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Bank of Japan: New board member Ayano Sato will hold a press conference at 8:00 GMT (16:00 Beijing time).As of 8:30 AM Beijing time, spot platinum was up 0.02% and spot palladium was down 0.14%.On June 30th, former Bank of Japan executive director Kenzo Yamamoto stated, "The Bank of Japan is currently in a position where it needs to act quickly." When asked whether the central bank would raise interest rates again in December, as most economists surveyed predicted, Yamamoto said, "Given the current level of monetary easing, the next rate hike is likely to occur before then." Yamamoto pointed out that the banks underlying inflation gauge (excluding special factors such as fresh food and government subsidies) has averaged around 3% over the past four years, well above the central banks 2% target. However, Japans key inflation gauge—the core consumer price index excluding only fresh food—remained at 1.4% in May, mainly due to measures introduced by Prime Minister Sanae Takaichi to alleviate cost-of-living pressures. The Bank of Japan recently stated that price trends remain slightly below 2%. "I would be concerned if the Bank of Japan claimed that its underlying inflation gauge failed to reflect price trends," Yamamoto said. "The Bank of Japan needs to shift its policy focus to curbing inflation."Samsung Electronics is currently up 2%, and SK Hynix is up 1%.June 30th - The British Retail Consortium (BRC) reported that UK food inflation has fallen to its lowest level in 15 months, the latest sign of easing cost pressures that could prevent the Bank of England from raising interest rates. Data released on Tuesday showed that UK food prices rose 2.4% in early June, down from a 2.7% increase the previous month, mainly due to lower inflation for fresh food. Overall retail price increases remained at 1.2%. BRC Chief Executive Helen Dickinson said, "Thanks to a bumper harvest and intense market competition, retailers have helped keep prices for summer treats like strawberries and ice cream low." Private sector surveys and official data showed that overall inflation in the UK economy had been more stable than previously expected before the initial peace agreement between the US and Iran led to a drop in oil prices. Therefore, the market no longer fully expects the Bank of England to raise interest rates this year, whereas previously it had anticipated three to four hikes of 25 basis points each.

The US Stock Market Continues to Pull Back

Skylar Shaw

Apr 02, 2022 11:25

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S&P 500 Technical Analysis

On Friday, the S&P 500 sought to climb in the futures markets but gave back gains, indicating weakness. As a result, the market currently threatens the 4500 level in the futures market, which has previously been a key sector. As a result, it'll be fascinating to watch whether we can pull back much farther, possibly to the 50 Day EMA.


The candlestick's magnitude isn't particularly impressive, but it appears like the 4500 goal I suggested before will be tested. If we break it down further, the 50 Day EMA, which is at the 4400 level, makes a lot of sense, followed by the 200 Day EMA, which is also at that level. 


The market is still highly loud, and I believe it will continue to be so in the future. After all, there are a slew of confusing signals at the present, not least in the bond market, where many traders anticipate we'll see as many as eight interest rate hikes, while others say it's impossible.


Find a reason to go higher, but this is due to the fact that it is unconcerned about the underlying economy. Keep in mind that stock markets are about liquidity more than anything economic. If it were the case, the latest straight-up-in-the-air photo would not have taken place. 


That said, savage rallies are common in bear markets, so, while hope springs eternal, I'll be betting on the downside through options rather than directly in the market.


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