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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.

GBP/USD seeks to regain 1.2300 as higher UK CPI strengthens the case for a rate hike by the Bank of England and the USD retreats

Alina Haynes

Mar 23, 2023 15:00

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During the Asian session, the GBP/USD pair attempts to reclaim the resistance level at 1.2300. Following a vertical correction, the Cable has recovered to near 1.2260 as the market anticipates that the absence of hawkish interest rate guidance from Federal Reserve (Fed) chair Jerome Powell while addressing the economy at the monetary policy meeting indicates that the Fed is close to ending its policy-tightening spell.

 

S&P500 futures have generated some gains in the Asian session following a decline on Wednesday as a result of Fed Powell's confirmation that the fight against intractable U.S. inflation will continue. Chairman of the Federal Reserve Jerome Powell has ruled out rate cuts in 2023, citing the difficulty of controlling inflation. In addition, US Treasury Secretary Janet Yellen's statement that the government "does not plan to insure all uninsured bank deposits" heightened fears of a banking sector collapse.

 

Following a recovery move, the US Dollar Index (DXY) has retreated on expectations that additional credit tightening to protect banking institutions will reduce overall demand, economic activity, and inflation. In the interim, the demand for US government bonds has increased as a result of expectations that US Janet Yellen will end further policy restrictions and reduce support for all bank deposits.

 

On the front of the United Kingdom, the Pound Sterling is likely to maintain its strength as the Bank of England (BoE) is scheduled to raise rates for the eleventh consecutive time. Governor Andrew Bailey of the Bank of England is expected to raise interest rates by 25 basis points (bp) in response to rising food and non-alcoholic beverage prices, as well as rising energy costs, which have contributed to inflation in the United Kingdom.

 

In the midst of global banking turmoil, the Bank of England's (BoE) interest rate decision will be difficult, as policymakers were divided over whether to raise rates further or maintain them at their present level.


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