20240607 Global Stock Exchange Information
USA
∎ The S&P 500 closed nearly flat on Thursday (6th) as investors weighed signs of further cooling in the labor market, a day ahead of the key non-farm payrolls report. Huida once crashed 6% during the session, and its closing market value failed to hold the US$3 trillion mark.
∎ The cooling of the labor market has boosted hopes of a rate cut by the Federal Reserve. In the week ending June 1, the number of people claiming unemployment benefits in the United States rose to 229,000, a four-week high. Part of the reason may be due to the end of the school year in the United States, but there have been almost no layoffs. signs of increase. The highly anticipated non-farm payrolls report will be released on Friday. Economists expect U.S. non-farm payrolls to increase by 180,000 people in May and the unemployment rate to remain stable at 3.9%.
Foreign exchange market
∎ The U.S. dollar traded sideways on Thursday as the market awaited U.S. employment data on Friday, which may help the U.S. Federal Reserve (FED) set a timetable for its easing policy cycle. The euro held steady after the European Central Bank cut interest rates as expected. The U.S. dollar index fell 0.09% to 104.16, barely reacting to news that the number of people filing for unemployment benefits in the United States rose to 229,000 last week.
∎ One day after the Bank of Canada cut interest rates, the Canadian dollar rose 0.11% to 1.37 Canadian dollars against the U.S. dollar. GBP/USD was almost unchanged at $1.2790. The yen rose to 155.65 yen against the dollar as investors digested comments from Bank of Japan Governor Kazuo Ueda on Thursday that it would be appropriate to reduce the central bank's bond purchases as it gradually withdraws from its massive monetary stimulus.
energy market
∎ International oil prices closed higher for the second consecutive day on Thursday (6th) as concerns about the U.S. economic growth prospects subsided, but the outlook for fuel demand remains worrying during the summer driving season. At a forum in St. Petersburg on Thursday, OPEC Secretary-General Haitham al-Ghais said recent OPEC+ adjustments to the oil production agreement had been successful, according to Saudi Arabia's state-run Al Arabiya TV, as tourism rebounded. Optimism is that oil demand continues to be strong.
∎ West Texas Intermediate (WTI) crude oil futures for July delivery rose $1.48, or 2%, to settle at $75.55 a barrel. Brent crude oil futures for August delivery rose 1.46 US dollars or 1.9%, closing at US$79.87 per barrel.
precious metals market
∎ As U.S. employment data was weaker than expected, boosting expectations that the Federal Reserve (Fed) will cut interest rates later this year, gold prices climbed to a two-week high on Thursday (6th), and the market focus turned to non-farm payrolls to be released on Friday. data. A Reuters poll showed that most markets expect the Fed to cut interest rates in September and again this year. Meanwhile, global stock markets hit record highs and the euro rose after the European Central Bank cut interest rates for the first time in nearly five years, but it also showed it would be a while before further gains could be made.
∎ Spot gold rose 0.8% to $2,373.99 an ounce. Gold futures for August delivery rose 0.7% to settle at $2,393.00 an ounce.
agricultural products market
∎ Chicago Board of Trade (CBOT) soybean futures rose on Thursday, traders said, news of Brazil tightening industry tax credit rules prompted traders and producers to expect that U.S. soybean exports may receive a boost. CBOT July soybean contract (SN24) closed up 22-3/4 cents, settling at $12.00 per bushel.
∎ Corn futures rose for the first time in eight trading days. The July corn contract (CN24) settled 12-3/4 cents higher at $4.52 per bushel. The benchmark corn contract hit a six-and-a-half-week low in the previous session.
Lisa Shalett, chief investment officer of Morgan Stanley Wealth Management, expects: "U.S. stocks will move higher, but investors should maintain modest expectations."