·
MSCI World 3450, SPX 5278, DJI 38686, Nasdaq 16735,
Shanghai Comp 3078, Hang Seng 18386, Nikkei 38941, EuroStoxx 5009, MSCI Asia
1351, FTSE 8288, CAC 8011, Nifty 23221, Sensex 76272
·
2Y UST 4.885%, 10Y UST 4.496%, 2Y CGB 1.755%, 10Y CGB 2.323%, LQD 106.89, EMB 89.05, HYG 77.13
·
SPGSCI 573.27, XAU $2324, XAG $30.15, WTI Crude
$77.11, Nat Gas $2.685,
·
DXY 104.64, ASIADOLR 90.41, EUR 1.0841, JPY 157.18, GBP
1.2721, AUD 0.6635, AUD/¥ 104.30
·
BTC $68890, ETH $3816, XRP $0.5212, SOL $165.03, BNB $625.17,
USDC $1.0005
·
VIX 13.24, EUR 3M Vol 5.4%, JPY 3M Vol 8.75%, GBP 3M
Vol 6.3%, XAU 3M Vol 13.4%
·
Economic Calendar
o ISM
Manufacturing PMI
o ADP
Non-Farm Payrolls
o BoC Rate
Decision
o US
Unemployment Rate
·
Earnings Calendar
o CrowdStrike
Holdings, CRWD
o Hewlett
Packard, HPE
·
No major movement from last week with the exception of
commodities such as oil and natural gas. VIX has popped lately with the
intraweek volatility. In particular, oil prices appear capped around 200 SMA which
suggest it might make another dip lower for a few weeks
·
China manufacturing PMI unexpectedly contracted to
49.5 in May versus expectations of 50.5 which caused some pullback in Asian
stocks. US PCE 2.8% matched expectations which restored confidence somewhat
that the disinflation trend remains on track despite slew of hawkish Fed
comments.
·
The Street talking about ETH surging to $4500 now
before ETF trading goes live. There lots of good volume and strong support
around 50-day EMA $3225. Fed President Kashkari still talking hawkish saying
“policymakers have not completely dismissed the possibility of further interest
rate increases”. NASDAQ has closed above $17k for the 1st time on
28/05. UBS raises XAG forecast to $38 per troy
ounce on the back of industrial demand which is expected to rise by 9%
due to the photovoltaic sector and mining shutdown in Peru.
·
Temu has dethroned Alibaba to become China’s most
valuable e-commerce company. Temu is the international version of Pindoduo both
owned by PDD. Bargain-hungry Americans have been flocking to Temu as it
continues to grow rapidly in the US whilst aggressively expanding to Australia,
NZ, France, Italy, Germany, Netherlands, Spain and the UK. Alibaba’s $4.5B
convertible bond sales oversubscribed allowing it to buy back its heavily beaten
down stock.
·
DBS Bank is a ETH whale according to on-chain analytics
firm Nansan amounting to 173,753 ETH which equals $647M position and $200M PnL.
Binance has announced its intention to delist altcoins OMG, WAVES, WNXM and NEM
due to sharp price declines. Coinbase followed Ripple and a16z in each giving a
new $25M to their political action committee, Fairshake as the US general
election 2024 approaches. Only 10.3% of total ETH supply is currently on
centralized crypto exchange, the lowest level in years. Appears to be triggered
by May 23 approval of spot Ether ETFs in the US signalling a potential upcoming
supply squeeze
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