US Opening

Written on 06/06/2023


Key Global Events

Chinese authorities have asked the nation's largest banks to lower their deposit rates for at least the second time in less than a year.
On the war front, Russia apparently destroyed a giant Ukrainian dam in the south of the country unleashing a torrent of water across the battlefield separating the two armies. 
On Tuesday, the Reserve Bank of Australia (RBA) raised its interest rate by 25 basis points for the second consecutive month.
European stock markets continued the day in the red, approaching parity. Milan's FTSE MIB -0.08%, Paris' CAC -0.11%, Madrid's IBEX -0.15%, London's FTSE +0.03%. Wall Street futures predict a cautious start for U.S. stock markets, currently trading below par. Analysts say the bullish market could continue, given low volatility and better-than-expected corporate earnings growth. The Dow Jones -0.05%, S&P500 -0.03% and the Nasdaq -0.04%.

Forex & Commodities

The dollar's climb continues, touching 104.277. The EURUSD cross trades below parity around 1.0679 (-0.33%). The British currency trades around 1.2405 (-0.27%). Among commodities, oil slows after the OPEC-induced rally following production cuts trading back below $70 per barrel (-1.83%). Gold trades around 1979 $ an ounce (+0.27%).

Index

Markets in Asia traded mixed. The benchmark index, Tokyo's Nikkei 225 closes by registering +0.90% reaching the highest level since 1990 at 32,506.78. China's Hang Seng index trades at 19,099 giving up 0.05%. The Dow Jones -0.05%, S&P500 -0.03% and the Nasdaq -0.04%.

Global Macroeconomic Data 
US - At 6 p.m. the EIA will release its short-term energy forecast (STEO).