Global Markets Roundup: 18 June 2024

APAC stocks followed Wall Street's upward trend on Tuesday, buoyed by ​anticipation of statements from Federal Reserve officials later in the day. The ​Australian dollar remained stable, and domestic shares climbed ahead of the ​country's interest rate decision.

Easing concerns over political instability in Europe further lifted market ​sentiment, with EUROSTOXX 50 FESX1! futures rising 0.6%, recovering ​some of last week's significant losses. Similarly, FTSE futures increased by ​0.43%.

In a wait-and-see approach, the Reserve Bank of Australia (RBA) opted to ​hold interest rates at 4.35% at its June policy meeting. This decision comes ​despite upward revisions to household consumption data, indicating stronger ​spending than previously thought. However, the RBA tempered this positive ​sign by acknowledging that recent monthly inflation figures show no ​improvement. Particularly concerning is persistent inflation within the service ​sector.

Elsewhere, MSCI's broadest index of Asia-Pacific shares outside Japan ​increased by 0.68%, bolstered by an overnight rally on Wall Street. Japan's ​Nikkei NI225 advanced by 0.83%, Hong Kong's Hang Seng Index HSI edged ​up 0.14%, and Chinese blue-chips rose 0.17%.

Several central banks, including those in Norway, the UK, and Switzerland, ​are scheduled to meet this week. The consensus is that Norway and the UK ​will maintain their rates, while the Swiss National Bank is expected to ​implement a 25 basis point cut.

In the United States, six Federal Reserve officials are set to speak on ​Tuesday, potentially offering further insights into the U.S. interest rate ​outlook following last week's policy decision. Futures suggest approximately ​45 basis points of Fed cuts are anticipated for the remainder of 2024.

In currency markets, the dollar had a mixed performance, marginally ​declining USDJPY by 0.04% to 157.68 yen. The euro EURUSD fell slightly to ​$1.0729, while the British pound GBPUSD rose by 0.04% to $1.27105. ​China's onshore yuan USDCNY hovered near a seven-month low at 7.2554 ​per dollar, influenced by mixed economic data indicating the need for ​additional support from Beijing to bolster the economy. The AUDUSD was ​trading higher at $0.6610. The NZDUSD traded lower to $0.6118.

In commodities, Oil prices edged higher due to a positive demand outlook ​and investor confidence that OPEC+ might pause or reverse plans to increase ​supplies in the fourth quarter. Brent crude BRN1! futures were up 0.11% at ​$84.34 per barrel, while U.S. WTI CL1! crude futures firmed at $80.34 a ​barrel. GOLD also gained, rising 0.13% to $2,321.99 an ounce.

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General news - Information source from multiple newswires.

The article and the data is for general information use only, not advice!

The Trade Academy Team

Rating: Mixed Outlook

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