $39 billion sale, reflecting market expectations that Wednesday's inflation report could bolster the case for the Fed to cut rates this year. Demand for 10-year debt at auction was robust, with the bid-to-cover ratio reaching its highest level since February 2022, just before the tightening cycle began. Australian bonds saw slight gains early Wednesday, while Treasury and Japanese bond futures held steady ahead of key US inflation data and the Federal Reserve policy decision. Japanese 10-year note futures ended the overnight session higher, and the widening spread between June and September contracts indicated a shift in investor positions from the June contract to the September one.

Commodities: Gold initially rose before the market opened, while treasury yields and US equities fell. However, the gains were short-lived as gold failed to break through the $2,337 resistance pivot. Copper futures also declined to below $4.45 per pound, erasing the previous month's rally. This was attributed to low demand, as evidenced by a 7.1% annual drop in copper ore imports despite high prices. Iron ore prices also dropped to $107 per tonne due to weak demand in China. Additionally, Dexin China was ordered to liquidate just one year after its restructuring was approved, joining other property developers facing similar fates in China.

FX: Political instability from the French snap elections weakened the euro further, boosting the US dollar. EURUSD dropped to 1.0720, as we highlighted in this article, before a slight recovery ahead of key US inflation data and the Fed announcement today. EURGBP fell below long-standing support at 0.85 to 0.8420, with the pound steady despite mixed UK employment data. GBPUSD trades above 1.27, with markets anticipating a large Labour majority in the July 4 elections. USDJPY stays above 157 despite lower US yields overnight, and USDCHF is attempting to move back to 0.90.


For all macro, earnings, and dividend events check Saxo’s calendar.

For a global look at markets – go to Inspiration.

Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 07

  • Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article
  • Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article
  • Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article
  • FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

    Read article
  • Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

    Read article
  • The rise of populism: Far-right parties will influence the future

    The disheartening cycle of unresolved geopolitical conflicts, the rise of polarizing political parties, and the stagnation of productivity.

    Read article
  • Investing in China: Navigating Q1 amid economic challenges

    Understand China's political landscape in Q4 2023 and the impact on counter-cyclical initiatives, with a focus on the pivotal Q1 2024.

    Read article

The Saxo Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (
- Full disclaimer (

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments. Saxo does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo or its affiliates.

Saxo Capital Markets HK Limited
19th Floor
Shanghai Commercial Bank Tower
12 Queen’s Road Central
Hong Kong

Contact Saxo

Select region

Hong Kong S.A.R
Hong Kong S.A.R

Saxo Capital Markets HK Limited (“Saxo”) is a company authorised and regulated by the Securities and Futures Commission of Hong Kong. Saxo holds a Type 1 Regulated Activity (Dealing in Securities); Type 2 Regulated Activity (Dealing in Futures Contract); Type 3 Regulated Activity (Leveraged Foreign Exchange Trading); Type 4 Regulated Activity (Advising on Securities) and Type 9 Regulated Activity (Asset Management) licenses (CE No. AVD061). Registered address: 19th Floor, Shanghai Commercial Bank Tower, 12 Queen’s Road Central, Hong Kong.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products may result in your losses exceeding your initial deposits. Saxo does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo does not take into account an individual’s needs, objectives or financial situation. Please click here to view the relevant risk disclosure statements.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

The information or the products and services referred to on this site may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and services offered on this website are not directed at, or intended for distribution to or use by, any person or entity residing in the United States and Japan. Please click here to view our full disclaimer.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc. Android is a trademark of Google Inc.