Global Markets Roundup: 24 June 2024

Asian stocks faltered on Wednesday as disappointing earnings from U.S. tech ​giants Tesla and Alphabet dampened investor sentiment, while the yen ​surged to a seven-week high ahead of a crucial central bank meeting next ​week that could see a rate hike. The U.S. dollar held steady, with traders ​eyeing an upcoming inflation report on Friday and a Federal Reserve meeting ​next week. The Bank of Japan, also meeting next week, has a 44% chance of ​raising rates by 10 basis points.

MSCI's broadest index of Asia-Pacific shares outside Japan ​(.MIAPJ0000PUS) dropped 0.35%, and Japan's Nikkei NI225 fell 1%. ​Taiwan's financial markets remained closed due to a typhoon. Nasdaq ​futures (NQ1!) declined 1%, and S&P 500 futures were down 0.6% after ​Tesla TSLA reported its lowest profit margin in over five years, affecting ​other electric vehicle stocks. Shares of Google-parent Alphabet (GOOG) fell ​in after-hours trading despite the company surpassing revenue and profit ​expectations. The downbeat sentiment is expected to extend to Europe, with ​Eurostoxx 50 futures FESX1! down 0.65%, German DAX futures DAX1! down ​0.44%, and FTSE futures Z1! 0.3% lower ahead of numerous earnings ​reports from European companies.

Investor attention will be on European luxury stocks following a slowdown in ​sales growth at LVMH MC, the world's largest luxury group, as Chinese ​consumers reduce spending. Chinese stocks experienced mixed trading, with ​the Shanghai Composite Index 000001 remaining flat and the blue-chip ​CSI300 Index (3399300) falling 0.26% after its biggest one-day decline since ​mid-January on Tuesday.

In currency markets, the Japanese yen USDJPY spiked to a seven-week high ​of 154.36 per dollar after rising nearly 1% on Tuesday, having languished ​near a 38-year low of 161.96 at the start of the month. It was last up 0.56% ​at 154.75. The yen was broadly higher, reaching over a one-month high ​against the pound GBPJPY, the euro EURJPY, and a two-month high against ​the Australian dollar AUDJPY. The dollar index DXY, which measures the ​U.S. currency against six rivals, remained steady at 104.41, down 1.3% this ​month.

In commodities and soft commodities, oil prices increased as U.S. crude ​inventories eased. Brent crude futures for September BRN1! rose 0.28% to ​$81.24 a barrel, while U.S. West Texas Intermediate crude for September ​CL1! gained 0.31% to $77.20 per barrel. Spot GOLD edged 0.3% higher at ​$2,416.62 per ounce. The LME copper HG1! lost 0.4% to $9,130.50 per ​metric ton. Wheat ZW1! traded 0.5% lower to $5.40-1/4 a bushel. ​September London cocoa C1! traded and closed 0.5% lower, to 6,806 ​pounds per metric ton.

Looking ahead today, markets anticipate the German HCOB Germany ​Manufacturing PMI, SAR Inflation Rate, BoC Interest Rate Decision, and EIA ​Crude Oil Stocks Change.

You can view all markets data and charts here.

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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