Today’s Stock Exchanges, May 15th. Mixed price lists. ECB, economists expect higher rates for longer
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Mixed actions in a day full of political aftermath, from Thailand to Turkey, and with the focus still on the problem of the US debt ceiling, which is accompanied by mixed sensations on price trends. Inflation became an issue again on Friday as the University of Michigan’s household confidence survey showed consumer price expectations at a year high. In the usual Bloomberg survey on expectations for the ECB’s next moves, meanwhile, we see a peak in the deposit rate at 3.75% this summer. Now, however, the first cut in the cost of money is expected in the second quarter of 2023, while in the previous survey the first quarter was already thought of.
Mixed bags in Asia
Asian stock markets are proceeding in random order, awaiting tomorrow’s Chinese macro data (industrial production and retail sales) which should show an improvement in the Chinese economy in April compared to the previous month after a series of below-expected economic readings. The latest data on Beijing’s imports, inflation and manufacturing activity eased in April, indicating that the post-Covid rebound is weakening. In Tokyo the Nikkei rises by 0.64%, in China the Shanghai index loses 0.94% while the Hang Seng in Hong Kong gains 0.30%. Seoul lost 0.28% and Taiwan 0.21%.
Futures cautiously up on Wall Street
Wall Street futures are trying to rebound at the start of the week after closing negative on Friday, in the wake of the collapse in consumer confidence in the United States, which has dropped to a 6-month low. Dow Jones futures rose 0.14%, S&P 500 futures rose 0.15% and Nasdaq futures advanced 0.09%.
Declining oil
Oil prices started the week down as fears of a slowdown in the US economy and a slower-than-expected recovery in China weighed on the demand outlook. On the Asian markets, futures on WTI are traded at 69.40 dollars a barrel, down by 0.90%, those on Brent at 73.54 dollars (-0.83%). For the two benchmarks, this is the fourth consecutive week of declines. In the US, the latest data showed that consumer confidence fell to a six-month low in May and inflation expectations for the next five years were the highest since 2011. There is also anticipation for the next meeting between President Joe Biden and Congressional leaders on the debt ceiling to avert default. Investors are also awaiting key economic data from China to assess the sustainability of the country’s recovery from the pandemic crisis.
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