June starts with a sweet breeze of optimism | MarketTalk: What’s up today? | Swissquote
Show notes
OPEC+ announced on Sunday that it will extend supply cuts to the Q3 but will gradually return barrels to the market over the following 12 months. The barrel of US crude fell to $76.50 at the weekly open before rebounding toward the $77pb on the back of a stronger-than-expected Chinese manufacturing PMI, with the Caixin index pointing at the strongest expansion in nearly 2 years.
In India, the Nifty 50 jumped to a fresh record, and the rupee rallied as exit polls for the Indian election hinted at a clear-cut victory for PM Modi’s party.
The combination of Friday’s soft US inflation data, OPEC’s hint on softer supply policy, the Chinese PMI figure and the positive reaction to the Indian election results paint the market in green this Monday as investors will be closely watching the Bank of Canada (BoC) and the European Central Bank (ECB) decisions (expect 25bp rate cut at both meetings) and the US jobs data this week.
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