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Market News Important data and outlook for the week from June 6th to June 10th
Important data and outlook for the week from June 6th to June 10th
From June 6th to June 10th, the data that investors need to pay attention to include: China's foreign exchange reserves in May, the final value of the British Markit service industry PMI in May, the changes in API crude oil inventories in the United States for the week ended May 30th, the United States Changes in EIA crude oil inventories in the week ended May 30, the number of initial jobless claims in the United States for the week ended May 30, and the annual rate of U.S. CPI in May were not seasonally adjusted. In terms of events, attention should be paid to the RBA's June interest rate decision, the European Central Bank's interest rate decision and the speech of Bank of Canada Governor Macklem.
2022-06-03
10114
From June 6th to June 10th, the data that investors need to pay attention to include: China's foreign exchange reserves in May, the final value of the British Markit service industry PMI in May, the changes in API crude oil inventories in the United States for the week ended May 30th, the United States Changes in EIA crude oil inventories in the week ended May 30, the number of initial jobless claims in the United States for the week ended May 30, and the annual rate of U.S. CPI in May were not seasonally adjusted. In terms of events, we need to pay attention to the RBA's June interest rate decision, the European Central Bank's announcement of the interest rate decision and the speech of the Bank of Canada Governor Macklem.
Monday (June 6) Keywords: China's May foreign exchange reserves, China's May Caixin service industry PMI
According to data released by the State Administration of Foreign Exchange on May 7, as of the end of April 2022, my country's foreign exchange reserves were US$3,119.7 billion, a decrease of US$68.3 billion, or 2.14%, from the end of March. Regarding the future trend of the scale of foreign exchange reserves, Wen Bin, chief researcher of Minsheng Bank, said that the scale of my country's foreign exchange reserves will continue to remain basically stable. On the one hand, my country's economy has strong resilience and great potential, and its long-term positive fundamentals have not changed, which will support the stability of foreign exchange reserves. On the other hand, recent policies have continued to increase support for stable growth, which will help stabilize market expectations and boost market confidence.
With the tightening of epidemic prevention measures, the negative impact on the business activities of the service industry expanded in April, and the industry's prosperity further declined in the contraction range. The April Caixin China General Service Industry Business Activity Index (Service Industry PMI) released on May 5 recorded 36.2, down 5.8 percentage points from March and hitting a new low since March 2020 for the second consecutive month. On June 6, China's May Caixin service industry PMI will be announced, which is expected to remain relatively sluggish.
On June 6, the Seoul Stock Exchange in South Korea was closed for one day due to the day of "Hianzhong Day".
Tuesday (June 7) Keywords: US April trade account, RBA June interest rate decision
The U.S. trade balance recorded -$109.8 billion in March, the largest deficit on record. Institutional analysis said that US imports of goods surged, and the trade deficit hit a record high. The U.S. trade deficit widened to a record high in March, reflecting a surge in imports as companies relied on foreign producers to meet strong domestic demand. With U.S. demand outpacing economic activity in many other countries, improving the trade deficit in the short term will be difficult. The coronavirus lockdown in some Asian countries has further complicated the trade situation. Activity at some ports has slowed sharply, further straining already fragile global supply chains. The U.S. trade account for April will be released on June 7, and it is expected to continue to record negative values.
According to the survey, the market expects the RBA to raise the cash rate by 25 basis points to 0.60% at its June 7 meeting. In addition, the market expects the RBA to raise interest rates to 1.25% by the end of the third quarter of 2022, and to 1.75% by the end of 2022.
Wednesday (June 8) Keywords: API crude oil inventories changes in the United States for the week ended May 30, the final value of the quarterly GDP rate after seasonal adjustment in the first quarter of the euro zone, changes in EIA crude oil inventories in the United States for the week ended May 30
U.S. API crude oil inventories fell by 1.181 million barrels in the week to May 27. The U.S. EIA crude oil inventories fell by 5.068 million barrels to 414.7 million barrels in the week to May 27, a decrease of 1.2%, and the market expected a decrease of 1.35 million barrels. U.S. domestic crude production fell by 00,000 barrels to 11.9 million barrels per day last week. The latest data will be released on June 8, and inventories are expected to continue to decline.
The euro zone economy decelerated sharply in the fourth quarter of 2021, with an estimated growth rate of just 0.3% quarter-on-quarter, well below the 2.3% recorded in the previous three months. Markets are also not optimistic about the euro zone's start to 2022. Analysts at Oxford Economics expect a weak start to 2022 in the euro zone, as high confirmed cases and reimposed restrictions, particularly on contact-intensive service sectors, weigh on the economy in the first quarter increase.
Thursday (June 9) Keywords: European Central Bank interest rate decision, U.S. initial jobless claims for the week ended May 30
June 9 will usher in the European Central Bank interest rate decision. European Central Bank Governing Council member Robert Holzmann reiterated his call for faster policy normalization on Wednesday, stressing that a 50-basis-point rate hike early in this cycle would show the central bank is fully fighting inflation. Deutsche Bank expects the ECB to raise interest rates by 50 basis points, arguing that hawkish officials will tip their colleagues to the side of the need for a steeper rate hike to rein in inflation, a forecast that deviates from market consensus.
The labor market was tight, and the number of Americans filing for unemployment benefits edged lower last week. Data released by the U.S. Department of Labor on Thursday showed that the number of initial jobless claims fell by 11,000 to 200,000 in the week ended May 28 from the previous week, compared with a median economist forecast of 210,000. Continuing claims fell to 1.31 million in the week ended May 21, the lowest level since 1969.
On June 9, Bank of Canada Governor Macklem delivered a speech, and investors also need to pay attention.
Friday (June 10) Keywords: U.S. May CPI annual rate not seasonally adjusted
According to data released by the US Department of Labor on May 11, the US CPI rose 0.3% month-on-month in April and 8.3% year-on-year. U.S. inflation is at a 40-year high. Against the backdrop of persistently high inflation, since March this year, the Federal Reserve has begun its most aggressive round of interest rate hikes in more than 20 years. May data will be released on June 10, and it is expected to continue to rise.
Monday (June 6) Keywords: China's May foreign exchange reserves, China's May Caixin service industry PMI
According to data released by the State Administration of Foreign Exchange on May 7, as of the end of April 2022, my country's foreign exchange reserves were US$3,119.7 billion, a decrease of US$68.3 billion, or 2.14%, from the end of March. Regarding the future trend of the scale of foreign exchange reserves, Wen Bin, chief researcher of Minsheng Bank, said that the scale of my country's foreign exchange reserves will continue to remain basically stable. On the one hand, my country's economy has strong resilience and great potential, and its long-term positive fundamentals have not changed, which will support the stability of foreign exchange reserves. On the other hand, recent policies have continued to increase support for stable growth, which will help stabilize market expectations and boost market confidence.
With the tightening of epidemic prevention measures, the negative impact on the business activities of the service industry expanded in April, and the industry's prosperity further declined in the contraction range. The April Caixin China General Service Industry Business Activity Index (Service Industry PMI) released on May 5 recorded 36.2, down 5.8 percentage points from March and hitting a new low since March 2020 for the second consecutive month. On June 6, China's May Caixin service industry PMI will be announced, which is expected to remain relatively sluggish.
On June 6, the Seoul Stock Exchange in South Korea was closed for one day due to the day of "Hianzhong Day".
Tuesday (June 7) Keywords: US April trade account, RBA June interest rate decision
The U.S. trade balance recorded -$109.8 billion in March, the largest deficit on record. Institutional analysis said that US imports of goods surged, and the trade deficit hit a record high. The U.S. trade deficit widened to a record high in March, reflecting a surge in imports as companies relied on foreign producers to meet strong domestic demand. With U.S. demand outpacing economic activity in many other countries, improving the trade deficit in the short term will be difficult. The coronavirus lockdown in some Asian countries has further complicated the trade situation. Activity at some ports has slowed sharply, further straining already fragile global supply chains. The U.S. trade account for April will be released on June 7, and it is expected to continue to record negative values.
According to the survey, the market expects the RBA to raise the cash rate by 25 basis points to 0.60% at its June 7 meeting. In addition, the market expects the RBA to raise interest rates to 1.25% by the end of the third quarter of 2022, and to 1.75% by the end of 2022.
Wednesday (June 8) Keywords: API crude oil inventories changes in the United States for the week ended May 30, the final value of the quarterly GDP rate after seasonal adjustment in the first quarter of the euro zone, changes in EIA crude oil inventories in the United States for the week ended May 30
U.S. API crude oil inventories fell by 1.181 million barrels in the week to May 27. The U.S. EIA crude oil inventories fell by 5.068 million barrels to 414.7 million barrels in the week to May 27, a decrease of 1.2%, and the market expected a decrease of 1.35 million barrels. U.S. domestic crude production fell by 00,000 barrels to 11.9 million barrels per day last week. The latest data will be released on June 8, and inventories are expected to continue to decline.
The euro zone economy decelerated sharply in the fourth quarter of 2021, with an estimated growth rate of just 0.3% quarter-on-quarter, well below the 2.3% recorded in the previous three months. Markets are also not optimistic about the euro zone's start to 2022. Analysts at Oxford Economics expect a weak start to 2022 in the euro zone, as high confirmed cases and reimposed restrictions, particularly on contact-intensive service sectors, weigh on the economy in the first quarter increase.
Thursday (June 9) Keywords: European Central Bank interest rate decision, U.S. initial jobless claims for the week ended May 30
June 9 will usher in the European Central Bank interest rate decision. European Central Bank Governing Council member Robert Holzmann reiterated his call for faster policy normalization on Wednesday, stressing that a 50-basis-point rate hike early in this cycle would show the central bank is fully fighting inflation. Deutsche Bank expects the ECB to raise interest rates by 50 basis points, arguing that hawkish officials will tip their colleagues to the side of the need for a steeper rate hike to rein in inflation, a forecast that deviates from market consensus.
The labor market was tight, and the number of Americans filing for unemployment benefits edged lower last week. Data released by the U.S. Department of Labor on Thursday showed that the number of initial jobless claims fell by 11,000 to 200,000 in the week ended May 28 from the previous week, compared with a median economist forecast of 210,000. Continuing claims fell to 1.31 million in the week ended May 21, the lowest level since 1969.
On June 9, Bank of Canada Governor Macklem delivered a speech, and investors also need to pay attention.
Friday (June 10) Keywords: U.S. May CPI annual rate not seasonally adjusted
According to data released by the US Department of Labor on May 11, the US CPI rose 0.3% month-on-month in April and 8.3% year-on-year. U.S. inflation is at a 40-year high. Against the backdrop of persistently high inflation, since March this year, the Federal Reserve has begun its most aggressive round of interest rate hikes in more than 20 years. May data will be released on June 10, and it is expected to continue to rise.
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