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June 16th - U.S. stocks closed Monday with the Dow Jones Industrial Average up 0.9%, the S&P 500 up 1.66%, and the Nasdaq Composite up 3.07%. SpaceX (SPCX.O) surged nearly 20%, pushing its market capitalization above $2.5 trillion. Nvidia (NVDA.O) rose over 3%, and Oracle (ORCL.N) climbed over 4%. The Nasdaq China Golden Dragon Index closed up 0.3%, and iQiyi (IQ.O) gained nearly 2%.On June 16, Israeli Prime Minister Benjamin Netanyahu said on June 15 that Israel "does not know" the specific contents of the agreement reached between the United States and Iran. Netanyahu stated that regardless of whether an agreement is reached, "Iran will not possess nuclear weapons." He also said that the Israeli attack caused "enormous damage" to Iran.Hang Seng Index futures closed down 0.13% at 24,799 points in overnight trading, a discount of 44 points.As of the 2:30 closing bell, the main Shanghai gold futures contract rose 1.77%, the main Shanghai silver futures contract rose 2.49%, and the main SC crude oil futures contract fell 1.96%.June 16th - Nvidia is expected to raise $25 billion through an investment-grade bond issuance, with subscription demand exceeding three times the planned offering size, highlighting investors eagerness to profit from artificial intelligence. According to sources familiar with the matter, the bond issuance attracted subscriptions of up to $85 billion. Other sources indicated that Nvidia will issue the bonds in seven tranches with maturities ranging from 2 to 30 years. The sources also stated that the yield on the longest-term bond is priced approximately 0.65 percentage points higher than the yield on US Treasury bonds. The sources further indicated that the funds raised will be used for purposes such as refinancing existing debt. This will be Nvidias first investment-grade bond issuance in five years.

USD/CHF Consolidates Around 0.9040 As Attention Shifts To US Inflation

Daniel Rogers

Apr 10, 2023 14:27

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The USD/CHF pair continues to trade lacklusterly above the crucial support level of 0.9036 in the early Tokyo session. Investors are shifting their focus to Wednesday's release of United States Consumer Price Index (CPI) data, making it difficult for the Swiss Franc to gain traction.

 

As tensions between China and Taiwan escalate, S&P500 futures have pared some of their gains. The market's anxiety has been alleviated by the increasing intensity of Chinese military exercises around Taiwan Island. In addition, concerns of a recession are likely to cause volatility in US equities.

 

Jamie Dimon, CEO of JPMorgan Chase, stated in an interview with CNN that the recent banking turmoil caused by the dissolution of Silicon Valley Bank (SVB) and Signature Bank has increased the likelihood of a recession in the United States.  Despite the robustness and security of the banking system, the recent turmoil in the financial system is "another weight on the scale" toward recession, he added.

 

The US Dollar Index (DXY) is protecting the 102.00 support level ahead of US Consumer Price Index (CPI) data. According to the consensus, headline inflation will fall from 6.0% to 5.2%. In addition, the headline monthly CPI would decelerate to 0.3% from 0.4% previously reported. As a consequence of oil prices remaining low in March, inflationary pressures are anticipated to become evident.

 

In contrast, the core CPI, which excludes crude and food prices, is anticipated to increase to 5.6% from 5.5%. The tenacity of inflationary pressures is maintained by the resiliency of demand for essential products, as a result of a higher labor cost index. A similar event could compel the Federal Reserve (Fed) to raise rates again at its May monetary policy meeting.

 

Regarding the Swiss Franc, Swiss markets are suspended on Easter Monday. This week, the Producer Price Index (PPI) data will have an impact on the Swiss Franc.

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