Morning wrap (09.06.2021)

  • US indices finished yesterday's trading higher. Nasdaq gained 0.31%, Russell 2000 added 1.06%, S&P 500 moved 0.02% higher while Dow Jones finished 0.09% lower

  • Stocks in Asia traded mostly lower. Nikkei, S&P/ASX 200 and Kospi dropped while indices from China moved slightly higher

  • DAX futures point to slightly higher opening of the European session

  • Talks over the infrastructure deal between US President Biden and Republican senators were halted without agreement. Media reports suggest that Biden will now talk with bipartisan group and discuss their project

  • Chinese CPI inflation accelerated from 6.8% to 9% YoY in May (exp. 8.5% YoY). PPI inflation accelerated from 0.9% to 1.3% YoY (exp. 1.5% YoY)

  • US Senate approved an over $200 billion package aimed at helping the United States compete with China. Around $190 billion will be spent to boost US technology and research

  • According to Reuters report, United Kingdom wants City of London to be exempted from the global minimum tax rate

  • Australian dollar weakened slightly after reports surfaced saying that China may impose price controls on coal

  • API report on oil inventories showed a smaller-than-expected drop of 2.11 million barrels (exp. -3.6 mb)

  • Bitcoin reached a low near $31,000 yesterday afternoon but has managed to recover back above $33,000 since

  • Ranges on the FX market are narrow and it is hard to point at leaders or laggards among G10 currencies

  • Precious metals trade slightly lower. WTI and Brent gain around 0.5%, Agricultural goods and industrial metals decline

API data showed the third consecutive week of declining oil inventories. WTI (OIL.WTI) extended upward move following the release and reached a fresh post-pandemic high above $70. 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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