Rising in America
The mood on the overseas stock markets is particularly good, investors can be happy primarily with the latest unemployment data ahead of next week’s central bank meeting. The S&P 500 rose 0.4 percent, while the Nasdaq jumped nearly 1 percent and the Dow rose 0.19 percent.
European stock markets had a mixed day
The leading European stock indexes did not really find their way today, in addition to the 0.2 percent rise of the DAX, the FTSE 100 closed down 0.3 percent, while the CAC rose by 0.3 percent. The stock markets therefore largely digested the information published in the morning dataon the basis of which the euro area entered a technical recession in the first three months of the year, as the revision of the gross domestic product showed a decrease of 0.1% in the previous two quarters.
The OTP is out
BUX significantly outperformed in Europe today, after the OTP exchange rate rose sharply in the afternoon. This is interesting from the point of view that, on the one hand, there was no concrete news from the bank, and the regional bank shares did not perform particularly well today, however, it is worth noting that the bank bought a large amount of its own shares in recent days, which could have supported the exchange rate even today , and in addition, the quotation broke through important resistances today, which also helped the rise, moreover, closing above the HUF 11,500 level is also a positive sign for the future.
Overall, BUX rose by 1.1 percent, while OTP rose by 3.3 percent and Mol by 0.8 percent. Richter’s share price, on the other hand, fell by 1.3 percent, and Magyar Telekom closed down 0.1 percent.
Careful movements in the USA
A minimal increase can be seen on the American stock markets after the opening, the Dow rose by 0.2 percent, while the S&P 500 and the Nasdaq rose by 0.1 percent. On the positive side, the market may be affected by the fact that, according to recent data, the number of first-time unemployment benefit applications rose to 261,000 in the week ending June 3, which is a nearly two-year high and exceeded analysts’ expectations. The data points to a cooling of the labor market, which is positive from the Fed’s policy point of view.
A small rise
By early afternoon, there is a minimal improvement in sentiment on the stock markets, but we still cannot speak of definite movements, as the movements are restrained. After the outperformance of the past few days, the Hungarian stock market is only in the middle ground today, while the blue chips perform mixed. The 0.9 percent rise of the OTP has a positive effect, and the 1.2 percent fall of the Richter has a negative effect on the value of the BUX.
In the morning trading, there was still no definite direction on the stock exchanges, overall the movements on the region’s stock exchanges were mixed. The uncertainty is well represented by the fact that the Stoxx 600 index covering the continent is only a few points away from yesterday’s closing value.
There is no definite direction
As in the past few days, the day started with a search for direction on the European stock exchanges, the DAX and CAC fell by 0.1 percent, while the FTSE 100 rose by 0.1 percent. Meanwhile, Spain’s leading stock index is down a few points from yesterday’s closing value, and the Milan stock market fell 0.1 percent.
You can also find directions today
What are the current events on the stock exchanges?
- The leading American stock indexes closed mixed yesterday, the Dow Jones ended up 0.3 percent, the S&P 500 fell 0.4 percent, while the Nasdaq was down 1.8 percent.
- Asian stock markets are showing a bullish mood this morning, the Nikkei fell 1.05 percent, the Hang Seng is down 0.08 percent, while the CSI 300 is up 0.42 percent.
- The day can start with a search for direction on the European stock exchanges, based on the current state of the future stock indices, the DAX may open 0.18 percent lower, the CAC may fall by 0.01 percent, while the FTSE may rise by 0.06 percent.
- American stock markets may open with a fall, based on the current state of the future stock indexes, the Dow Jones may fall by 0.1 percent, the S&P 500 may fall by 0.14 percent, while the Nasdaq may fall by 0.36 percent.
What can be expected on the macro front?
The Hungarian inflation data is coming today, but two other important data are also coming: the first estimate of Hungarian foreign trade for April and the release of the Hungarian public finances figures at the end of May. Abroad, Eurostat presents the revised figures of the GDP of the euro zone and the ranking of the member states.
|June 5-11, 2023 macro calendar|
|June||6.||Tuesday||8:30 a.m||KSH||Retail trade||apr.|
|June||6.||Tuesday||11:30 a.m||AKK||3-month dkj auction|
|June||7.||Wednesday||8:30 a.m||MNB||International reserves||liver.|
|June||7.||Wednesday||8:30 a.m||MNB||Securities statistics||apr.|
|June||7.||Wednesday||8:30 a.m||KSH||Industry (first estimate)||apr.|
|June||8.||Thursday||8:30 a.m||KSH||Foreign trade (first estimate)||apr.|
|June||8.||Thursday||11:00 a.m||KSH||Preliminary VAT||liver.|
|June||5.||Monday||3:45 a.m||China||Caixin BMI Serv.||liver.|
|June||5.||Monday||4:00 p.m||USA||ISM BMI Serv.||liver.|
|June||5.||Monday||4:00 p.m||USA||Factory orders||apr.|
|June||6.||Tuesday||8:00 a.m||German.||Factory orders||apr.|
|June||6.||Tuesday||11:00 a.m||EU||Retail trade||apr.|
|June||7.||Wednesday||5:00 a.m||China||Foreign trade||liver.|
|June||7.||Wednesday||2:30 p.m||USA||Foreign trade||apr.|
|Source: Portfolio collection|
What has happened on the stock markets so far?
- Among the leading American, Asian, European and regional stock indexes this year, the Nasdaq index is at the top with a 30.7 percent shift, the Hang Seng index is the driving force with a 2.7 percent fall.
- Among domestic blue chips, Magyar Telekom’s share performed best this year with a 21.1 percent increase, and Richter’s paper is at the bottom of the list with a 2.9 percent increase.
- Among the most important raw materials, the price of gold has risen by 7.8 percent since the beginning of the year.
|More important instruments|
|Exchange rate||One day||1 week||1 month||This year||1 year||5 years|
|US stock indices|
|Asian stock indices|
|European stock indices|
|Regional stock indices|
|Hungarian blue chips|
|10-year US Treasury yield||3.79||2.8%||4.0%||10.4%||-1.1%||27.7%||29.6%|
|10-year German government bond yield||2.45||3.4%||7.7%||6.6%||-4.5%||90.1%||398.4%|
|10-year Hungarian government bond yield||7.52||1.2%||-6.5%||-4.2%||-18.7%||3.0%||139.5%|
|Source: Refinitiv, Portfolio|
Cover image source: Shutterstock