US Opening

Written on 06/05/2023


Key Global Events

Energy prices led major European listings after they soared after yesterday's decision on oil production cut for 2024. OPEC+ agreed on the continued production cut from 2024 with a set target of 40.46 million barrels per day. For the current year, production remains unchanged.
Confidence returns to the markets after Joe Biden signed the debt ceiling agreement effectively averting a default for the United States. The Asia-Pacific market reacts very well and closes sharply higher. 
European stock markets continue the day in mixed territory. Milan's FTSE MIB -0.20%, Paris' CAC -0.22%, Madrid's IBEX +0.24%, London's FTSE +0.50%. Wall Street futures portend a cautious start for U.S. stock markets. Dow Jones +0.01%, S&P500 +0.09% and Nasdaq -0.05%.

Forex & Commodities

The dollar remains strong within minutes of the opening of U.S. markets. The EURUSD cross trades below parity around 1.0684 (-0.22%). The British currency trades around 1.2381 (-0.61%). Among commodities, Oil rebounds two percentage points following production cuts by OPEC+ reaching $74. It currently trades around $73 per barrel. Gold trades around $1961 an ounce (-0.40%).

Index

Asia's markets traded higher on the first session of the week. The benchmark index, Tokyo's Nikkei 225 closes by registering +2.20% reaching the highest level since 1990. China's Hang Seng index trades at 19,108 gaining +0.84 %.

Global Macroeconomic Data 
US - At 3:45 p.m. will be released the tertiary purchasing managers' index expected to rise to 55.1. At 4 p.m. the manufacturing index expected to decrease to 51.8.