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Wall Street indices traded higher today, driven by hopes that agreement between Republicans and Democrats on debt ceiling may be reached soon
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All major Wall Street indices - S&P 500, Dow Jones, Nasdaq and Russell 2000 - traded over 1% higher today
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Russell 2000 outperformed with an almost 2% gain, supported by regional banks
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US regional banks traded higher today after Western Alliance reported that deposit inflows have been strong recently
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US president Biden said that debt ceiling negotiations are productive. As no agreement was reached yet, Biden said he will cut short his trip to G7 summit and have more news on debt ceiling at a press conference on Sunday
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Asked about meeting with Chinese president, Biden said that he will be meeting with XI at some point but not necessarily soon
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US House Speaker McCarthy said that reaching agreement on debt ceiling this week is doable
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European stock market indices traded mixed today - German DAX added 0.34%, French CAC40 dropped 0.09% and UK FTSE 100 moved 0.36% lower
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Turkish president Erdogan said that parties to Black Sea grain initiative agreed on a 60-day extension
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The Japanese economy grew at a pace of 1.6% annualized in Q1 2023 (exp. 0.7%). On a quarterly basis, growth reached 0.4% QoQ and was much better than 0.1% QoQ expected
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Japanese industrial production increased 1.1% MoM in March (exp. 0.8% MoM)
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Final CPI data from the euro area for April came in at 7.0% YoY - in-line with flash release. Core CPI came in at 5.6%, also in-line with preliminary report
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EIA report showed a 5.04 million barrel build in US oil inventories (exp. -1.3 mb) and a 1.36 million barrel drop in gasoline inventories (exp. -1.0 mb)
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Cryptocurrencies traded mixed today - Bitcoin dropped 0.4%, Ripple gained 1.4%, Dogecoin added 2% and Ethereum moved 1.2% lower
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Energy commodities traded higher today - Brent and WTI trade over 3% higher on the day while US natural gas prices jump 1.8%
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Gains on the oil market were supported by comments of Russian officials saying that Russia has cut production in-line with earlier announcements
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Precious metals traded mixed - gold dropped 0.3%, silver added 0.1% and platinum jumped 0.6%
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NZD and CAD are the best performing major currencies while JPY and CHF lag the most
Russell 2000 (US2000) is the best performing Wall Street index today, supported by upbeat comments from House Speaker McCarthy on debt ceiling as well as solid performance of US regional banks. US2000 bounced off the lower limit of the ongoing trading range at 1,740 pts and rallied towards 1,785 pts resistance. Source: xStation5
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