Daily Report | 12 May 2023
The Dow Jones closed with a downside of 0.7%/221 points on Thursday (11/05/23), driven by a dive in Disney and ongoing turmoil in regional banks after PacWest Bancorp reported that deposits fell 9.5% last week.
US Inflation (Apr.) Came in At 4.9% YoY
US Inflation (Apr.) came in at 4.9% YoY, slightly lower than forecast at 5% YoY (0.4% MoM); while Core Inflation (which excludes volatile items such as food & energy) also slipped slightly at 5.5% YoY from 5.6% in the previous month.
Daily Report | 11 May 2023
Nasdaq led the US stock index rally with its highest intraday gain in 8 months, supported by US Inflation (Apr.) data that came in at 4.9% YoY, slightly lower than forecast at 5%; as well as news regarding Alphabet’s latest AI launch.
Most Market Participants Still Seem to Be Holding Back
Most market participants still seem to be holding back as reflected by US stock indexes that are flat again ahead of the release of US Inflation (Apr.) data tonight around 19.30 Western Indonesia Time (WIB), which is predicted to rise 0.4% MoM and 5% YoY; as well as a meeting between US political leaders to discuss the debt ceiling, which currently touches USD 31.4 trillion, before the threat of default becomes a reality as of June 1.
Daily Report | 10 May 2023
US stock indexes remained flat and closed in the red on Tuesday (09/05/23) ahead of the release of US Inflation (Apr.) data tonight around 19.30 Western Indonesia Time (WIB), which is predicted to rise 0.4% MoM and 5% YoY; as well as a meeting between US political leaders to discuss the debt ceiling, which currently touches USD 31.4 trillion, before the threat of default becomes a reality as of June 1.
Global Stock Markets Moved in Positive Territory
Global stock markets moved in positive territory and USD maintained a flat position on Monday trading (08/05/23) ahead of some important moments such as the US government’s discussion with their parliament regarding the debt ceiling issue, as well as the awaited release of US Inflation data (Apr.) which will give an overview of the direction where the Federal Reserve’s monetary policy will go forward.
Daily Report | 9 May 2023
US stocks investors held flat ahead the US Inflation (Apr.) data scheduled for release this Wednesday (07.30 pm GMT), where monthly CPI is predicted to creep up 0.4% MoM (vs. 0.1% previous month).
Weekly Report | 8 May 2023
Last week was full of economic data that plays an important role in determining future interest rate policy and the prospect of a global recession. Wait & See sentiment had affected the market which was preceded by concern when there was a scheme to rescue First Republic Bank by JPMorgan for USD10.6 billion; while waiting for the decision of the US Federal Reserve which finally decided to raise the US benchmark interest rate by 25bps to 5%-5.25%.
The US Financial Market Was Finally Able to Rebound Quite Significantly
The US financial market was finally able to rebound quite significantly between 1.7%- 2.3%, buoyed by the rally in technology stocks led by Apple as well as the release of Nonfarm Payrolls (Apr.) employment data last Friday which came in at 253k, much higher than the forecast of 180k and the previous period’s 165k; thereby eliminating concerns of a global recession threat.
