Finance Friday

Market Data

Local

Global

*Data as of 6pm WAT

Market News

Local

Global

Weekly Investment Watchlist

Market Commentary

Asia and Australia

• Tokyo core inflation slowed to 3.2% y/y in May, lower than consensus 3.4% and prior month's 3.5%. Largely reflected drop in electricity and gas prices due in part to government subsidies that came into effect earlier this year. Ex-energy and food inflation accelerated to an in-line 3.9% from 3.8%, fastest since 1982. - A deceleration in inflation means that the BoJ will probably not consider a shift in policy just yet

• Taiwan's government said Q1 GDP contracted -2.9% y/y against consensus expectations of -3.0%, FY growth forecast at 2.0% from previous 2.1%.

• China easing bets ratcheted up with cost of 12-month interest rate swaps slipped to 2.06% this week, as compared with 2.47% two months ago.

• Yen weakened to above ¥140 per dollar as markets price in another Fed rate hike

Europe, Middle East, Africa

• UK retail sales data came in at 0.5% - positive and better than expected.

• The Turkish Lira falls to 20 to the dollar for the first time as polls predict Erdogan victory at runoff election

The Americas

• US president Joe Biden signaled late on Thursday that White House officials were “making progress” in negotiations over the US debt ceiling, as the looming deadline over an unprecedented government default stretched investors’ nerves.

• The second estimate for Q1 GDP was revised up to 1.3% from the advance estimate of 1.1% and the GDP Price Deflator was revised up to 4.2% from the advance estimate of 4.0%.

• US money market fund assets have swelled to a record high of $5.4T from less than $5.3tn in late April and $4.8tn at the start of the year.

• Elon Musk's brain implant firm Neuralink receives FDA approval to conduct human trials

• Chapter 11 filings by indebted companies jump in May, including five during a 24-hour span

The Week Ahead:

• Monday: Fed talk - Bullard, Barkin, Bostic, Daly

• Tuesday: US Manufacturing PMI comes in at 48.5; est: 50.2, US new homes sales come in at 683k; est: 663k.

• Wednesday: FOMC minutes

• Thursday: Initial jobless claims, GDP growth, pending home sales

• Friday: Core PCE, personal income & spending, durable goods orders, Michigan consumer sentiment

Investment Tip of The Day

Meme of the Day

Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.