June 9, 2022
- US stock market indices finished yesterday’s trading lower. S&P 500 dropped 1.08%, Dow Jones moved 0.81% lower and Nasdaq declined 0.73%. Russell 2000 dropped 1.49%.
- Stocks in Asia also traded lower today, although with few exceptions. S&P/ASX 200 dropped 1.20%, Kospi slipped 0.5% and indices from China traded up to 1.6% lower. Nikkei was outperformer, gaining 0.1%.
- DAX futures point to a lower opening of the European cash trading session.
- Chinese authorities put some neighborhoods in Shanghai back into lockdown following a spike in local Covid-19 cases. Mass testing will also be conducted.
- White House press secretary Karine Jean-Pierre said that administration expects tomorrow’s inflation data to be elevated.
- RBNZ plans to start selling government bonds purchased as part of its QE programme in July 2022. Balance sheet will be reduced at pace of NZ$5 billion per year until holdings are reduced to zero within around 5 years.
- Chinese exports increased 16.9% YoY in May in USD terms (exp. +8.0% YoY). Imports were 4.1% YoY higher (exp. +2.0% YoY).
- Cryptocurrencies are trading lower but the scale of decline is not major. Ethereum drops 0.4% while Bitcoin trades flat.
- Brent and WTI trade around 0.1% lower on the day.
- Platinum pulls back, gold trade flat while palladium and silver advance.
- CHF and JPY are the best performing major currencies while AUD and CAD lag the most.
Unlike other indices from the Asia-Pacific region, Nikkei (JAP225) managed to post small gains today. The index is testing the upper limit of the Overbalance structure and a break above would hint at a trend reversal. Source: xStation5