Global Market Report - 08 Jun 2022

Gold Spot

Gold prices rose on Tuesday after mounting inflation concerns boosted safe-haven bids for the precious metal and as a decline in U.S. Treasury yields added support. World shares and bond yields dipped from recent highs as a surprise 50-basis-point rate increase in Australia raised concern over policy tightening ahead of a European Central Bank meeting this week. Although gold is considered a hedge against higher inflation, interest rate hikes remain a potential headwind since that translates into a higher opportunity cost of holding non-yielding bullion.

Technical Resistance: 1862/1878

Technical support: 1840/1830

Market headlines:

Economic data:                

  • 2022 Malaysia time 4:30 Pm – U.K. Construction PMI (May)

Stocks rebound on Target inflation angle; bond yields slip

World shares rebounded on Tuesday on the notion inflation may be peaking after Target Corp said it would offer deep discounts to clear inventory as consumers change their shopping habits, while Treasury yields fell after a surprise rate hike in Australia. Target (TGT.N), a major retail chain, cut its quarterly profit margin forecast and said it would mark down prices in the second quarter in a surprise revision that sent shares of the retailer 2.31% lower.

Dollar dips as hopes rise that inflation has peaked

The U.S. dollar index retreated from earlier highs and fell on Tuesday as Wall Street stocks erased initial declines amid growing hopes that inflation may have peaked, but the greenback managed to hit its highest level in 20 years against the Japanese yen. Longer-dated U.S. Treasury yields, which hit a 3-1/2 week high overnight on concerns the Federal Reserve will continue on its aggressive rate hike path as it seeks to combat inflation, also eased as a tapering off of inflation could slow the central bank's hiking plans.

Asian stock valuations dip to 26-month low on slowdown worries

Asian equities' valuations dropped to a more than two-year low at the end of May, as regional shares were hit by concerns over monetary tightening measures by major central banks and supply chain disruptions. The MSCI Asia-Pacific index's (.MIAP00000PUS) forward 12-month price-to-earnings ratio (P/E) stood at 12.6 at the end of last month, the lowest since March 2020, according to Refinitiv data. Regional shares have faced bigger declines this year, as higher inflation levels stoked recession worries and lockdowns in China pushed manufacturers in countries ranging from Japan to South Korea to slow production activity.

Source: Bloomberg, Investing.com, Reuters

黄金现货

周二金价上涨,此前通胀担忧加剧了对贵金属的避险买盘,而且美国国债收益率下降增加了支撑。 全球股市和债券收益率从近期高位回落,因澳大利亚意外加息 50 个基点,引发了对本周欧洲央行会议前政策收紧的担忧。 尽管黄金被认为是对冲较高通胀的工具,但加息仍然是潜在的不利因素,因为这会转化为持有无收益金条的更高机会成本。

技术阻力:1862/1878

技术支持 :1840/1830

主要头条:

• 股票在目标通胀角度反弹; 债券收益率下滑

• 通胀已见顶的希望升温,美元下跌

• 亚洲股市估值因经济放缓担忧跌至 26 个月低点

• 美元兑马币交易 4.3960

经济数据:

  • 2022年6月8日,马来西亚时间 12:30 pm –印度利率决议
  • 2022年6月8日,马来西亚时间 4:30 pm – 英国建筑业PMI (五月)
  • 2022年6月8日,马来西亚时间 10:30 pm – 美国当周EIA原油库存变动(桶)

股票在目标通胀角度反弹; 债券收益率下滑

全球股市周二反弹,因认为通胀可能已见顶,此前 Target Corp 表示,随着消费者改变购物习惯,将提供大幅折扣以清理库存,而美国国债收益率在澳大利亚意外加息后下跌。 大型零售连锁店 Target (TGT.N) 下调了季度利润率预测,并表示将在第二季度下调价格,出人意料的修正导致该零售商股价下跌 2.31%

通胀已见顶的希望升温,美元下跌

美元指数从早些时候的高点回落,周二下跌,因为华尔街股市在通胀可能已经见顶的希望越来越大的情况下抹去最初的跌幅,但美元兑日元汇率成功触及 20 年来的最高水平。 较长期美国国债收益率在隔夜触及 3-1/2 周高点,因担心美联储将继续积极加息以寻求对抗通胀,但也有所缓解,因为通胀逐渐减弱可能会减缓中央 银行的远足计划。

亚洲股市估值因经济放缓担忧跌至 26 个月低点

亚洲股市的估值在 5 月底跌至逾两年低点,原因是对主要央行收紧货币政策的担忧和供应链中断的担忧打击了亚洲股市。 根据路孚特数据,截至上月底,MSCI 亚太指数 (.MIAP00000PUS) 的 12 个月远期市盈率 (P/E) 为 12.6,为 2020 年 3 月以来的最低水平。 由于通胀水平上升引发了对经济衰退的担忧,以及中国的封锁措施促使日本和韩国等国家的制造商放缓生产活动,区域股市今年的跌幅更大。资料来源: Bloomberg, Investing.com, Reuters

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