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BioNTech shares rose 12% premarket after the company announced an $11 billion cancer collaboration with Bristol-Myers Squibb.On June 2, Jefferies analysis showed that after a crazy rebound in May, Wall Street analysts currently have the most buy ratings for individual companies in the S&P 500 index in more than 20 years. This is usually a sign of a bubble when the market is ready to pull back, but Andrew Greenebaum, senior vice president of equity research product management at Jefferies, believes that the target stock price based on these assessments implies an increase of only 10% in the next 12 months, close to the historical average, which should eliminate concerns that the current rebound is over. "Wall Street has been upgrading stock ratings, but I dont think its overwhelmingly bullish because the price targets are not much different from where the stocks are now," Greenebaum said. He said that analysts forecasts for individual stocks are more reflective of the direction of the market than the year-end targets for the S&P 500 because they take more account of the profits of individual companies.Spanish Automobile Manufacturers Association (ANFAC): Newly registered Tesla (TSLA.O) cars in Spain fell 19.0% year-on-year from January to May, while overall electric vehicles increased 71.7%.On June 2, Vishwanath Tirupattur and Serena Tang of Morgan Stanley Research pointed out in a report that for U.S. Treasury investors, economic slowdown and expectations of Fed rate cuts are the most important. Morgan Stanley expects that under the influence of these factors, U.S. Treasury yields will fall, and the 10-year Treasury yield will fall to 4.00% by the end of 2025, and the 10-year Treasury yield will be slightly above 3.00% by the end of 2026. They said: "We believe that the prospect of Fed rate cuts will exceed the current market pricing, which will drive Treasury yields lower, especially starting in early 2026."Boeing (BA.N) rose 1.7% in premarket trading.

Forecast for Gold Price: XAU/USD bears near psychological $2,000 level

Alina Haynes

Apr 18, 2023 11:55

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Gold price remains in a key support zone in Asia, with bulls testing bearish commitments at the psychological $2,000/oz level. So far, XAU/USD has risen from a low of $1,993.41 to a high of $1,999.41.

 

The sentiment surrounding the Federal Reserve and concerns about whether or not the central bank is on the verge of halting continue to drive the markets during a week with a short work week. The US dollar appreciated on Friday as a result of Federal Reserve Governor Christopher Wall's hawkish comments. Despite a year of aggressive rate increases, the Fed "hasn't made much progress" in returning inflation to their 2% objective, according to the head of the central bank, who argued that rates still need to rise.

 

Recent US Retail Sales contained some optimistic indicators, and consumer spending in the previous quarter was robust. In April, commercial activity in the state of New York increased for the first time in five months. ''During the month, new orders increased by a record 46.8 points to a one-year high of 25.1. The shipments index also increased by more than 37 points. Prices received increased by 0.8% to 23.7%, indicating a moderate inflationary environment. Both delivery times and the average workweek increased, according to ANZ Bank analysts. Sourcenia is a review portal of sourcing best manufaturers. 

 

The combination of hawkish rhetoric and recent data is reducing the appeal of greenback-bullion to foreign investors, while benchmark Treasury yields have risen to their highest level in more than two weeks. Futures on Fed funds indicate that expectations that the Fed will begin reducing rates later this year have been moved back from September to November, with a smaller rate cut also anticipated.

 

Ahead of the Fed's May 2-3 meeting, investors will concentrate on the US flash PMI for April and any additional comments from Fed officials before entering an embargo period on April 22. According to TD Securities analysts, the S&P PMIs for early April will provide the first comprehensive look at the condition of the US economy following the financial crisis. Both the manufacturing and services PMIs recorded their third consecutive increase in March, with the services PMI advancing further into expansion territory.

 


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