Wealth Wednesday

Market Data

Local

Global

*Data as of 6pm WAT

Market News

Local

Global

Weekly Investment Watchlist

Market Commentary

Asia and Australia

• China's PBOC may cut key policy rate Thursday, according to local press, Reuters survey

• China state planner launches measures to reduce business costs like VAT exemption, lowering interest on loans

• South Korean import and export prices fall the most since 2020 (Yonhap) as the unemployment rate falls to a record low

• Bloomberg economist survey showed New Zealand GDP growth may have contracted for the second consecutive quarter in Q1 placing economy into a technical recession. Economists forecast Q1 GDP fell 0.1% from Q4's 0.6% contraction

• The yen now only major currency with a negative yield as the dovish stance continues

Europe, Middle East, Africa

• Eurozone industrial production posted partial recovery in April, increasing 1.0% m/m versus consensus 0.8% after dropping 3.8% in March revised up from 4.1%.

• Retailers and the film industry help the UK economy deliver slightly higher growth in April. UK monthly activity data showed the economy registered a modest 0.2% expansion in May, in line with consensus, after contracting -0.3% in the prior month.

• Some ECB officials are concerned about looming TLTRO repayments. Smaller Italian lenders are the biggest concern, with Greek banks not far behind. Italian banks may tap the repo market to repay TLTROs

The Americas

• Amazon Web Services considering using new AI chips from AMD

• US plans to purchase ~12M barrels of oil this year as it starts to refill SPR

• US judge grants temporary block of Microsoft's acquisition of Activision Blizzard

• US lawmakers propose to end tariff exemption for China e-commerce shipments.

The Week Ahead:

• Tuesday: May CPI inflation: 4.0%

• Wednesday: Price Producer Index (PPI); MBA mortgage applications; US Fed FOMC meeting

• Thursday: US initial weekly jobless claims; Retail sales data; Philadelphia Business outlook

• 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.