US Market Wrap:

31 May 2021 20:14BTC China Crypto Energy EUR Europe Germany US Indexes
  • On Monday, US futures and European stocks fell as traders await fresh catalysts, with the key US employment data later this week set to provide further clues on the outlook for the US economy amid lingering inflation concerns.
  • Contracts on the S&P 500 and Nasdaq declined, with trading hours curtailed due to the memorial day. The dollar weakened against a basket of peers. The euro grew after data showed Germany's inflation rate rose to the highest level since October 2018. Spain and Italy showed price pick-ups in May.
  • The utilities sector pulled the Stoxx Europe 600 index lower, with Spain's Endesa falling on speculation that the Spanish government is planning to curb windfall profits for power producers. The stock of Deutsche Bank AG fell after the Fed warned that its enforcement plans were insufficient.The UK markets were closed due to a holiday.
  • Oil rose as OPEC and its allies predicted that inventories will fall sharply this year if the group sticks to its strategy. Gold headed for the biggest monthly advance since July and most industrial metals gained.
  • Global stocks remain near all-time highs, boosted by the continuing economic rebound from the pandemic and stimulus injections. Concerns that price pressures could force an earlier-than-expected reduction in central bank support hasn't deterred the rally so far. However, investors are still wary of the danger, and Friday's non-farm payrolls report in the US could sway markets if it alters perception of the recovery's strength.
  • The offshore yuan weakened after China forced banks to hold more foreign currencies in reserve for the first time in more than a decade, its most significant step yet to rein in the soaring currency. Bitcoin has recovered from its Friday lows and is now trading around $36,500.