Investors are cautious ahead US inflation data

While waiting for the ECB meeting, the main European indices point to a new day with hardly any changes. The market moves similar to the previous European sessions.

Shares remain at unusually low levels, and that gives continuity to what was seen in the Asian session today. The selectives in the region registered a mixed cut day without major changes.

The Stoxx600, the benchmark for Europe, is declining slightly by 0.4%. The most significant falls are being registered by listed companies linked to the mining and insurance sectors.  

After news that the US will ease restrictions on travel to countries like France or Germany, the tourism and leisure sectors are leading the gains. 

Analysts expect the market to be calm today amid expectations for tomorrow’s US data and the ECB meeting. These economic indicators are expected to send a message to reassure markets that inflation is temporary and that stimuli will remain.

Sell-off in the Indian Stock Market

There is a broad sell-off in the Indian stock market. The Sensex is down about 150 points, while the Nifty has dropped below 15,700.

All sector indices declined on Nifty. The auto sector has experienced the most significant losses of 1.5%. Power Grid, NTPC, HCL Tech, Asian Paint, Infosys are trying to support the benchmark. Meanwhile, RIL, ICICI Bank, L&T, Axis Bank, and Bajaj Finance are under selling pressure.

The beginning of the stock market was strong on the third trading day of the week. Sensex started with a gain of 126 points while Nifty added 26 points. Out of the 14 companies involved in BSE Power Sector, ten companies have seen increases in their shares. Adani Power’s stock raised by 9.22%.

Indian stock market closed with losses yesterday. The Sensex was down by 53 points, and Nifty settled with a drop of 11 points.

Wall Street closed mixed after an irregular session

Wall Street closed this Tuesday in the mixed ground. Dow Jones, its main indicator, declined by 0.09% after an irregular session focused on the economic recovery. 

At the close of the NYSE session, the Dow Jones contracted by 30.42 points, to 34,599.82. At the same time, the selective S&P 500 increased by a slight 0.02% or 0.74 points, to 4,227.26.

The Nasdaq Composite Index, listing the main technology companies, rose by 0.31% or 43.19 points, to 13,924.91.

By sectors, gains were led by non-essential goods companies (0.96%) and the energy sector (0.88%). Technology companies remained almost unchanged.

Utilities (-0.91%) and essential goods (-0.85%) sectors experienced the most significant losses. 

 

Available Jobs in the US totaled 9.3 million

The New York stock market generally wavered near the flat line.

The Labor Department disclosed Tuesday that available jobs rose to a record 9.3 million job openings in April. The figure is above expectations, while many companies are struggling to find workers.

In addition, after the US Centers for Disease Control and Prevention relaxed travel recommendations for more than a hundred countries, airline stocks rose.

Among the 30 Dow Jones stocks, the declines of Procter & Gamble (-1.16%) and Walgreens (-1.03%) stood out.

On the other hand, Chevron (0.91%), Honeywell (0.71%), and IBM (0.71%) settled with increases.

In the corporate space, Tesla shares slipped even after revealing it had delivered 33,463 Chinese-made vehicles in May. It has been a 29% jump from April.

Meanwhile, Delta Air Lines settled in the green on the back of an upgrade from analysts at Jefferies.

Besides, Boeing increased by 6.61% after Southwest Airlines agreed to expand its order for the firm’s smallest 737 Max model by almost three dozen planes amid a rebound in travel demand.

Moves from Reddit traders were in focus throughout the session. They turned their attention to Clover Health and Wendy’s, which increased by 

85.82% and 25.85%, respectively.

 

Seoul drops by 0.97% pending US inflation data

The Seoul Stock Exchange dropped today. Kospi, its main indicator, lost 0.97% in a day. The South Korean stock had been waiting for the publication of inflation data in the US.

The selective South Korean lost 31.95 points on Wednesday to stand at 3,216.18 units. Meanwhile, the Kosdaq technology stock index slipped by 0.74%, or 7.33 points, to close at 978.79 units.

No one wanted to take a chance in Seoul today while waiting for the US to release May inflation data on Thursday. It will offer more clues about the pace of recovery and the possibility of a change of cycle in monetary policy by the Federal Reserve.

Other important news of the day was the Bank of Korea’s announcement of the growth of the fourth Asian economy. BOK stated that the country’s economy grew by one-tenth to 1.7% in the first quarter of the year.

In turn, China’s producer price index (PPI) in May beat expectations, pointing to a macroeconomic acceleration.

The most valued stock for Kospi, the technological Samsung Electronics, closed today with a loss of 0.98%. At the same time, SK Hynix, the world’s second-largest memory chip manufacturer, contracted by 3.92%.

Naver, the operator of the largest South Korean internet portal, fell by 1.1%. However, Kakao, the country’s main instant messaging application owner, added 0.47% instead.

Biopharmaceutical Samsung Biologics decreased by 2.46%, and its competitor Celltrion lost 2.79% of its value.

Hyundai Motor, the largest national car manufacturer, declined by 1.64%.

 

The decline in Technology prompted Nikkei’s losses

Nikkei, the principal index of the Tokyo Stock Exchange, decreased by 0.35% this Wednesday. It resulted from the decline among technology companies and investors’ cautious stance regarding the publication of data from the United States.

The Topix lost 0.28% or 5.51 points to stand at 1,957.14.

The Tokyo stock market opened lower after the last Wall Street decline. It remained in negative territory throughout the session.