Good Morning Traders

  • US indices finished yesterday’s trading higher after the release of the FOMC’s May meeting minutes showed no signs that FED could turn more hawkish to curb rising inflation. S&P 500 rose 0.95%, Nasdaq jumped 1.51% while Dow Jones gained 0.60%.
  • Indices from Asia-Pacific are traded mixed today. Nikkei dropped 0.15%, S&P/ASX 200 and Kospi fell 0.55% and 0.12% respectively while indices from China traded mostly higher. 
  • DAX futures point to a lower opening of the European cash session.
  • Shanghai port restored 95% capacity, according to Chinese state media.
  • PBOC urges banks to increase credit to small and medium-sized enterprises (SMEs).
  • Number of companies which plan to relocate out of China have hit a decade high, according to WSJ.
  • South Korea’s central bank hikes interest rate by 25bp to 1.75% now.
  • Apple plans hike pay for hourly workers due to tight labour market.
  • RBNZ Gov Orr said that central banks wants to move rates quickly.
  • Majority of cryptocurrencies trade mostly lower. Bitcoin fell 0.50%, Ethereum dropped 1.6%.
  • Brent and WTI trade 0.6-0.7% higher.
  • Precious metals pull back slightly. Gold lost 0.50%, while silver fell 0.80%.
  • EUR and USD are the best performing major currencies while AUD and CHF lag the most.

CHNComp  took a hit this week amid worsening economic situation in China. If current sentiment prevails, support at 6500 pts may be at risk. Source: xStation5

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