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Home Asia

Global cues to track ahead of market opening | S&P 500 ends at record high as Wall Street assesses inflation risks; Asia shares steady

MtR by MtR
June 14, 2021
in Asia
0
Global cues to track ahead of market opening | S&P 500 ends at record high as Wall Street assesses inflation risks; Asia shares steady


Global cues to track ahead of market opening


Global cues to track ahead of market opening&nbsp

US

– S&P 500 closed at record high as investors brushed off the highest inflation since 2008.  All three major U.S. stock indexes advanced, with market-leading megacap stocks putting the Nasdaq out front. 

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– Consumer prices for May accelerated at their fastest pace (up 5%) since the summer of 2008 amid recovery in economy while U.S. weekly initial jobless claims indicated first-time unemployment benefit claims fell 9,000 to 376,000 in the week ended June 5, marking the lowest level of claims since March 2020. 

– Benchmark Treasury yields extended declines to the lowest since March (closing down 5 bps at 1.44%) as investors bet that the Fed will maintain its ultra-accommodative policies despite increased consumer prices. 

– Dow was up 0.06% at 34,466 while the S&P was 0.47%. Nasdaq was up 0.78%. 

Europe

– European stocks inched to fresh highs as the ECB raised its recovery outlook and promised to keep ample stimulus flowing

– ECB raised its 2021 euro zone economic growth projections to 4.6%, above the 4% projected in March. Inflation projections were also raised to 1.9% from its last projection of 1.2%.

– ECB President also indicated increased emergency purchases over the next quarter “at a significantly higher pace” than during the first months of the year” but gave no further detail about the expected levels.

– Interest rate-sensitive banking stocks rose 0.4%, while tech stocks rose 0.9% while travel and leisure stocks dropped 1.2% following recent gains 

– DAX ended flat while CAC was down 0.26%. FTSE ended up by 0.10%

Asia

– Asian stocks traded steady after U.S. shares and Treasuries rallied as investors judged that a jump in inflation is likely to be transitory, leaving scope for ongoing central-bank support.

– ASX 200 (Australia) was down 0.22% while Kospi was up 0.50%. Nikkei was flat

Oil

– West Texas Intermediate crude rose 0.3% to $70 a barrel amid news of removal of sanctions on certain Iranian officials by US

Gold

– Gold futures rose 0.3% to $1,901 an ounce


 



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