Market Talk – June 23, 2023

ASIA:

The major Asian stock markets had a negative day today:

• NIKKEI 225 decreased 483.34 points or -1.45% to 32,781.54
• Shanghai decreased 42.46 points or -1.31% to 3,197.90
• Hang Seng decreased 328.38 points or -1.71% to 18,889.97
• ASX 200 decreased 96.30 points or -1.34% to 7,099.20
• Kospi decreased 23.60 points or -0.91% to 2,570.10
• SENSEX decreased 259.52 points or -0.41% to 62,979.37
• Nifty50 decreased 105.75 points or -0.56% to 18,665.50

The major Asian currency markets had a mixed day today:

• AUDUSD decreased 0.00722 or -1.07% to 0.66828
• NZDUSD decreased 0.00336 or -0.54% to 0.61434
• USDJPY increased 0.681 or 0.48% to 143.791
• USDCNY increased 0.02182 or 0.30% to 7.21612

Precious Metals:

• Gold increased 6.24 USD/t oz. or 0.33% to 1,919.76
• Silver increased 0.092 USD/t. oz or 0.41% to 22.332

Some economic news from last night:

Japan:

National Core CPI (YoY) (May) decreased from 3.4% to 3.2%

Services PMI decreased from 55.9 to 54.2

Some economic news from today:

India:

FX Reserves, USD increased from 595.07B to 596.10B

EUROPE/EMEA:

The major Europe stock markets had a negative day today:

• CAC 40 decreased 39.86 points or -0.55% to 7,163.42
• FTSE 100 decreased 40.16 points or -0.54% to 7,461.87
• DAX 30 decreased 158.22 points or -0.99% to 15,829.94

The major Europe currency markets had a mixed day today:

• EURUSD decreased 0.00604 or -0.55% to 1.08956
• GBPUSD decreased 0.00317 or -0.25% to 1.27143
• USDCHF increased 0.00226 or 0.25% to 0.89706

Some economic news from Europe today:

UK:

Composite PMI decreased from 54.0 to 52.8

Manufacturing PMI decreased from 47.1 to 46.2

Services PMI decreased from 55.2 to 53.7

Core Retail Sales (YoY) (May) increased from -3.0% to -1.7%

Core Retail Sales (MoM) (May) decreased from 0.7% to 0.1%

Retail Sales (YoY) (May) increased from -3.4% to -2.1%

Retail Sales (MoM) (May) decreased from 0.5% to 0.3%

Spain:

Spanish GDP (QoQ) (Q1) increased from 0.5% to 0.6%

France：

French Manufacturing PMI (Jun) decreased from 45.7 to 45.5

French Services PMI (Jun) decreased from 52.5 to 48.0

Germany:

German Manufacturing PMI (Jun) decreased from 43.2 to 41.0

German Services PMI (Jun) decreased from 57.2 to 54.1

Euro Zone:

Manufacturing PMI (Jun) decreased from 44.8 to 43.6

S&P Global Composite PMI (Jun) decreased from 52.8 to 50.3

Services PMI (Jun) decreased from 55.1 to 52.4

US/AMERICAS:

House Republicans have passed a bill through the House Financial Services Committee that would undo President Biden’s controversial mortgage rule that would penalize those with high credit scores and downpayments. The bill, titled the Middle-Class Borrower Protection Act of 2023, would cancel recent changes made by the Federal Housing Finance Agency to the up-front loan level pricing adjustments charged by Fannie Mae and Freddie Mac for guarantee of single-family mortgages. The new mortgage policy has faced broad opposition from the GOP, and has even been criticized by members of Biden’s own party. The GOP bill would repeal Biden’s policy forcing people with good credit to subsidize high-risk mortgages. Biden’s mortgage policy has been criticized as a socialist redistribution of wealth.

US Market Closings:

• Dow declined 219.28 points or -0.65% to 33,727.43
• S&P 500 declined 33.56 points or -0.77% to 4,348.33
• Nasdaq declined 138.09 points or -1.01% to 13,492.52
• Russell 2000 declined 26.54 points or -1.44% to 1,821.63

Canada Market Closings:

• TSX Composite declined 162.67 points or -0.83% to 19,418.23
• TSX 60 declined 9.44 points or -0.8% to 1,170.07

Brazil Market Closing:

• Bovespa advanced 42.9 points or 0.04% to 118,977.1

ENERGY:

The oil markets had a mixed day today:

• Crude Oil decreased 0.598 USD/BBL or -0.86% to 68.912
• Brent decreased 0.626 USD/BBL or -0.85% to 73.513
• Natural gas increased 0.0383 USD/MMBtu or 1.47% to 2.6463
• Gasoline decreased 0.0206 USD/GAL or -0.81% to 2.5295
• Heating oil decreased 0.0645 USD/GAL or -2.62% to 2.4010

The above data was collected around 13:41 EST on Friday

• Top commodity gainers: Natural Gas (1.47%), Palm Oil (1.63%), Feeder Cattle (1.32%) and Lumber (0.74%)
• Top commodity losers: Oat (-3.36%), Corn (-4.07%), Zinc (-3.58%) and Rhodium (-5.08%)

The above data was collected around 13:52 EST Friday.

BONDS:

Japan 0.367% (-0.4bp), US 2’s 4.76% (-0.042%), US 10’s 3.7405% (-5.85bps); US 30’s 3.82% (-0.054%), Bunds 2.365% (-12.1bp), France 2.884% (-13.3bp), Italy 4.002% (-12.2bp), Turkey 15.81% (-42bp), Greece 3.61% (-10.9bp), Portugal 3.066% (-11.4bp); Spain 3.333% (-10.8bp) and UK Gilts 4.331% (-3.6bp).

The post Market Talk – June 23, 2023 first appeared on Armstrong Economics.