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USA
∎ As last week came to an end, market sentiment became cautious. U.S. stocks closed almost flat on Friday (14th). Adobe surged by more than 14%, benefiting from optimistic forecasts for AI sales. Tesla closed nearly 2.5% lower after shareholders re-approved Chief Executive Elon Musk's sky-high pay package.
∎ The S&P 500 and Nasdaq rose about 1.6% and 3.2% respectively last week. The Dow Jones lost 0.50% last week. The 10-year U.S. Treasury yield fell for the second consecutive week.
∎ Last week, the Federal Reserve lowered its forecast for 2024 interest rate cuts from three to one. Although many inflation data have cooled, a preliminary survey released by the University of Michigan on Friday showed that the consumer confidence index fell to 7 in June. With a new monthly low, high prices continue to impact the financial situation of the American people.

foreign exchange market
∎ The U.S. dollar closed higher on Friday (14th). Although consumer confidence data from the University of Michigan hit a seven-month low, causing the U.S. dollar to pare some of its gains on the day, it still maintained a strong trend driven by the weakening of the euro. The U.S. dollar index, which tracks the greenback against six major currencies, rose 0.3% to 105.55, reaching its highest level since May 2.
∎ The euro fell 0.34% last Friday to 1 euro against US$1.0699. It fell as low as 1 euro against US$1.06678 that day, the lowest since May 1. The yen fell after the Bank of Japan decided to keep interest rates unchanged and restart bond purchases. The U.S. dollar rose 0.17% against the yen to 157.29 yen per U.S. dollar, having previously hit 158.26, a new high since April 29.

energy market
∎ Crude oil futures prices fell slightly last Friday (14th), but still rose steadily on a weekly basis, which was enough to eliminate the sharp decline caused by OPEC+’s announcement to resume some production. OPEC+ announced on June 2 that it would gradually terminate voluntary production cuts totaling 2.2 million barrels per day starting in October this year. Subsequently, crude oil futures prices plummeted.
∎ West Texas Intermediate (WTI) crude futures for July delivery fell 17 cents, or 0.2%, to settle at $78.45 a barrel. Brent crude futures for August delivery fell 13 cents, or 0.2%, to settle at $82.62 a barrel. Natural gas prices for July delivery fell 2.6% to settle at $2.881 per million Btu.

precious metals market
∎ The price of gold rose last Friday (14th). After U.S. economic data showed that inflation was slowing, it aroused optimism in the market that the Federal Reserve (Fed) would soon cut interest rates, and the price of gold rose for the first time in four weeks. Gold showed an upward trend from March to May this year, driven by safe-haven demand driven by geopolitical and economic uncertainty, as well as continued buying by central banks, causing the spot price of gold to hit a record high of $2,449.89 on May 20. Data last week showed U.S. consumer prices were unchanged in May for the first time in nearly two years and producer prices unexpectedly fell in May. Traders see a 67% chance of a U.S. rate cut in September, according to the CME FedWatch tool.
∎ Spot gold rose 1.4% to $2,334.70 an ounce, up about 1.9% this week.


agricultural products market
∎ Chicago Board of Trade (CBOT) soybean futures closed lower on Friday, traders said, affected by position adjustments and profit-taking before the end of last week. A stronger dollar makes U.S. farm products less attractive to importers, weighing on agricultural markets. CBOT July soybean futures (SN24) closed down 9-3/4 cents at $11.79-3/4 a bushel, but rose slightly last week. CBOT-July soybean meal futures (SMN24) ended $0.10 higher at $368.40 per short ton, the highest since May 30. CBOT July soyoil futures (BON24) closed 0.18 cents lower at 43.68 cents per pound.
∎ Corn futures were lower, analysts said, hurt by profit-taking after the market hit a two-week high on Thursday on concerns about hot and dry weather for the U.S. crop. CBOT July corn futures (CN24) ended down 8-1/2 cents at $4.50 a bushel, but ended the week up about 0.3%.

Sameer Samana, senior global market strategist at Wells Fargo Investment Institute, said: "The United States remains the most stable country and has a portfolio of artificial intelligence/technology-related companies unrivaled elsewhere in the world. Its dominance can last for some time."