European Stocks Near Record High, US Futures Advance – May 24

    Treasuries, USD Steady, while Bitcoin Climbs above $35,000

    Supported by investors’ belief that the Federal Reserve would maintain monetary support in coming months, US equity-index futures rose on Monday. S&P 500 contracts and Nasdaq 100 gauges were in the positive territory, after US stocks ended the trading week mixed. 

    European stocks traded at record highs, as investors expressed belief in the global economic recovery and in the strength of corporate earnings. The STOXX 600 Index added 0.2% to 445.10 points, falling just slightly short of the record 446.19 points. Japanese shares edged higher, and so did the Chinese and Australian markets. Shares in Hong Kong decreased. 

    Treasuries and the US dollar were steady on Monday. After a turbulent weekend, Bitcoin climbed above $35,000. China, with its crackdown on commodity speculations, negatively affected the prices of several commodities. Steel lost 5%. Iron ore dropped so low that it nearly reached the daily limit. 

    Western Texas Intermediate crude oil soared above $64 a barrel, brought higher by investors’ optimism that the US is recovering from the coronavirus pandemic. The major focus of investors’ attention was the US-Iran talks to revive the 2015 Iranian nuclear deal that, some analysts believe, would increase global oil supply. 

    Traders should watch the following moves in the markets on Monday:


    The STOXX 600 Index added 0.2% to 445.10 points, falling just slightly short of the record 446.19 points. Futures on the S&P 500 advanced 0.4%. Nasdaq 100 futures surged 0.5%. Futures on the Dow Jones Industrial Average jumped 0.4%. The MSCI Asia Pacific Index edged 0.1% higher. The MSCI Emerging Markets Index retreated 0.2%. 


    The euro jumped 0.2% to trade at $1.2202. The Japanese yen advanced 0.2% to 108.77 per dollar. The offshore yuan inched 0.1% up to trade at 6.4285 per dollar. The British pound remained unchanged trading at $1.4156. The risk-sensitive AUD/USD pair crowled 0.05% down to 0.7728. USD/CAD changed hands at 1.2062, down 0.03%. The USD/CHF pair shed 0.07% to trade at 0.8973. 


    WTI added 2.04% to trade at $ 64.88 a barrel. Brent oil was 2.02% up to $67.69 per barrel. Gold surged 0.29% to $1.882.15 per ounce. Silver advanced 1.16% to $27.80 per ounce. Platinum gave up 0.05% to $1,171.62 per ounce. Copper climbed 0.49% to $450.30. 


    The yield on 10-year Treasuries was little changed at 1.61%. Germany’s 10-year yield also did not change during the trading session trading at -0.14%. Britain’s 10-year yield lost two basis points to 0.81%. 

    Looking forward

    • Bank of Indonesia rate decision is made on Tuesday, Reserve Bank of New Zealand policy decision is announced on Wednesday, and Bank of Korea rate decision is published on Thursday.
    • CEOs of the largest U.S. banks, including JPMorgan and Goldman Sachs, will testify before lawmakers in the Senate Banking and House Financial Services committees on Wednesday.
    • U.S. initial jobless claims, GDP, durable goods, pending home sales are unveiled on Thursday.

    Have a productive trading day!

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