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Indices from Asia and the Pacific are experiencing a mixed session. Chinese indices are recording both gains and losses. CH50Cash is down by 0.23%, CHN.cash is up by 0.10%, and the Hang Seng index (HK.cash) is up by 0.15%.
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The Japanese Nikkei 225 index is down by 0.30%, and the Australian S&P/ASX200 is trading 0.20% lower.
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Futures contracts on European indices also indicate an ambiguous opening. UK100 is up by 0.20% before opening after a long weekend, and DAX contracts are trading without significant changes.
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In the forex market, volatility is relatively low in the first part of the day. Among the strongest currencies are the Australian dollar and the euro, which are gaining about 0.05-0.15%.
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Retail sales in Australia increased by 0.1% in April compared to the previous month, slower than the economists' estimate of a 0.2% increase, previously -0.4% in March.
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Australian retail sales remained weak in April, highlighting the difficult situation for consumers in the face of elevated interest rates and rising costs.
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Federal Reserve Governor Michelle Bowman suggested that the Fed would have benefited from tapering and ending quantitative easing (QE) earlier in 2021, allowing for earlier interest rate hikes and greater flexibility in managing the balance sheet.
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Wells Fargo expects a 25bp rate cut by the European Central Bank at its meeting on 6 June and then in September. Wells Fargo expects four 25bp rate cuts by the ECB this year
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In the cryptocurrency market, we are seeing a return to declines. Yesterday, Bitcoin tested levels above $70,000 again, and Ethereum around $4,000. However, today BTC is down by 2.30% to $67,800, and ETH by 1.30% to $3,830.
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The declines in the market follow Arkham Intelligence noting movements of Bitcoins belonging to addresses of the defunct exchange Mt. Gox, totaling around $5 billion, with subsequent transactions occurring at hourly intervals. These are the first transactions in nearly five years.
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All transactions point to one unspecified address. The next repayment date for Mt. Gox obligations to its clients was postponed last year to October 2024. The exchange currently holds about 142,000 BTC worth over $9.4 billion.
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