EU Opening

Written on 05/31/2023


Key Global Events

Closing the month with uncertainty for European stock markets. Milan prepares to close down 0.2%. Worst, FUTSE -3.23%. Declines that have nothing to do with the tech sector thanks to artificial intelligence and its latest developments. It pushed the Nasdaq higher reaching the end of the month at +7%.
European night is expected to see a vote in the House of Representatives on the debt ceiling deal between Republican Democrats.
Negative start for European stock exchanges. Milan's FTSE MIB -0.87%, Paris' CAC -1.11%, Madrid's IBEX -0.59%, London's FTSE -0.69%. Wall Street futures follow the European wake and trade below par pending the decision passage in the House of the debt ceiling deal. Dow Jones -0.43%, S&P500 -0.31% and Nasdaq -0.28%.

Forex & Commodities

The euro trades below the threshold again continuing the bearish trend. This morning it trades around 1.0681 (-0.51%). The British currency trades around 1.2367 (-0.38%). Among commodities, Oil trades below $70 a barrel (-0.06%). Gold trades around $1976 an ounce (-0.03%). With the exception of natural gas, most commodities are preparing to end the month in the negative.

Index

In Asia, indexes moved lower this latest stock market session. In Tokyo, the Nikkei index slips to 30,887 (-1.41%). In China, the Hang Seng trades at 18,121 (-2.55 %).

Global Macroeconomic Data 

EUR - German inflation data will be released at 10 a.m. The year-over-year inflation rate is expected to fall to 6.8% from a previous one of 6.9%. In France, year-over-year inflation is expected to fall to 5.7%. At 10 a.m. the financial stability report from the European Central Bank will be released, and at 2:30 p.m. President Lagarde will hold a press conference.
U.S. - New JOLTs jobs data is scheduled for release at 4 p.m., expected to rise to 9.775 Million. In the evening FOMC member Harker will give a speech.