Positive sentiment was evenly spread across regional markets, with US stocks registering year-to-date highs (mainly thanks to the help of Tech sector giants); fueled by bets the Federal Reserve will finally put the brakes on interest rate hikes. The MSCI world stock index recorded a 13-month high, gaining a weekly gain of 0.6%. As reported by Refinitiv, the S&P500 has now posted a 20% gain since its 12 October low, confirming this is a bull market. Market participants are now pricing in a 73% chance that the Fed will hold rates at 5-5.25% in its FOMC Meeting decision on June 15th in the morning. This morning, Japan has reported its producer-level inflation (May PPI) which turned out to fall below expectations. Indonesia will monitor the Consumer Confidence (May) data, versus April’s reading of 126.1. Later tonight it will be interesting to watch US Consumer Inflation Expectations, versus the previous reading of 4.4%.
NHKSI RESEARCH estimates that the bullish atmosphere that is increasingly felt on JCI will be able to take place again today, where JCI has a chance to continue rising to 6735- 6765, trying to break the crucial Resistance and MA50. Investors/traders are advised to Average Up accordingly.
Download full report HERE.
