Top daily news
Low activity remains on the world markets. Investors are awaiting the ECB meeting and the publication of US inflation data on June 10. They do not yet expect a tightening of the Fed’s monetary policy. Yesterday 10-year U.S. Treasury dropped to a monthly low of 1.51% per annum.
On Tuesday, the US dollar index rose slightly after 2 days of decline. The US trade deficit in April fell to a minimum since November last year and amounted to (- $ 68.9) billion. Investors took this positively, as in March the US foreign trade deficit was a record (- $ 75) billion. Data will be published today on American wholesale stocks. The forecast is moderately positive. A meeting of the Bank of Canada will take place today. A rate change of 0.25% is not expected. However, the Canadian dollar has been weakening over the past few days.
Stock Market news
|Dow Jones Index||-0.09%|
|US Dollar Index||+0.01%|
On Tuesday, the change in US stock indices was minimal. Investors are awaiting the release of important US inflation data for May on June 10th. It may affect the Fed’s monetary policy at the May 16 meeting. So far, the yield on the 10-year U.S. Treasury dropped to a monthly low of 1.51% per annum. Apple shares rose almost 1% yesterday after the announcement of the possible creation of its electric car. Tesla quotes fell slightly. The G-7 countries have agreed on a global corporate tax rate of 15%. This issue will require further long-term coordination, but the very fact of a change in corporate taxation may negatively affect the stock markets. Yesterday, the pan-European stock index STOXX 600 renewed its all-time high. The German DAX index is declining today amid weak German foreign trade data for April. Yesterday in Germany there were negative data on industrial production and the ZEW Economic Sentiment Index
Commodity Market news
|Brent Crude Oil||+0.51%|
World oil prices are rising today for the second day in a row. The independent American Petroleum Institute announced a decline in US oil reserves for the week by 2.1 million barrels. Official data on stocks will be released today. U.S. The Energy Information Administration (EIA) has raised its forecast for fuel consumption in the United States this year by 1.49 million barrels per day (bpd). U.S. Secretary of State Antony Blinken said a quick lifting of economic sanctions against Iran is unlikely.
Gold Market News
Gold quotes fell on Tuesday amid rising US dollar index. Today their change is minimal. Gold could be supported by a slight increase in inflation in China to 1.3% (year to year) in May compared to 0.9% in April.