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Global Markets Outlook

June 20, 2022

Global Markets today : 

European markets inch higher as investors reflect on economic uncertainty :
The pan-European Stoxx 600 provisionally ended 0.1% higher, with tech stocks up 1.4% to lead gains as most sectors traded in positive territory. Oil and gas stocks tumbled over 4%."


S&P 500 and Nasdaq 100 futures gained around 0.6% each :
A dollar gauge edged lower. Crude oil held Friday low near-7% plunge, and copper extended losses for an eighth session after base metals capped the worst weekly losses in a year. Treasury futures were mixed -- there is no cash trading due to a US holiday. Stocks in Europe steadied Monday after the biggest weekly selloff since March, while US index futures gained as investors assessed the outlook for economic growth amid concerns about a wave of monetary tightening.








Asian stock markets
are trading mostly lower on Monday, following the mixed cues from Wall Street on Friday, dragged by materials and energy stocks amid tumbling crude oil prices, Traders also remain concerned that aggressive monetary tightening by major central banks to cool inflation could lead to a slowdown in global growth. Asian markets closed mixed on Friday.
Shares in Asia-Pacific were mixed on Monday, as investors monitored market reaction to the release of latest benchmark lending rates of China. In South Korea, the Kospi led losses among the region'smajor markets as it dropped 2.04% to close at 2,391.03, with shares of industry heavyweight Samsung Electronics declining and chipmaker SK Hynix both declining close to 2% each.




Gold prices inch lower as firm dollar dents appeal Gold extended losses on Monday as an elevated dollar weighed on bullion demand, with a U.S. market holiday expected to lead to thin trading during the day. Spot gold was down 0.2% at $1,836.67 per ounce, U.S. gold futures were flat at $1,840.00. The dollar index hovered near its highest level in about two decades, making greenback-priced bullion less attractive for overseas buyers.








Oil
wobbles as global economic worries offset tightening supply Brent crude futures slipped 8 cents, or 0.1%, to $113.04 a barrel, after rising as much as 1% earlier. Front-month prices tumbled 7.3% last week, its first weekly fall in five. Oil prices edged down on Monday, reversing earlier gains, as concerns about slowing global economic growth and fuel demand offset worries about tightening supplies. Brent crude futures slipped 8 cents, or 0.1%, to $113.04 a barrel, after rising as much as 1% earlier. Front-month prices tumbled 7.3% last week, its first weekly fall in five.



What to watch this week:


RBA minutes, Governor Philip Lowe due to speak, Tuesday

Fed Chair Jerome Powell semi-annual Senate testimony, Wednesday

Bank of Japan April minutes, Wednesday

Powell US House testimony, Thursday

US initial jobless claims, Thursday

PMIs for Eurozone, France, Germany, UK, Australia, Thursday ECB economic bulletin, Thursday

US University of Michigan consumer sentiment, Friday

Lowe (RBA) speaks on panel, Friday

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