Thursday 24th June 2021: Markets mostly in the green; Traders finally get direction

IC Markets No Comments

Global Markets:

  • Asian Stock Markets : Nikkei up 0.00%, Shanghai Composite up 0.01%, Hang Seng up 0.25%, ASX down 0.32%
  • Commodities : Gold at $1777.40 (-0.34%), Silver at $26.02 (-0.34%), Brent Oil at $75.50 (+0.41%), WTI Oil at $73.41 (+0.45%)
  • Rates : US 10-year yield at 1.499, UK 10-year yield at 0.784, Germany 10-year yield at -0.161

News & Data:

  • (EUR) German ifo Business Climate 101.8 vs 100.8 expected
  • (USD) Crude Oil Inventories -7.6M vs -3.6M expected
  • (USD) Flash Services PMI 64.8 vs 70 expected
  • (USD) Flash Manufacturing PMI 62.6 vs 61.5 expected
  • (CAD) Retail Sales m/m -5.70% vs -5.10% expected
  • (CAD) Core Retail Sales m/m -7.20% vs -4.40% expected
  • (GBP) Flash Services PMI 61.7 vs 62.9 expected
  • (GBP) Flash Manufacturing PMI 64.2 vs 64.1 expected
  • Saudi Energy Minister: OPEC has a role in taming and containing inflation

Markets Update:

Asian stock markets are trading mostly higher on Thursday, following the mixed cues overnight from Wall Street amidst a lack of strong catalysts. Investors seem reluctant to make significant moves amid uncertainty about the near-term outlook for the markets following recent volatility.

The Japanese stock market is slightly higher after paring the early losses on Thursday, recouping the losses of the previous session, with the benchmark Nikkei 225 just above the 28,900 level. Traders remain upbeat following yesterday’s positive comments on the economy from the Bank of Japan. S&P/ASX 200 stayed below the 7,300 level, as gains in mining and technology stocks were offset by weakness in energy and the financial sector. Mainland Chinese stocks closed mixed.

The U.S. dollar vacillated below an 11-week high versus major peers as traders navigated conflicting signals from Fed officials on the timing of a withdrawal of monetary stimulus. The dollar index, which measures the greenback against six rivals, was treading water at 91.772. It was at 92.408 at the end of last week, the highest since April 9.

Upcoming Events:

  • 11:00 AM GMT – (GBP) Asset Purchase Facility
  • 11:00 AM GMT – (GBP) MPC Asset Purchase Facility Votes
  • 11:00 AM GMT – (GBP) Monetary Policy Summary
  • 11:00 AM GMT – (GBP) MPC Official Bank Rate Votes
  • 11:00 AM GMT – (GBP) Official Bank Rate
  • 12:30 PM GMT – (USD) Final GDP q/q
  • 12:30 PM GMT – (USD) Unemployment Claims