Morning wrap (08.06.2021)

  • US indices finished yesterday's trading mixed. Russell 2000 rallied 1.43%, Nasdaq added 0.49%, S&P 500 dropped 0.08% and Dow Jones moved 0.36% lower

  • Stocks in Asia traded mixed as well - Nikkei and S&P/ASX 200 gained while Kospi and equities from China dropped

  • DAX futures point to a flat opening of the European session

  • US President Biden wants to discuss cryptocurrencies and their role in the ransomware attacks during a G7 meeting this weekend

  • Final Q1 GDP data from Japan showed a decline of 1% QoQ, revised higher from -1.3% QoQ

  • Secretary General of OPEC Barkindo said that fiscal stimulus and vaccines improved the outlook for oil. However, uneven vaccine rollout and high inflation remain a risk to oil demand

  • United Kingdom may delay reopening of the economy by 2 weeks

  • Bitcoin resumed slide and dropped below $33,000 mark

  • Precious metals, oil and industrial metals trade lower. Agricultural goods trade mixed

  • USD and CAD are the best performing major currencies while JPY and GBP lag the most

In spite of upbeat comments from the OPEC Secretary General, oil moved lower yesterday. Crude pulled back from the post-pandemic high area near the $70 handle. The nearest support zone to watch, should the pullback deepen, can be found at 23.6% retracement ($67). Source: xStation5

Daily summary: Wall Street lags behind European bourses
Canaccord Genuity cuts Tesla price target
EUR/USD starts to show signs of recovery
Chart of the day - OIL.WTI (14.06.2021)
Economic calendar: Second tier data from Europe and Canada
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