Global Fundamental Analysis 22/06/2021

Global Fundamental Analysis 22/06/2021, FP Markets

Opening Call: The Australian share market is to open higher.

U.S. stocks bounced back after their worst week since October. The yield on the 10-year Treasury nudged higher to 1.50%. The WSJ Dollar Index fell to 86.7. Oil prices climbed to a fresh, 32-month-high, propelled by a weaker dollar and improved risk appetite. Gold prices rebounded partially from last week’s drop.

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Australian Market

Australia’s S&P/ASX 200 retreated 1.8%, slumping to its worst daily loss in more than a month as investors mulled the possibility that central banks will raise interest rates sooner than previously thought. Financial stocks led losses as the benchmark notched its biggest percentage loss since May 19.

US Market

U.S. stocks rallied, lifting the Dow Jones Industrial Average by more than 500 points, as shares of everything from banks to manufacturers moved higher.  

The Dow Jones Industrial Average rose 1.8%. The S&P 500 added 1.4% and the Nasdaq Composite climbed 0.8%.  

The session’s moves marked a comeback for stocks after investor anxieties about the Federal Reserve’s path for monetary policy sent the Dow on its biggest decline since the week through Oct 30.  

Initial worries centred around the fact that the Fed officials signalled they may raise interest rates sooner than they had previously anticipated, due to the economy rebounding faster than they thought it would. Investors optimistic about stocks say that faster growth and inflation in the coming months are likely to support the market overall, even if long-term rates rise slightly.

Commodities

Gold futures also rose, with the precious metal scoring a partial rebound from its steepest weekly decline since March 2020.  

Bullion’s gains came as a surge in the U.S. dollar receded somewhat after hitting its highest level in around 10 weeks and posting its sharpest weekly rise in over a year.  

August gold futures rose 0.8% to settle at $1,782.90 an ounce, after the metal saw a weekly loss of 5.9%, marking the largest such loss for a most active contract since the week ended March 13, 2020, according to FactSet data.

Oil Futures

Oil futures sharply rose, sending the U.S. and global benchmark crude prices to their highest finish since 2018, on expectations that talks toward restoring the Iran nuclear deal will drag on following the country’s presidential election late last week and amid continued recovery in energy demand.  

Front-month West Texas Intermediate crude for July delivery tacked on 2.8% to settle at $73.66 barrel on the New York Mercantile Exchange.  

August Brent crude, the global benchmark, rose 1.9% to $74.90 a barrel on ICE Futures Europe.

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The Euro and commodity currencies were generally firmer against the US dollar in European and US trade. The Euro rose from lows near US$1.1850 to highs near US$1.1920 and was near highs
at the US close. The Aussie dollar rose from lows near US74.90 cents to session highs near US75.45 cents and was near US75.40 cents at the US close. But the Japanese yen eased from near 109.73
yen per US dollar to JPY110.32 and was near the weakest levels at the US close.

European Markets

European sharemarkets ended firmer on Monday. Investors attributed the gains to encouraging comments on the economic recovery from the head of the European Central Bank, Christine Lagarde. Autos rose by 3%, chemicals rose by 1.7% and basic resources rose by 1.3%. In the UK, shares in the fourth-largest grocer, Morrisons, rose 34.6% after rejecting a takeover offer. Shares in
rivals, Tesco and Sainsbury also rose. The pan-European STOXX 600 index rose by 0.7%. The German Dax index rebounded 1.0%. And the UK FTSE index lifted 0.6%. In London trade, shares in Rio Tinto fell by 0.3% but shares in BHP rose by 1.2%.

Asian Markets

Earlier Monday, Chinese stocks advanced, outperforming regional markets, thanks to gains in the aerospace sector and steelmakers. The Shanghai Composite Index rose 0.1%, the Shenzhen Composite Index rallied for the third session with a 0.7% gain, while the ChiNext Price Index added 1.0%.  

However, Hong Kong’s Hang Seng Index lost 1.1% lower, in line with broad declines among other Asian equities as investors continued to digest the Fed’s hawkish turn last week. Tech stocks contributed to the losses.  

Japanese stocks ended broadly lower, hit by growing concerns about a potential U.S. policy rate increase. The Nikkei Stock Average fell 3.3%, its biggest percentage point drop since Feb. 26.

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