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Indices from Asia-Pacific traded higher at the beginning of a new week. Nikkei and Kospi gained 0.8%, Nifty 50 added 0.5% and indices from China traded up to 1.3% higher. S&P/ASX 200 was a laggard in the region and dropped 0.2%
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European index futures trade slightly above Friday's cash closing price
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US index futures trade a touch below Friday's close
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No agreement on the US debt ceiling has been reached yet. US House Speaker McCarthy said that debt talks are going backwards. Also, Democrats said that negotiations are going in the wrong direction and Republicans keep changing their demands
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US President Biden is set to meet with Speaker McCarthy on debt ceiling tomorrow
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Goldman Sachs says that the US may default on its obligations if the debt ceiling deal is not reached by June 8. US Treasury warms that default may happen as soon as June 1
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China banned products of US memory chip producer Micron Technologies, citing security reasons. US Department of Commerce firmly opposed the move and said it had no basis in fact
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People's Bank of China left 1-year prime lending rate unchanged at 3.65%, in-line with expectations. 5-year rate was left unchanged at 4.30%, also in-line with expectations
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Fed's Kashkari said he is open to the idea of keep rates unchanged at June meeting but would be against clear declarations that rate hikes are over
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ECB President Lagarde repeated on Sunday that ECB is not done yet and it is not pausing as inflation outlook remains too high for too long
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Japanese machinery orders plunged 3.9% YoY in March (exp. +0.8% MoM)
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Major cryptocurrencies are trading little changed today - Bitcoin and Ethereum trade flat, Ripple gains 0.2% and Dogecoin drops 0.8%
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Energy commodities are pulling back - oil drops 1.1-1.2% while US natural gas prices decline 2.3%
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Precious metals trade a touch lower in spite of USD weakening - gold trades flat, silver drops 0.4% while platinum declines 0.1%
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NZD and JPY are the best performing major currencies while CAD and USD lag the most
WTI (OIL.WTI) launched a new week's trade lower as failure to make progress on the US debt ceiling over the weekend brings us closer to the US default. On top of that, the Chinese decision to ban Micron chips is also risking reigniting tensions between the US and China. Source: xStation5
