Finance Friday

Market Data

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Global

*Data as of 6pm WAT

Market News

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Global

Weekly Investment Watchlist

Market Commentary

Asia and Australia

• Japan closed on another 33-year record as BOJ kept its ultra-low interest rate. Gains for South Korea but Taiwan lagged on weak central bank outlook. Southeast Asia mixed, and India extended opening gains.

• The BoJ keeps its monetary policy unchanged during this month’s meeting. They fear inflation will come in below their target in the second half. We will know more in next month’s meeting when they release updated projections.

• Taiwan's central bank cut its FY 2023 GDP growth forecast to 1.72% from an estimate made in March of 2.21%.

• Vietnam central bank cuts base rate 50 bps to spur growth - we’ll be keeping an eye on this one.

Europe, Middle East, Africa

• Following Thursday's hawkish ECB announcement, Euro posted a 15-year peak against the yen and a five-week high against the US dollar. Markets repriced peak policy to 3.90%.

• Eurostat data showed May Eurozone consumer inflation sharply decelerating with the core price growth measure also slowing. The data showed the annual inflation rate in the euro area fell to 6.1% in May from 7.0% in April. A year earlier, the rate was 8.1%.

• The latest BoE/Ipsos survey shows UK consumers less pessimistic about inflation in Q2 as energy prices continued to fall, expecting prices to rise 3.5% over the following 12 months down from 3.9% in February and a peak of 4.9% in August.

• Binance accused of "aggravated money laundering" by France

The Americas

• Sector overcapacity interfering with Tesla's expansion plans in China - Reuters

• Microsoft shares soar on AI optimism, reach new record high

• US banks to cut over 11K jobs this year amid recruitment market slowdown

• Micron invests $603M in its chip packaging facility in the Chinese city of Xian despite the cyberspace regulator's blockade

The Week Ahead:

• Tuesday: May CPI inflation: 4.0%

• Wednesday: US May PPI (Price Producer Index) came in at 1.1% YoY; est 1.5%.; MBA mortgage applications; US Fed FOMC meeting

• Thursday: US Retail sales MoM come in at +0.3%; est; -0.2%, US initial weekly jobless claims come in at 262k, est; 245k.

• Friday: OPEX expirations; New York Fed services business activity; University of Michigan sentiment and inflation expectations

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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.