US Opening

Written on 05/24/2023


Key Global Events

Contracts on the S&P 500 and Nasdaq are down today on renewed concerns over progress on debt ceiling talks.
European bourses also slide in the wake of U.S. futures and concerns over debt ceiling talks. Milan's FTSE MIB -2.30%, Paris' CAC -1.85%, Madrid's IBEX -1.28%, London's FTSE -1.79%. Wall Street futures signal a downward opening for the new continent's stock markets. Dow Jones -0.33%, S&P500 -0.44% and the Nasdaq -0.55%.
Reserve Bank of New Zealand raised interest rate to 5.50% raising 25 basis points as anticipated by analysts.
UK inflation reading not so rosy. Year-over-year inflation fell to 8.7% compared to a forecast of 8.3%.
Investors await FOMC minutes following hawkish tones held by some FED functionaries. The minutes will show in detail an account of the meetings that took place in the last three weeks of the committee.


Forex & Commodities

The dollar after touching 103.77 reverses course.  The EURUSD cross gains +0.20 percent to 1.0793. Cable trades at parity at 1.2414. Oil prices trade sharply higher reaching $74 (+1.63%). Gold is trading around 1981 dollars an ounce (+0.34%).

Index

Asia's markets traded lower. The benchmark index, Tokyo's Nikkei closes with a loss of 0.85 %. China's Hang Seng index trades at 19,077 giving up 1.82 %.

Global Macroeconomic Data 


US - At 4:30 p.m. the crude oil stocks report released by the EIA will be released. Inventories are expected to decline to -0.920 million. At 8 p.m. FOMC meeting minutes on the country's monetary policy will be released.
EUR - At 7:45 p.m., a speech by Frankfurt central bank President Christine Lagarde is expected.