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Home » Markets struggle for clear direction, prepare for major events

Markets struggle for clear direction, prepare for major events

by Stephen Soo
June 8, 2022 05:03
in Fundamental analysis
0
The Eurozone service PMI dropped to a record low of 28.4

US stock index futures traded lower, suggesting the fragile risk-on tone could dissipate quite soon

Wall Street stocks surged overnight as the US 10-year Treasury yields moved back below 3%. Inflation concerns have eased somehow after Target said it will cut prices to clear out unwanted inventory in a series of steps to combat inflation. Shares of Target fell 2.44% after the retailer cut its profit outlook. The Dow Jones finished 0.8% higher, the S&P 500 gained 0.85% while the tech-heavy Nasdaq Composite added 0.84%.

Following suit, Asian equities climbed on Wednesday, shrugging off the news that the Word Bank has lowered 2022 global GDP forecast to 2.9% from the January’s estimate of 4.1%, citing risks of stagflation, developments surrounding Ukraine and China lockdowns. The Nikkei 225 in Tokyo gained 1% after the data showed that the Japanese economy contracted less than expected in the first quarter. Hong Kong’s Hang Seng advanced 2.19% while China’s Shanghai Composite was up 0.68%.

In Europe, stocks opened slightly higher, refraining from major moves as investors prepare for the ECB meeting followed by the US inflation data due later this week. The pan-European Stoxx 600 hovered around the flat-line in early deals while US stock index futures traded lower, suggesting the fragile risk-on tone could dissipate quite soon. In individual stocks, Inditex gained over 3.5% after the retailer reported an increase in both sales and profits for the first quarter.

Meanwhile, the dollar is back in the green after yesterday’s rejection from two-week highs. The USD index is flirting with the 102.60 zone during the early European hours as Treasury yields rebounded back above the 3% mark. Should risk aversion reemerge later in the day, the safe-haven US currency may see a more robust ascent, with the key near-term target arriving at 103.00.

Tags: DollarDOW JONESECBGDPNasdaqNikkeiS&P 500Stoxx 600USUSD
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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