Morning Digest: Cautious Start with Commodities Declining

London: 30 May 2024 (TraderMade): Welcome to today’s Morning Digest! Global financial markets showcase a cautious start this morning. JPY & CHF gained, NZD & NOK declined in forex. Global indices were mostly down. Energy and Metals lost shine. Let’s take a glance at sector-wise details:

Key Takeaways

• Forex: JPY (Up 0.35%) & CHF (Up 0.05%) gained, while NZD (Down 0.35%) & NOK (Down 0.29%) declined against the USD today.
• Asia-Pacific Declined: Nikkei (JPN225) dipped 0.23%, Hang Seng (HKG33) dipped 0.95% today.
• European Indices Flat: FTSE (UK100), CAC (FRA40), and DAX (GER30) traded flat at writing time.
• US Markets Dipped: S&P 500 (SPX500) was down 0.33%, Nasdaq (NAS100) was down 1.5%, Dow Jones (USA30) was down 1.98%.
• Energy Markets Mixed: Brent Crude (UKOIL) dipped 0.32%, WTI Crude (OIL) dipped 0.37%, yet Natural gas (NATGAS) surged 0.6%.
• Precious Metals Lost Shine: Gold (XAUUSD) dipped 0.58%, Silver (XAGUSD) plummeted 2.22%

G10 Forex

JPY & CHF are Top Gainers

In the G10 FX Market, Japanese Yen (JPY: Surged 0.35%) and Swiss Francs (CHF: Soared 0.05%) are the top gainers today versus the dollar (USD).

NZD & NOK are Top Laggers

The New Zealand Dollar (NZD: Dipped 0.35%) and the Norwegian Krone (NOK: Slipped 0.29%) are the top losers compared to the dollar (USD).

Forex Daily Pivot Points

Global Indices Mostly Down

Asian Markets Dipped

Today, Asian equities markets were weak. The Nikkei 225 was trading at 37976.0, down 0.23%, and the Hang Seng was trading at 18237.5, down 0.95%.

European Indices Flat

• The UK’s FTSE 100 (UK100) trades flat at 8172.7 at writing time.
• France’s CAC 40 (FRA40) trades flat at 7927.7.
• Germany’s DAX 30 (GER30) trades flat at 18449.5.

US Equities Futures Dipped

Looking at Equity Futures so far, The SP500 Futures was trading at 5241.75, down 0.27%.

Popular US Indices Lost Ground

• Standard & Poor’s 500 (SPX500) dipped 0.33% to 5240.95.
• Nasdaq (NAS100) plummeted 1.5% to 18615.9.
• Dow Jones Industrial Average (USA30) followed suit to slip 1.98% to 38096.

Energy Markets Cool Down

Crude Oil Futures Slipped

In the energy space, oil futures trade is weak today. The WTI Crude Futures was trading at 78.885, down 0.2%. The Brent Crude Futures was trading at 83.22, down 0.23%.

Crude Oil Spot Prices Declined, Natural Gas Surged

• Brent Crude (UKOIL) dipped 0.32% to $83.14 a barrel.
• WTI Crude (OIL) slipped 0.37% to $78.83 a barrel.
• Natural Gas (NATGAS) surged 0.6% to $2.672/MMBtu.

Precious Metals Lost Shine

• Gold (XAUUSD) dipped 0.58% to 2324.5815.
• Silver (XAGUSD) plummeted 2.22% to 31.264.

To Summarize

Another day of a cautious start, with global indices and commodities dipping at the morning bell. Yet, this is just the beginning of the trading day when the markets await the United States’ GDP Growth Rate (Quarter-to-Quarter) Estimate that may change the dynamics in the second half of the day. Stay tuned for more updates as the trading day unfolds.