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US indices slumped yesterday as inflation concerns boost odds of a bigger-than-expected Fed rate hike. S&P 500 dropped 3.88%, Dow Jones moved 2.79% lower and Nasdaq slumped 4.68%. Russell 2000 traded 4.76%
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Risk-off moves intensified yesterday after Wall Street Journal reported that recent inflation readings make Fed likely to deliver 75 basis point rate hike this week
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Major banks revised their forecasts following a piece from WSJ. Deutsche Bank, JP Morgan, Barclays and Goldman Sachs now expect a 75 bp hike tomorrow. Money markets price in over 90% chance of 75 bp move
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Declines can be spotted on the Asia-Pacific markets as well. Nikkei dropped 1.6%, Kospi traded 0.7% lower while S&P/ASX 200 finished trading 4.3% lower. Indices from China traded 0.6-2.3% lower
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DAX futures point to a higher opening of the European cash session, following a slight overnight recovery
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A small relief can be spotted on the cryptocurrencies market following yesterday's plunge. However, this relief does not include Bitcoin or Ethereum as both trade 1.1% lower on the day
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Japanese industrial production dropped 1.5% MoM in April (exp. -1.3% MoM)
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Oil is trading flat with WTI testing $121 area and Brent trending somewhat above $122
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Precious metals are trading higher amid USD weakening. Platinum is a top performer, trading 1.5% higher, followed by palladium (+1.2%)
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AUD and GBP are the best performing major currencies while JPY and USD lag the most
Russell 2000 (US2000) was one of the worst performing Wall Street index yesterday, plunging over 4.7%. The index revisited lows from the first half of May in 1,720 pts area but has not managed to break below. A shy recovery attempt can be observed today. Source: xStation5
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