- Wall Street indices launched the new week's trading on a positive note, but have erased gains during the session and now trade lower
- S&P 500 trades 0.3% lower, Dow Jones drops 0.7%, while Russell 2000 declines 1% after erasing an around-1% gain. Nasdaq is the outperformer with a 0.2% gain at press time
- Reports of RoaringKitty, trader closely associated with 2021 meme-stock mania, building up an over-$100 million position in GameStop shares and call options triggered a spike in meme-stocks
- GameStop launched today's trading with an over-70% bullish price gap but has trimmed majority of those gains, and is now trading around 30% higher on the day
- Technical glitches led to distortions in equities trading on NYSE today, with exchanges systems showing an over-90% plunges on some stocks, like for example Berkshire Hathaway. However, NYSE said that technical issues have been resolved already and trading continues as usual
- European stock market indices traded higher today - German DAX gained 0.7%, French CAC40 added 0.1%, Dutch AEX moved 0.2% higher and Spanish IBEX jumps 0.6%. UK FTSE 100 was a laggard with a 0.1-0.2% drop
- CHF and JPY are the best performing G10 currencies, while CAD and USD lag the most
- Oil launched new week's trading with a small bearish price gap in response to OPEC+ meeting on Sunday. However, declines deepened during the day and Brent dropped below $80 per barrel for the first time since February
- OPEC+ extended its main 3.66 million barrel production cuts until the end of 2025, from the end of 2024 in previous agreement
- OPEC+ voluntarily output cuts have been extended until the end of September, and the agreement assumes boosting production between September 2024 and September 2025
- Main production quota for the United Arab Emirates is set to increase by 300 thousand barrels gradually between January and September 2025
- Mexican peso weakened after Claudia Sheinbaum, candidate of Morena ruling party, won presidential elections. Morena also secured decisive majority in both houses of Congress, paving way for populist reforms
- Moody's Ratings boosted Chinese GDP growth forecast for 2024 from 4.0 to 4.5%
- The latest reading of Atlanta Fed GDPNow indicator showed Q2 growth estimate at annualized 1.8%, down from 2.7% on May 31, 2024
- US manufacturing ISM index unexpectedly dropped from 49.2 to 48.7 in May (exp. 49.6). Decline was driven by a drop in Prices Paid and New Orders subindices
- Final US manufacturing PMI for May came in at 51.3 (50.9 in first release)
- US construction spending data for April showed an unexpected 0.1% MoM drop (exp. +0.2% MoM)
- Final Australian manufacturing PMI for May came in at 49.6 (49.7 in first release)
- Final Japanese manufacturing PMI for May came in at 50.4 (50.5 in first release)
- Chinese manufacturing PMI for May came in at 51.7 (exp. 51.5)
- Spanish manufacturing PMI improved from 52.2 to 54.0 in May (exp. 52.5)
- Italian manufacturing PMI declined from 47.3 to 45.6 in May (exp. 48.0)
- Final French manufacturing PMI for May came in at 46.4 (46.7 in first release)
- Final German manufacturing PMI for May came in at 45.4, in-line with first release
- Final euro area manufacturing PMI for May came in at 47.3 (47.4 in first release)
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