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European indices are preparing to open a new day of gains. In the case of Ibex 35, this will be the fourth positive session in a row, although yesterday’s close was more in the charts. Today, selective futures are up 0.6% and the index will start at 8,631 points.
The session in Asian markets was bearish. Investors in Asia remain similarly concerned about growth being hurt by the effects of China’s ongoing Covid-19 lockdown, which threatens to undermine recent stimulus measures in the world’s second-largest economy.
“In Asia, the debate among investors is centered on whether or not China’s easing policies are sufficient to offset downward pressures,” Stephen Innes of SBI Asset Management said in a note captured by Reuters.
Overnight, Wall Street was reeling from weak housing and manufacturing data, while US central bankers backed two massive interest rate increases early in June and July to fight inflation at 40-year highs. The Nasdaq Composite fell 2.35% and the S&P 500 lost 0.81%.
US new home sales fell 16.6% month-on-month in April, the biggest drop in nine years, causing US Treasury yields to drop to one-month lows as investors again turned to safety. The benchmark 10-year bond has a 2.766% yield and a 2-year yield of 2.522%.
But Atlanta Fed President Rafael Bostick warned that rapid rate increases could create “significant economic disruption” and was among a handful of Fed policymakers who favor slowing the pace of rate increases later in the year if inflation subsides.
Today, the macro agenda brings the preliminary data of the leading indicators of activity for the month of May in the US, which will be known at 5:45 am PT. In the previous month, the manufacturing PMI posted a slight decrease of 0.5 points to 59.2 points, and given the deterioration of the current situation, a larger decline is expected to 58.2 points.
Then, at 20:00 peninsula time, members’ meeting minutes Federal Open Market Committee (FOMC) On May 4, the Federal Reserve decided to increase the level of official interest rates by 50 basis points.
Oil prices rose more than 1% on the possibility of tight supplies.
US crude futures rose to $111.05 a barrel and Brent crude rose to $114.86.
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