U.S. stock futures eased in overnight trading Monday
Asia-Pacific stocks were mostly up on Tuesday morning. The Shanghai Composite is down 0.27% at 3,306.02. Overall, the Singapore MSCI is up 0.80% at 284.70. Over in Hong Kong, the Hang Seng Index is up 1.32% at 21,396. In Japan, the Nikkei 225 is up 1.75% at 26,230.00, while the Topix index is up 1.84% at 1853.00. South Korea’s Kospi is up 0.75% at 2,408.93. Australia S&P/ASX 200 up 1.41% at 6523.80.
Top News of the Day:
U.S. stock futures eased in overnight trading Monday, with markets remaining closed for a public holiday after suffering heavy losses in the previous week as investors braced for further tightening of monetary policies from the U.S. Federal Reserve and rising chances of an economic downturn.
Market Summary as per 20/06/2022:
European equities Monday closing. The DAX futures contract in Germany traded up 1.06% at 13,265.60, CAC 40 futures up 0.48% at 5948.69 and the UK 100 futures contract in the U.K. up 1.50% at 7,121.82.
In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.13% at 29888.79. The S&P 500 up 0.22% at 3674.85 and the Nasdaq 100 up 1.24% at 11265.99, NYSE closes down 0.32% at 14097.04.
Top Market News Today:
In the Forex market, GBPUSD up 0.32% at 1.2285. The USDJPY up 0.04% at 135.101. The USDCHF down 0.09% at 0.9657. EURUSD up 0.24% at 1.0535, EUR/GBP down 0.03% at 0.8574. The USD/CNY up 0.04% at 6.6952 at the time of writing.
In the Commodity market U.S. Gold futures down 0.23% at $1,833.94. Elsewhere, Silver futures down 0.19% at $21.534 per ounce, Platinum up 1.09% at $938.88 per ounce, and Palladium up 2.87% at $1868.61.
Crude Oil mix on Tuesday; Brent Crude Oil up 0.73% at $116.18 per barrel while U.S. West Texas Intermediate (CLc1) down 1.62% at $115.64.
In the Cryptocurrency Markets, Bitcoin at 21170.00 up 3.42%, Ethereum up 7.61% at 1160.00, Litecoin at 53.86 up 1.95%, at the time of writing.
Top Market Segment to Watch Out Today:
TESLA: Former Tesla (NASDAQ:TSLA) Inc employees have filed a lawsuit against the U.S. electric car company alleging its decision to carry out a “mass layoff” violated federal law as the company did not provide advance notice of the job cuts.
The lawsuit was filed late Sunday in Texas by two workers who said they were terminated from Tesla’s Gigafactory plant in Sparks, Nevada in June. According to the suit, more than 500 employees were terminated at the Nevada factory.
US: U.S. Treasury Secretary Janet Yellen said on Monday that a gasoline tax holiday should be considered as a way to address inflation, even if it is “not perfect” and may not result in all of the reduction passed on to consumers.
Yellen, speaking to reporters after meetings with Canadian Finance Minister Chrystia Freeland in Toronto, said that research suggested that there was likely a higher pass-through rate for cutting higher state fuel taxes than the generally lower federal taxes of 18.4 cents a gallon for gasoline and 24.4 cents for diesel. The levels are unchanged since 1993.
“I think the research suggests that there’s reasonably high pass-through when the state does it to prices at the pump, not full, but reasonably high,” Yellen said. “At the federal level, we have lowered much lower gas taxes than at the state level, and the evidence is more mixed.”
High fuel prices have been “a substantial burden on American households,” Yellen said. A fuel tax holiday that temporarily eliminates such taxes, “while not perfect, it is something that should be under consideration” to address inflation, she said.
Eurozone: Annual pay rises agreed at British workplaces steadied last month at a historically high rate but fell further behind soaring inflation, according to another survey on Tuesday that suggested fears of a wage-price spiral may be overdone.
XpertHR, a pay and personnel data publisher, said employer pay deals for the three months to May stood at a median 4%, unchanged from the previous month.
While jointly the highest reading since 1992, it was a long way behind consumer price inflation of 9% in April.
XpertHR’s report followed a Bank of England business survey that showed employers surveyed in May were not planning a further acceleration in pay rates.
“Despite pay awards reaching record levels not seen for 30 years, any marginal increases we are seeing are outstripped by the sheer pace of inflation,” said Sheila Attwood, pay and benefits editor at XpertHR.
Top Economic Releases Today:
- CANADA Core Retail Sales (MoM) (Apr) today at 8:30 this time estimated 0.6%, previously which was 2.4%.
- U.S. Existing Home Sales (May) today at 10:00 this time estimated 5.39M, previously which was 5.61M.
- NEW ZEALAND Trade Balance (MoM) (May) today at 18:45 previously which was 584M.
- CANADA Retail Sales (MoM) (Apr) today at 8:30 this time estimated 0.8%, previously which was 0.2%.
- EURO ZONE Current Account (Apr) today at 5:00 previously which was -1.6B.
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TRADE SUGGESTION- BUY AT 135.176, TAKE PROFIT AT 135.400 AND STOP LOSS AT 134.625
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WTI CRUDE OIL
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