The latest updates on the financial markets around the world have been a rollercoaster ride. In the US, stocks had a mixed performance, with the Dow Jones down 0.55%, the S&P 500 slightly up by 0.02%, and the Nasdaq Composite rising 0.59%. Tech stocks led gains in the S&P 500, while healthcare and industrial sectors saw declines.
In Asia, US stock index futures remained stable, with most tech groups ending the day on a positive note. Apple shares rose on increased iPhone sales in China, but later declined. GameStop shares surged after a capital raise announcement, and Hess shareholders approved a merger with Chevron, boosting shares.
Australia’s ASX 200 dropped 1.2% post-inflation data, while Japanese stocks saw declines due to mixed signals from the Bank of Japan. South Korea’s KOSPI also fell, and Indian markets hinted at a negative start. Hong Kong’s Hang Seng slid on tech stock profit-taking, while Chinese stocks rose, supported by the property market.
Gold prices dipped as investors reconsidered Fed rate cut expectations, awaiting key US inflation data. Oil prices rose as traders expected ongoing production cuts by major producers before an upcoming meeting, coinciding with peak summer demand.
Australia grappled with surging inflation in April, with the consumer price index (CPI) hitting 3.6%, exceeding the 3.4% forecast. The IMF raised China’s growth forecast for this year but urged a review of certain industrial policies.
This week’s economic highlights include revised US first-quarter GDP figures, India’s fourth-quarter GDP figures, and the release of the core PCE price index, the US Fed’s preferred inflation measure. Fed presidents Christopher Williams and Raphael Bostic will speak, alongside the Federal Reserve’s Beige Book release.
GfK will publish Germany’s June consumer confidence survey, and the euro area’s April M3 money supply figures will be announced. In the UK, the board of Royal Mail owner IDS accepted a new £5.2bn offer from Daniel Kretinsky’s EP Group, potentially transferring the historic UK firm to private foreign ownership.
