- China’s Hang Seng is currently gaining 2.15%, Korea’s KOSPI is adding 1.9% and Japan’s Nikkei is up nearly 1.1%. The leader of the gains, however, is the Indian market, where the Nifty 50 is adding nearly 2.8% following an exit poll result suggesting an extension of Narendra Modi and the BJP party in power.
- Futures based on European indices point to a higher opening of the cash session on the Old Continent. Futures based on the DAX o FTSE indexes are currently priced nearly 0.4% higher on an intraday basis.
- The OPEC+ oil exporters’ agreement extended collective oil production cuts through 2025. Brent and WTI are losing slightly this morning.
- In the Chinese market, today’s revised manufacturing PMI data came as a positive surprise. The China Caixin Manufacturing PMI for May was: 51.7 (expected 51.5, previous 51.4).
- Moody’s Ratings raised China’s economic growth forecast to 4.5% in 2024 from 4.0%.
- The bank has no immediate plans to divest its exposure in ETFs, BoJ’s Kato communicated.
- AMD unveiled its new MI325X gas pedal chip, which will be available in Q4 2024.
- The Swiss franc and the New Zealand dollar are currently leading the FX market. Elevated declines are seen in the yen and the Australian dollar.
- Cryptocurrencies are regaining some ground after relatively weak trading over the weekend. Bitcoin is currently adding 1.2%, while Ethereum is up 1.05%.
- Today, investors’ attention will turn to manufacturing PMI data from Europe and the UK, GDP data from Poland, and ISM PMI manufacturing data from the US.
