Global Markets:
- Asian Stock Markets : Nikkei down 1.02%, Shanghai Composite up 0.09%, Hang Seng down 0.59% ASX up 0.49%
- Commodities : Gold at $2312.5 (-0.53%), Silver at $29.68 (0.861%), Brent Oil at $79.83 (0.25%), WTI Oil at $75.71 (0.23%)
- Rates : US 10-year yield at 4.45, UK 10-year yield at 4.21, Germany 10-year yield at 2.62
News & Data:
- (CAD) Employment Change 26.7K vs 24.8K expected
- (CAD) Unemployment Rate 6.2% vs 6.2% expected
- (USD) Non-Farm Employment Change 272K vs 182K expected
- (USD) Unemployment Rate 4.0% vs 3.9% expected
Markets Update:
Asia-Pacific markets were mixed on Monday following a stronger-than-expected U.S. jobs report on Friday, which showed increased hiring and wage growth in May. This suggests the Federal Reserve may not need to rush to lower interest rates, with traders not expecting a rate cut in the upcoming Federal Open Market Committee meetings this week or in July.
In Asia, investors are focusing on Japan’s revised first-quarter GDP figures, which revealed an annualized contraction of 1.8%, less severe than the initially reported 2% and below the 1.9% expected by economists. The Bank of Japan’s rate decision is anticipated on Friday, while China and India will release their May inflation numbers on Wednesday. Japan’s Nikkei 225 rose by 1.07%, and the broader Topix index increased by 0.8%, whereas South Korea’s Kospi fell by 0.57%, and the small-cap Kosdaq experienced a slight decline.
Several Asian markets, including Australia, mainland China, Hong Kong, and Taiwan, were closed for a holiday on Monday. On Wall Street, the S&P 500 remained flat on Friday after reaching an intraday record high. The Dow Jones Industrial Average fell by 0.22%, and the Nasdaq Composite decreased by 0.23%.
Despite these minor losses, all three major U.S. indexes posted gains for the week. The Dow rose by 0.29%, the S&P 500 increased by nearly 1.32%, and the Nasdaq advanced by 2.38%.
Upcoming Events:
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