Market Blog > June 2016 > Market Review

Market Review

Japan's retail sales fell more than expected in May, in a third straight month of annual declines, by 1.9 percent from a year earlier, more than a median market forecast for a 1.6 percent decline.

Economic sentiment in the 19 countries sharing the euro fell to 104.4 this month from a previous low of 104.6 in German consumer price inflation rose less-than-expected last month to a seasonally adjusted 0.1%, from 0.3% the previous month. The amount of new credit issued to consumers by the Bank of England rose more-than-expected last month to 4.3B, from 1.6B in the preceding month.

In a report, the Mortgage Bankers Association said their mortgage market index decreased by a seasonally adjusted 2.6% in the week ending June 24 to 508.4. The Commerce Department said in a report that personal spending increased by a seasonally adjusted 0.4% last month in line with expectations. The core PCE price index inched up 0.2% last month, meeting expectations.

Currencies: The dollar extended losses against the other major currencies, after the release of downbeat U.S. housing data and as markets continued to recover from Britain’s decision last week to leave the European Union. The pound pushed higher on Wednesday as market sentiment continued to stabilize. The EURUSD traded higher between $1.1050 and $1.1130. The GBPUSD traded higher between $1.3289 and $1.3533. The USDJPY traded slightly lower between ¥102.81 and ¥102.18.

Crude oil: Oil futures on Wednesday prolonged their recovery from the Brexit vote result as U.S. crude inventories fell. On the ICE future Exchange, North Sea Brent crude traded higher between $49.33 and $51.43. On the New York Mercantile Exchange, U.S. light crude oil traded higher between $47.99 and $50.00.

Gold:    Gold prices were higher on Wednesday, holding on to overnight gains after data showed that core PCE prices rose according to market expectations in May. On the COMEX division of the New York Mercantile Exchange, gold traded higher in a broad range between $1313.00 and $1330.75 an ounce.

Indices: Shares in Asia rose on Wednesday, despite investors being increasingly wary of Britain's plans to exit the European Union. At the close in Tokyo, the Nikkei 225 was up 1.31%. At the close in China, the Hang Seng added 1.59%.

European stocks traded higher on Wednesday, as markets started recovering from Brexit. At the close in Frankfurt the DAX gained 1.75%. At the close in Paris, the CAC40 added 2.60%. At the close in Madrid, the IBEX 35 climbed 3.45%. Finally at the close in London the FTSE100 soared 3.58%.

Wall Street was higher for the second day on Wednesday as initial panic regarding Britain's vote to leave the European Union settled. At the close, the Dow Jones industrial average was up 1.63%. The S&P 500 gained 1.74% and the NASDAQ composite added 1.86%.

Economic Calendar
Thursday 30th June 2016:
 

Time

Currency

Events

Forecast

Previous

06:00

EUR

German Retail Sales m/m

0.70%

-0.90%

07:55

EUR

German Unemployment Change

-5K

-11K

08:30

GBP

Current Account

-27.3B

-32.7B

08:30

GBP

Final GDP q/q

0.40%

0.40%

09:00

EUR

CPI Flash Estimate y/y

0.00%

-0.10%

09:00

EUR

Core CPI Flash Estimate y/y

0.80%

0.80%

11:30

EUR

ECB Monetary Policy Meeting Accounts

 

 

12:30

USD

Unemployment Claims

267K

259K

13:45

USD

Chicago PMI

50.6

49.3

17:30

USD

FOMC Member Bullard Speaks

 

 

Posted: 6/1/2016 7:50:50 AM by Global Administrator | with 0 comments


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