|
v IMF
downgrades its global growth forecasts for 2015 to 3.3% from 3.5%
v Germany's
trade surplus widen in May as exports grow faster than imports
v Bank
of England keeps its policy rate unchanged at 0.5%
v Bank
Negara Malaysia maintains the overnight policy rate at 3.25%
v The
value of Japan's core machinery orders rise to a 7-year high in May
v China's
inflation increases in June as both food and non-food prices move
higher
|
|
OVERNIGHT MARKET
UPDATE:
|
·
Global – IMF downgraded its global growth forecasts for 2015 to
3.3% from 3.5% citing sluggish economic activity in the US during the first
quarter and slowdown in the emerging market economies. According to the IMF,
underlying drivers for a gradual acceleration in economic activity in advanced
economies remain intact.
·
US – The jobless claims climbed to 297,000, the highest level in
over four months, an increase of 15,000 from the previous week’s revised level
of 282,000. Despite the increase, the four week remains at a still low 279,000.
·
Euro area – Germany's trade surplus widened in May as exports
grew faster than imports. In seasonally-adjusted terms, Germany May exports
increased 1.7% on monthly basis to EUR102.1 billion. Meanwhile, imports grew by
0.5 %, leaving a trade surplus of EUR22.8 billion.
·
UK – Bank of England kept its policy rate unchanged at 0.5%
while maintaining the size of the Asset Purchase Programme at GBP375 billion.
·
Greece – The Greek Government has submitted a new proposal to
creditors. Prime Minister Tsipras is expected to meet Syriza lawmakers to
discuss the reform proposals.
·
Currency – A relatively quiet session with EUR marginally weaker
and most other currencies relatively stable.
·
Equity – Following the rebound in Chinese equities, most major
European bourses rose by more than 2%. US equities were up on the day as well.
·
Rate – Bond yields rose across core markets like the US, UK and
Germany, with traders and newswires attributing the rise to the rebound in
Chinese equities.
·
Energy – Brent gained the most in four weeks while WTI also
halted a five-day losing streak as the Shanghai Composite Index surged. EIA
data that showed strong demand for gasoline has continued in the US helped to
support the recovery as well.
Precious Metal – Gold prices ended lower on as investors opting for the
riskier equity assets after global markets rebounded and also the pressure of
stronger dollar.|
INDICATIVE MAJOR CURRENCIES
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