03 Jun

The US economic recovery has accelerated in recent weeks

June 3, 2021

by JustForex

The US stock market closed higher on Wednesday. The Dow Jones index rose by 0.07%, the S&P 500 added 0.14% and the NASDAQ also increased by 0.14%. BriaCell Therapeutics Corp (BCTX) and Koss Corporation (KOSS) were among the leaders, which increased by 94% and 68%. The US Federal Reserve released its Beige Book report yesterday, which indicated that the pace of economic growth slightly accelerated.

European stock indices also ended Wednesday’s trading with a rise. The British FTSE 100 added 0.39%, the German DAX increased by 0.23% and the French CAC 40 jumped by 0.49%. Europe is on the road to economic recovery. Ireland’s Ryanair Holdings is showing a good trend right now, with competitor Wizz Air Holdings Plc lagging behind. Also, the UK is negotiating with Australia to promote a free trade agreement.

The rise in gold prices has slowed. The price has entered a wide price range. Investors are waiting for the non-farms statistics to be released tomorrow. Negative data could result in a situation where investors would start shifting more funds into defensive assets such as gold and silver.

Oil prices continue to rise. With OPEC not planning to significantly increase production of “black gold,” the supply shortage will be preserved at least until late summer, pushing oil prices up. News on the US crude oil inventories and natural gas reserves are expected to be released today. Volatility will be higher than usual.

Asian indices rose slightly on Wednesday. Japan’s Nikkei added 0.4% and the broadest index of Asia-Pacific shares outside Japan, MSCI, rose to a three-month high. Australia plans to cut stimulus measures as early as next month. At the moment, the correlation between the Asian and the US stock markets is very high.

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Main market quotes:

S&P 500 (F) 4,208.12 +6.08 (+0.14%)

Dow Jones 34,600.38 +25.07 (+0.07%)

DAX 15,602.71 +35.35 (+0.23%)

FTSE 100 7,108.00 +27.54 (+0.39%)

USD Index 89.90 +0.07 (+0.08%)

Important events:
  • – Australia Retail Sales (m/m) at 04:30 (GMT+3);
  • – US ADP Non-Farm Employment Change at 15:15 (GMT+3);
  • – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
  • – US ISM Service PMI (m/m) at 17:00 (GMT+3);
  • – Natural Gas Storage (w/w) at 17:30 (GMT+3);
  • – US Crude Oil Reserves (w/w) at 18:00 (GMT+3);
  • – UK BOE Governor Andrew Bailey Speaks at 19:00 (GMT+3).

by JustForex

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.


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