Back to daily news

DAILY MARKET REPORT

The inflation in the UK fell to 0.5% in May – the lowest in nearly four years, the Office for National Statistics said in a statement. The core CPI eased to 1.2%, versus 1.3%. "Global prices for crude oil fell sharply from the beginning of 2020 before recovering throughout May, albeit to levels well below the start of the year," the ONS noted. Meantime, during the European session, Euro CPI for May released at-0.1%, same as forecast.

DAILY MARKET REPORT

The inflation in the UK fell to 0.5% in May – the lowest in nearly four years, the Office for National Statistics said in a statement. The core CPI eased to 1.2%, versus 1.3%. "Global prices for crude oil fell sharply from the beginning of 2020 before recovering throughout May, albeit to levels well below the start of the year," the ONS noted. Meantime, during the European session, Euro CPI for May released at-0.1%, same as forecast.

EQUITIES

Asian markets mixed on Wednesday, amid geopolitical tensions in Asia includes tensions between North and South Korea and also border tensions between Indian and Chinese army. Japan’s Nikkei average closed 0.56% lower to 22,455.76 after the country exports fall to the lowest levels.

OIL

Crude Oil prices fall on Wednesday after an increase in U.S. crude inventories after the International Energy Agency (IEA) raised its oil demand forecast for 2020. API data showed US crude inventories rose by 3.9 million barrels in the latest week and gasoline stocks increased by 4.3 million barrels.

CURRENCIES

US dollar surged against other major currencies on Tuesday after Better-than-expected US retail sales data. The GBP/USD fell to a session low of 1.2540 on Wednesday after the economic data showed the UK CPI fell in May to the lowest level since June 2016.

GOLD

The yellow metal trading steady above $1700 on Wednesday supported by fresh coronavirus outbreak in China and North Korea reportedly blew up a liaison office close to its border with South Korea.

Economic Outlook

On the data front, Japan’s exports dropped 28.3% in May from a year earlier in their biggest decline since the 2008 global crisis and imports fell by 26.2% during the reported month. On Tuesday, US retail sales climbed 17.7% higher during May, beating economists’ expectations for a rise of 8%.

Moving ahead today, the important events to watch:

US Building permits – 12.30 GMT

Canada CPI and Core CPI– 12.30 GMT

US crude oil inventory report- 14.30 GMT

US Fed Chair Jerome Powell's testimony- 16.00 GMT

Coronavirus Update:

The number of people infected with the coronavirus around the world has surpassed 8 million, of which more than 436 thousand have died. In the US, the new coronavirus infections climbed to record highs in several states, including populous Texas and Florida.  On Tuesday, India witnessed the highest single-day spike of 2,003 coronavirus fatalities, pushing the death toll to 11,903, while total cases rose to 3.54 lakh with 10,974 new infections.

Technical Outlook

AUD/USD: The pair edged lower after it gained above 0.6900 level during the European session.

audusd

The important levels to watch for today: Support- 0.6850 and 0.6800   Resistance- 0.6930 and 0.6970.

EUR/USD: The pair dropped to a session low of 1.1235 during European session after mixed Eurozone economic data.

cruse

The important levels to watch for today: Support- 1.1220 and 1.1180 Resistance- 1.1350 and 1.1390.

Quote of the day: The big money is not in the buying or selling, but in the waiting- Charlie Munger.

Read more

DAILY MARKET REPORT

DAILY MARKET REPORT

“Our whole role in life is to give you something you didn’t know you wanted. And then once you get it, you can’t imagine your life without it. And you can count on Apple doing that.” -Tim Cook, Apple CEO.

DAILY MARKET REPORT

DAILY MARKET REPORT

The electric car maker Tesla (NASDAQ: TSLA) will announce its second-quarter 2021 financial results after market hours on Monday.

DAILY MARKET REPORT

DAILY MARKET REPORT

The social media company Twitter (NYSE: TWTR) shares rallied almost 8% in after-hours trading following the company announced better-than-expected Q2earnings.

DAILY MARKET REPORT

DAILY MARKET REPORT

Today the attention in the markets remains focused on possible measures and changes that the European Central Bank may undertake in the July meeting to deal with rising inflation.