Global Market Quick Take: Asia – June 19, 2024 Global Market Quick Take: Asia – June 19, 2024 Global Market Quick Take: Asia – June 19, 2024

Global Market Quick Take: Asia – June 19, 2024

Macro 6 minutes to read
APAC Research

Key points:

  • Equities: Nvidia surpasses Microsoft with $3.34 trillion market cap
  • FX: CHF rises to 3-month highs on haven flows
  • Commodities: Oil rises, natural gas surges on demand outlook
  • Fixed income:  Fed Officials emphasize the need to see inflation cooling further
  • Economic data: UK inflation – preview here


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:

  • AI fever drives Nvidia’s rise to world’s most valuable company (Reuters)
  • Trump Media shares plunge 17% with newly available DJT shares set to dilute stock value (CNBC)
  • Amazon fined $5.9 million for over 59,000 violations of California labor laws (CNBC)
  • French watchdog asks court to fine Carrefour over franchise operations (Reuters)


  • US retail sales was softer-than-expected, and there were also downward revisions to the prior month sending some caution on the state of the consumer. Headline retail sales rose 0.1% MoM, up from the prior -0.2% which was revised lower from 0.0%. The core measure (ex-autos & parts) declined by 0.1% despite expectations for a 0.2% gain, while the control metric rose 0.4%, in line with expectations but the prior was revised down to -0.5% from -0.3%. Still, policymakers will need more evidence of consumer constraint to bring a September Fed rate cut back on the table.
  • Several Fed speakers spoke in a general tone of waiting for more data before cutting rates. Williams said that 3% inflation is not the new normal and the Fed will get inflation down to 2%, while both Barkin and Kugler were encouraged by the May inflation print.
  • The final print of Eurozone May CPI came in unchanged at 2.6% YoY from 2.4% in April. Core inflation was up at 2.9% YoY in May from 2.7% previously and services inflation jumped to 4.1% from 3.7%. This is unlikely to signal an all-clear for the ECB to cut rates again in July.
  • The German ZEW Economic Sentiment slightly rose to 47.5 (prev. 47.1, exp. 50); its highest figure since February 2022. However, optimism failed to spark due to current conditions deteriorating vs market expectations of improvement and the headline missing expectations.

Macro events: UK Inflation (May)

Earnings: Steelcase

Equities: The S&P 500 achieved its second consecutive record close on Tuesday, increasing by 0.2% with a boost from Nvidia's surging shares. The Nasdaq also marked its 7th straight record close with marginal gains, while the Dow added 56 points. Nvidia rose by 3.6%, pushing its market cap to $3.34 trillion, surpassing Microsoft, now valued at $3.32 trillion. Earlier this month, Nvidia reached $3 trillion for the first time and exceeded Apple. Energy, Financials, and REITs gained, while Communications and Consumer Discretionary lagged in the S&P. The CAC 40 surged by 0.8%, extending its recovery for the second session after recent political turmoil caused the index to drop to its lowest point since January. Most stocks experienced gains, with Renault increasing by 1.4% after announcing expectations for its budget brand, Dacia, to double sales and profitability by 2030.

Fixed income: The yield on the US 10-year Treasury note fell to 4.22%, approaching its lowest level since late March, after a $13 billion auction of 20-year US government bonds. Additionally, May's retail sales increased less than anticipated, and previous months were revised downward, strengthening expectations for Federal Reserve rate cuts in the current year. More than half of the market expects a Fed rate cut in September. However, Fed Officials still emphasize the need for more evidence of cooling inflation before lowering rates.

Commodities:  Gold traded near $2,310 per ounce, close to its over-one-month-low of $2,290 on June 4th, influenced by a strong dollar and reduced central bank demand in Asia. The People's Bank of China paused its aggressive gold-buying spree in May due to high prices, halting strong bullion demand since 2022. Oil continued its upward momentum from the previous day, as traders anticipate support for prices due to summer demand. Additionally, natural gas surged by 4.3%, ending a four-day decline, driven by hot weather forecasts boosting demand expectations. Prices of iron ore cargoes with 62% were around $107 per tonne, remaining close to the lowest level since April, as a set of economic data contributed to concerns about demand for ferrous metals from China.

FX: On Tuesday, the US dollar weakened modestly due to softer US retail sales and Federal Reserve officials advocating patience with rate cuts. The Australian dollar rose to 0.6660 following a hawkish stance from the Reserve Bank of Australia, which kept the possibility of a rate hike open, while AUDNZD also climbed to 1.0850. The British pound wavered around 1.27 ahead of the UK CPI release and the Bank of England's rate decision. The euro traded near 1.0730 as French election concerns eased and Eurozone inflation met expectations. Meanwhile, the Swiss franc hit a three-month high, with USDCHF dropping to 0.8827, below the 200-day moving average, in anticipation of the Swiss National Bank meeting on Thursday.


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.