Wealth Wednesday

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*Data as of 6pm WAT

Market News

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Weekly Investment Watchlist

Market Commentary

Asia and Australia

• China unveiled a CNY520B ($72.3B) tax break package to boost sales of EVs and other green cars up to 2027.

• BOJ board member Adachi said inflation running faster than he had expected but it’s too early to normalize policy.

• South Korean exports rose 5.3% y/y in the first 20 days of June, partly on one extra working day, but semiconductors shipments fell sharply again.

Europe, Middle East, Africa

• UK inflation data for May unexpectedly rose. Both headline and core measures came in higher than expected. Headline 8.7% y/y vs 8.4% expected and 8.7% prior. Core 7.1% y/y vs 6.8% expected and 6.8% prior.

• The London Times shadow MPC has voted 6-3 in favor of a BoE rate hike of 50 bps to fight back against stubbornly high inflation - the BoE rate decision is tomorrow. Swaps are still pricing in a 55% probability of a 0.25% rate hike.

• The Ifo Institute published its latest economic update and said the German recession will be sharper than it previously expected. Expected GDP to decline by 0.4% this year, blaming the impact of high inflation on consumption due to squeeze on real incomes.

The Americas

• Biden says Xi wants a relationship with the US, but diplomatic thaw will take time; dictator remark causes tensions

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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.