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Breakfast Bites - Tue May 30, 2023

Rise and shine everyone.

The market is trading higher this morning with news of a debt ceiling deal in place. The US Dollar is mostly flat. Copper and oil is lower while Gold is trying to recover. Bitcoin is higher trading close to $28,000. While the shorter end of the curve is higher, the long end has dipped again inverting the yield curve further to -0.79%.

We are at the tail end of earnings season with a few interesting tech and retail names reporting this week. Finally, we end the week with unemployment data released on Friday.

Asia and Australia

  • Asian equities ended mixed Tuesday.

  • Chinese equities in bear market territory after Hang Seng China Enterprises index extended retreat from late-Jan peak to 20%

  • Japan unemployment rate falls for first time in three months, boding well for wage growth

  • Hong Kong banks borrow largest amount of short-term cash from HKMA's discount window since Jan-2021

  • Australian building approvals drop to lowest in 11-years

Europe, Middle East, Africa

  • European equity markets mixed with the Stoxx 600 and Germany higher. UK and France lower.

  • Spanish inflation slowed more than expected to nearly a two-year low in May

  • UK shop prices hit new record but food prices ease

  • Eurozone M3 money supply growth continued to trend lower in April, up 1.9% y/y versus consensus 2.1% and prior 2.5% gain

  • Eurozone sees further signs of slowdown in credit creation, with loans to households up 2.5% versus prior 2.9%, while loans to non-financial firms at 4.6% from 5.2%.

The Americas

  • White House and GOP leaders confident they have enough votes to pass debt ceiling agreement

  • Wall Street lenders return to funding leveraged buyouts after painful year in which fees were hit hard


(news taken from Reuters, FT, Bloomberg; Calendar from Trading Economics)


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