Money Monday

Ranora Daily - Your daily source for reliable market analysis and news.

June 05, 2023

Market Data

Local

Global

*Data as of 6pm WAT

Market News

Local

Global

Weekly Investment Watchlist

Market Commentary

Asia and Australia

  • Beijing putting together a basket of measures to support its property sector and boost the economy after previous initiatives failed to provide a hoped-for rebound. This is something to keep an eye on as it may mean liquidity entering the system providing a tailwind to stocks.

  • Beijing will make greater efforts to attract and utilize foreign capital. Noted China will reduce the negative list for foreign investment and relax restrictions on market access.

  • Economists split on whether RBA will hold or raise the cash rate by 25 bp to 4.10% at Tuesday's meeting

  • Negative-yielding debt bounces back to almost $2T on BOJ

  • South Korea forex reserves drop in May on stronger dollar; Foreigners to be allowed to invest in South Korean stock market without prior registration from Dec.

Europe, Middle East, Africa

  • S&P left its credit rating for France unchanged at AA despite concerns over the country's rising debt levels and after Fitch lowered its rating in April

  • Bank of England looks to broaden reform of deposit guarantee scheme

  • UK PM Sunak wants to cut National Insurance or income tax by up to 2p before next year's general election

  • EU gas prices retreat, but tight LNG markets are expected further into H2. Dutch TTF gas prices are down to €25/MWh from over €30/MWh just two weeks ago.

The Americas

  • Bearish positioning in S&P 500 highest since 2007, bullish bets on Nasdaq 100 near the highest level since late last year

  • CCC-rated bond underperformance highlights concerns about growth, default risks

The Week Ahead:

  • Monday: S&P Global Services PMI, ISM Services PMI, factory orders

  • Tuesday: IBD/TIPP economic optimism, API crude oil stock change

  • Wednesday: US trade deficit, EIA stocks change, consumer credit change

  • Thursday: Initial jobless claims, wholesale inventories

  • Friday: WASDE report

Investment Tip of The Day

Consider the impact of geopolitical events. Geopolitical events, such as political instability or trade disputes, can have a significant impact on the financial markets. Stay informed about global developments and assess their potential effects on your investments.

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.