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NIO (NIO.N): Delivered 23,231 vehicles in May, up 13.1% year-on-year.June 1, at a time when Trumps trade war is hampering U.S. financial markets, Europes economic prospects are bright and European stocks have become the clear winners in the world. Five months into the year, eight of the worlds 10 best-performing stock markets are in Europe, according to data compiled by Bloomberg. Germanys DAX index has risen by more than 30% in dollar terms, with peripheral markets such as Slovenia, Poland, Greece and Hungary also on the list. Driven by Germanys historic fiscal spending plan and a stronger euro, the Euro Stoxx 600 index outperformed the S&P 500 by a record 18 percentage points in dollar terms. Market participants said that at a time when trade and fiscal debt concerns are looming over the U.S. economy, strong corporate earnings and attractive valuations make the region a safer investment with brighter prospects in the future. "Europe is back in the spotlight," said Frederique Carrier of Royal Bank of Canada Wealth Management. "Weve received more questions about Europe in the past two months than in the past 10 years."On June 1, SAIC-GM announced that its terminal sales in May were 50,002 vehicles (including exports), a year-on-year increase of 2.8% and a month-on-month increase of 17.6%; new energy vehicle sales totaled 9,117 vehicles, a year-on-year increase of 3.2% and a month-on-month increase of 66.4%.On June 1, according to the official WeChat account of Shenlan Automobile, Shenlan Automobile delivered 25,521 vehicles in May, a year-on-year increase of 78% and a month-on-month increase of 27%.June 1, according to the Financial Times, Boeing (BA.N) CEO Kelly Ortberg said in an interview that launching a new aircraft to replace the best-selling Boeing 737 Max is not a top priority. He said the market is not ready for new models and Boeings current financial situation is not suitable for investing in the development of new aircraft. Ortberg said Boeing is working with the Trump administration to ensure that the company can withstand the impact of the trade war. The current trade situation is unclear, which means Boeing will have to remain flexible and continue to communicate with the US government. He said Boeing will pay less than $500 million a year for the imports needed to manufacture its products.

Forecast for Silver Price: XAG/USD to fall to $25.00 as supply concerns subside and risk aversion increases

Daniel Rogers

Apr 20, 2023 13:46

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During the early hours of Thursday, the price of silver (XAG / USD) falls to $25.20, a new intraday low. In doing so, the precious metal records its first daily loss in three days, as concerns of a supply crisis subside and a risk-averse mood prevails.

 

Wednesday, Reuters cited the Silver Institute's annual prognosis report, which stated that global silver demand increased by 18% to a record high of 1.24 billion ounces last year, resulting in a massive supply deficit. According to the report, "The Silver market was undersupplied by 237.7 million ounces in 2022, the institute said in its most recent World Silver Survey, calling this 'possibly the largest deficit on record'."

 

On the other hand, higher inflation indicators from the United Kingdom, the Eurozone, and the United States, along with hawkish comments from the Bank of England (BoE), European Central Bank (ECB), and Federal Reserve (Fed), increase the likelihood of rate increases and dampen investor sentiment. John Williams, president of the Federal Reserve Bank of New York, is one of the Fed's most recent policy advocates. In May, he voiced support for an interest rate hike of 0.25 percentage points and said, "We will use monetary policy tools to restore price stability." Before him, the president of the Federal Reserve Bank of Chicago, Austan Goolsbee, highlighted the strength of the credit market as one of the most important catalysts to monitor prior to the next Fed monetary policy meeting.

 

With this, market participants increase their wagers on the central bank's 0.25 percentage point rate hike in May to at least 85 percent and reduce the likelihood of a rate cut in 2023.

 

It should be noted that the UK's allegations of China's hidden motive to clamp down on Western infrastructure and the US House China Committee's discussion on the Taiwan invasion scenario rekindle the West vs. China conflict narrative and impact on sentiment. On the same line are the concerns surrounding the probable drag on the US debt ceiling decision as a result of US President Joe Biden's reluctance to raise debt limits.

 

In addition, Reuters reported that US consumers are falling behind on their credit card and loan payments as the economy weakens, which also puts pressure on the XAG/USD exchange rate.

 

In this context, S&P 500 Futures have recorded their first daily loss in four days, falling 0.25 percent intraday to 4,168 as of press time. However, the US 10-year and 2-year Treasury bond yields hover around 3.60 percent and 4.25 percent, respectively, after reaching new monthly highs the day before. The US Dollar Index (DXY) fluctuates around 102.000 after rectifying its adverse bias from the previous day.

 

Considering the future, the recent emphasis on qualitative news highlights them as the most important risk indicator. Nonetheless, the US Weekly Initial Jobless Claims, Philadelphia Fed Manufacturing Survey, and Existing Home Sales should be monitored for fresh impulses.


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