Trading Tuesday

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

June 27, 2023

Market Data

Local

Global

*Data as of 6pm WAT

Market News

Local

Global

Weekly Investment Watchlist

Market Commentary

Asia and Australia

  • Chinese Premier Li Qiang said China is still on track to hit its annual growth target of around 5% and Q2 growth is expected to be faster than Q1.

  • PBOC set its daily yuan reference at a stronger-than-expected level for a second day. The onshore yuan rate was set at 7.2098 per dollar, 111 pips stronger than the Bloomberg estimate.

  • Baidu says its ChatGPT-style service has outperformed OpenAI's on key measures

  • The consumer-led slowdown in Australia gathering pace following trading updates from discretionary retailers over the past month that highlighted a sharp drop in demand.

Europe, Middle East, Africa

  • ECB's Lagarde says rate hike pauses possible in coming months, but the end of cycle not near

  • BoE saw implementing two more 25 bp rate hikes in coming meetings; will likely tip the UK into recession

  • Volkswagen cuts EV production at Emden citing weak demand

  • The UK government announced it will sign a cooperation pact with the EU in financial services

The Americas

  • Robinhood to lay off 7% of workforce amid a decline in trading activity

  • Blackstone considering offers for half its interest in the real estate of Bellagio Hotel, reported by Bloomberg. This comes after news of Blackstone selling industrial properties to Prologis.

  • Quarter-end rebalancing could drive outsized equity selling

  • Google axes development of Iris augmented-reality glasses - Business Insider, citing people familiar with the matter

  • Delta Airlines raises guidance ahead of an investor day.

The Week Ahead:

U.S Economic Events

  • Tuesday

    • 9:00 am S&P Case-Shiller home price index (20 cities)

    • 10:00 am New home sales

    • 10:00 am Consumer confidence

  • Wednesday

    • 8:30 am Advanced U.S. trade balance in goods

    • 9:30 am Fed Chair Powell speaks

  • Thursday

    • 2:30 am Fed Chair Powell speaks

    • 8:30 am Initial jobless claims

    • 10:00 am Pending home sales

  • Friday

    • 8:30 am PCE index

    • 8:30 am Core PCE index

    • 8:30 am PCE (year-over-year)

    • 8:30 am Core PCE (year-over-year)

    • 9:45 am Chicago Business Barometer

    • 10:00 am Consumer sentiment (final)

Investment Tip of The Day

Monitor your investment performance. Regularly monitor the performance of your investments and assess whether they are meeting your expectations. If certain investments consistently underperform or no longer align with your goals, consider making adjustments.

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.