{"id":18268,"date":"2023-06-05T06:41:46","date_gmt":"2023-06-05T10:41:46","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/marketmind-jobs-glow-crude-pops-dollar-lifts\/"},"modified":"2023-06-05T06:41:47","modified_gmt":"2023-06-05T10:41:47","slug":"marketmind-jobs-glow-crude-pops-dollar-lifts","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=18268","title":{"rendered":"Marketmind: Jobs glow, crude pops, dollar lifts"},"content":{"rendered":"
\n

A look at the day ahead in U.S. and global markets from Mike Dolan<\/p>\n

World markets retained a warm afterglow from Friday’s shining U.S. employment reading, with only minor gains in prices on Saudi Arabia’s output cut clouding the picture. <\/p>\n

A forecast-busting May payrolls gain, coupled with signs of cooling wage growth, provided investors with a “soft landing” economic narrative that complemented relief over last week’s government debt ceiling resolution.<\/p>\n

With the Federal Reserve moving into a blackout period ahead of a June 14 policy decision, futures markets only see just over a one-in-four chance of another rate hike this month – though one final quarter point rise in July is still largely priced.<\/p>\n

The combined picture was enough to lift the and Nasdaq to their highest in almost 10 months on Friday – with retaining those gains ahead of Monday’s open.<\/p>\n

Remarkably, Wall St’s “fear index”, the gauge of implied equity volatility, recorded its lowest close since before the pandemic hit more than three years ago.<\/p>\n

While Big Tech stocks have led the way this year with gains of more than 65% – and Apple (NASDAQ:) coming within a whisker of reclaiming record highs last week – stock gains showed some sign of broadening at last.<\/p>\n

The Index of small cap stocks outperformed both the S&P500 and Nasdaq and is now up some 4% for the year so far.<\/p>\n

MSCI’s all-country index hit its highest in more than a year on Monday.<\/p>\n

And the dollar climbed across the board.<\/p>\n

While prices popped up about $1 per barrel on the Saudi output cut plans, the move was limited and year-on-year crude losses continue to clock some 35%.<\/p>\n

May U.S. service sector readings dominate the Monday diary, as does the likely start of Treasury rebuilding its depleted coffers with 3- and 6-month bill auctions. U.S. 2-year Treasury yields nudged higher to 3.75% on Monday.<\/p>\n

Soundings from China’s service sector earlier helped partly to offset fears that dour factory readings questioned its post-COVID recovery. European equivalents were more downbeat.<\/p>\n

As midyear investment outlooks stream in, Morgan Stanley <\/span><\/span> (NYSE:)’s global take sees developed market government bonds, Asia equities and the dollar all outperforming over the remainder of the year – but it spotlighted “front loaded” risk to growth, earnings and policy that make it something of a “crunch time”.<\/p>\n

Elsewhere, U.S. regulators are preparing to tighten rules for large banks, which could raise their capital requirements by 20% on average after a spate of midsize bank failures this year, the Wall Street Journal reported on Monday.<\/p>\n

slid almost 1% on Monday to weaken past 21 per dollar, in a shaky initial reaction to the appointment of highly-regarded Mehmet Simsek as finance minister.<\/p>\n

Events to watch for later on Monday:<\/p>\n

* U.S. ISM and S&P Global (NYSE:) May service sector surveys, April factory goods orders<\/p>\n

* European Central Bank President Christine Lagarde speaks to European Parliament; Cleveland Federal Reserve President Loretta Mester speaks at conference opening <\/p>\n

* U.S. Treasury auctions 3- and 6-month bills <\/p>\n

(By Mike Dolan, editing by Sharon Singleton; mike.dolan@thomsonreuters.com. Twitter: @reutersMikeD)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A look at the day ahead in U.S. and global markets from Mike Dolan World markets retained a warm afterglow from Friday’s shining U.S. employment reading, with only minor gains in prices on Saudi Arabia’s output cut clouding the picture. 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