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USA
∎ Another data supported the Federal Reserve’s interest rate cut, and all major U.S. stock indexes rose on Tuesday (18th). Huida surpassed Microsoft and became the world's largest listed company by market capitalization. The S&P closed 0.25% lower, setting a new closing record for the 31st time this year. The Nasdaq rose slightly by 0.03%, setting a new closing record for the seventh time in a row. Huida , Micron led the way up 1.35%.
∎ In terms of data, data from the U.S. Department of Commerce showed that U.S. retail sales in May increased by only 0.1% monthly, almost no growth, and the data in previous months have been revised downwards, highlighting that U.S. consumers are facing more challenges. Big financial pressure. However, consumer spending has slowed significantly, and the Federal Reserve may be closer to cutting interest rates.

Foreign exchange market
    The U.S. dollar weakened on Tuesday (18th) as retail sales data showed that U.S. consumers are still facing financial pressure, raising the possibility of a Federal Reserve interest rate cut later this year. In late New York trading, the dollar index, which tracks the greenback against six major currencies, was roughly flat at 105.30.
    The euro rose 0.02% to $1.073625. It fell as low as $1.071 during the day’s trading. The dollar was little changed against the yen at 157.81 yen, down from a six-week high of 158.26 hit on Friday. Sterling was flat at $1.2705 as investors awaited inflation data due on Wednesday and the Bank of England's (BoE) interest rate decision the next day. The Australian dollar rose 0.6% after the Reserve Bank of Australia (RBA) kept interest rates steady on Tuesday.

Energy Market
    Boosted by the optimistic outlook for global crude oil demand, crude oil futures rose for several days on Tuesday (18th) and closed at the highest level in 7 weeks. Meanwhile, natural gas futures rose as warmer weather boosted demand potential, while changing weather in the Atlantic revived concerns about Gulf of Mexico production. The National Hurricane Center issued a coast guard advisory for the Gulf of Mexico and a warning for the Atlantic Ocean due to a potential tropical cyclone, again raising concerns that the Atlantic hurricane season could disrupt energy output and demand.
    West Texas Intermediate (WTI) crude oil futures for July delivery rose $1.24, or 1.5%, to close at $81.57 a barrel. Brent crude futures for August delivery rose $1.08, or 1.3%, to settle at $85.33 a barrel.

Precious Metals Market
    Weaker-than-expected U.S. retail sales data reinforced hopes that the Federal Reserve (Fed) will cut interest rates this year, leading to lower U.S. dollar and Treasury yields, and gold prices rose on Tuesday (18th). Traders are currently pricing in about a 67% chance of a September rate cut by the Fed, according to the CME FedWatch tool. Since gold does not yield interest, lower interest rates can reduce the opportunity cost of holding gold. Gold prices are down 6% so far this year after hitting an all-time high of $2,449.89 an ounce on May 20. The suspension of gold purchases by the People's Bank of China in May continues to put pressure on the market and is the key factor affecting gold demand.
    Spot gold rose 0.4% to $2,329.16 per ounce. Gold futures for August delivery rose 0.8% to settle at $2,346.90 an ounce.

Agricultural product market
Chicago Board of Trade soybean futures closed higher on Tuesday, rebounding from two straight sessions of losses as investors tracked conditions in the Eastern Corn Belt, which was hit by a heat wave, after a government report downgraded the U.S. crop. After the close on Monday, the U.S. Department of Agriculture rated 70% of the soybean crop as good to excellent in its weekly crop progress report, down from 72% the previous week but still the highest weekly proportion so far in 2020. CBOT July soybean contracts (SN24) closed up 12-1/4 cents at $11.74 per bushel.
Corn futures closed higher, rebounding after two consecutive days of decline. July corn contracts (CN24) settled up 6- 1/4 cents at $4.50 per bushel.

 

"Optimism about economic resilience, improving corporate earnings and the start of potential rate cuts is supporting stocks, although there are concerns that the rally is concentrated in a small number of large-cap tech stocks," said Westpac economist Jameson Coombs.