Market Talk – June 30, 2023

ASIA:

The major Asian stock markets had a mixed day today:

• NIKKEI 225 decreased 45.10 points or -0.14% to 33,189.04
• Shanghai increased 19.68 points or 0.62% to 3,202.06
• Hang Seng decreased 17.93 points or -0.09% to 18,916.43
• ASX 200 increased 8.40 points or 0.12% to 7,203.30
• Kospi increased 14.26 points or 0.56% to 2,564.28
• SENSEX increased 803.14 points or 1.26% to 64,718.56
• Nifty50 increased 216.95 points or 1.14% to 19,189.05

The major Asian currency markets had a mixed day today:

• AUDUSD increased 0.00554 or 0.84% to 0.66694
• NZDUSD increased 0.00723 or 1.19% to 0.61403
• USDJPY decreased 0.471 or -0.33% to 144.299
• USDCNY decreased 0.00504 or -0.07% to 7.26236

Precious Metals:

• Gold increased 14.37 USD/t oz. or 0.75% to 1,922.52
• Silver increased 0.275 USD/t. oz or 1.22% to 22.825

Some economic news from last night:

China:

Chinese Composite PMI (Jun) decreased from 52.9 to 52.3

Manufacturing PMI (Jun) increased from 48.8 to 49.0

Non-Manufacturing PMI (Jun) decreased from 54.5 to 53.2

Japan:

Jobs/applications ratio (May) decreased from 1.32 to 1.31

Tokyo Core CPI (YoY) (Jun) remain the same at 3.2%

CPI Tokyo Ex Food and Energy (MoM) (Jun) decreased from 0.2% to -0.2%

Industrial Production (MoM) (May) decreased from 0.7% to -1.6%

Australia:

Private Sector Credit (MoM) (May) remain the same at 0.4%

No economic news from today:

EUROPE/EMEA:

The major Europe stock markets had a green day today:

• CAC 40 increased 87.33 points or 1.19% to 7,400.06
• FTSE 100 increased 59.84 points or 0.80% to 7,531.53
• DAX 30 increased 201.18 points or 1.26% to 16,147.90

The major Europe currency markets had a mixed day today:

• EURUSD increased 0.00527 or 0.49% to 1.09167
• GBPUSD increased 0.0102 or 0.81% to 1.27140
• USDCHF decreased 0.00487 or -0.54% to 0.89443

Some economic news from Europe today:

UK:

Business Investment (QoQ) (Q1) increased from -0.2% to 3.3%

Current Account (Q1) decreased from -2.5B to -10.8B

GDP (YoY) (Q1) decreased from 0.6% to 0.2%

GDP (QoQ) (Q1) remain the same at 0.1%

Nationwide HPI (YoY) (Jun) decreased from -3.4% to -3.5%

Nationwide HPI (MoM) (Jun) increased from -0.1% to 0.1%

Germany:

German Retail Sales (MoM) (May) decreased from 0.7% to 0.4%

German Unemployment Change (Jun) increased from 13K to 28K

German Unemployment Rate (Jun) increased from 5.6% to 5.7%

Swiss:

KOF Leading Indicators (Jun) decreased from 91.4 to 90.8

Euro Zone:

Core CPI (YoY) increased from 5.3% to 5.4%

CPI (MoM) increased from 0.0% to 0.3%

CPI (YoY) (Jun) decreased from 6.1% to 5.5%

Unemployment Rate (May) remain the same at 6.5%

US/AMERICAS:

The Supreme Court has ruled that President Joe Biden’s student loan forgiveness program cannot move forward, which would have resulted in up to $10,000 of federal student loan debt being forgiven for individual borrowers who earned less than $125,000 in either 2020 or 2021 and married couples or heads of households who made less than $250,000 annually in those years. The program has faced opposition from conservatives and members of Biden’s own party. Student loan debt in America has now reached $1.8 trillion.

US Market Closings:

• Dow advanced 285.18 points or 0.84% to 34,407.6
• S&P 500 advanced 53.94 points or 1.23% to 4,450.38
• Nasdaq advanced 196.59 points or 1.45% to 13,787.92
• Russell 2000 advanced 7.14 points or 0.38% to 1,888.73

Canada Market Closings:

• TSX Composite advanced 242.12 points or 1.22% to 20,155.29
• TSX 60 advanced 14.56 points or 1.21% to 1,214.5

Brazil Market Closing:

• Bovespa declined 295.65 points or -0.25% to 118087

ENERGY:

The oil markets had a green day today:

• Crude Oil increased 0.51 USD/BBL or 0.73% to 70.370
• Brent increased 0.512 USD/BBL or 0.69% to 75.022
• Natural gas increased 0.0845 USD/MMBtu or 3.13% to 2.7855
• Gasoline increased 0.0212 USD/GAL or 0.85% to 2.5246
• Heating oil increased 0.0328 USD/GAL or 1.36% to 2.4400

The above data was collected around 13:36 EST on Friday

• Top commodity gainers:  Soybeans (4.50%), Rice (4.49%), Sugar (3.85%) and Rapeseed (3.21%)
• Top commodity losers: Corn (-4.17%), Wheat (-2.58%), Rhodium (-8.00%) and Orange Juice (-0.46%)

The above data was collected around 13:43 EST Friday.

BONDS:

Japan 0.387% (+0.5bp), US 2’s 4.87% (-0.008%), US 10’s 3.8171% (-3.69bps); US 30’s 3.86% (-0.054%), Bunds 2.395% (-1.8bp), France 2.93% (-1.9bp), Italy 4.071% (-2.8bp), Turkey 16.34% (+13bp), Greece 3.683% (-0.9bp), Portugal 3.133% (-0.4bp); Spain 3.381% (-2.4bp) and UK Gilts 4.386% (+0.6bp).

The post Market Talk – June 30, 2023 first appeared on Armstrong Economics.