Monday May 31st

31-05-2021

European markets weaker as investors digest inflation data; Deutsche Bank slips 2%

Germany’s DAX was trading 0.24% lower at 15,481 at around 11:45 a.m. local time, after hitting an all-time high the previous week. France’s CAC was largely flat, trading at 6,488 at the same time in Paris. Switzerland’s SMI was also flat, as was Italy’s FTSE MIB, up just 0.3% at 25,249. It is a bank holiday in the U.K. with the FTSE 100 closed. The US markets are also closed today. Shares in Asia-Pacific were mixed on Monday, as investors reacted to the release of China’s official manufacturing Purchasing Managers’ Index for May. Mainland Chinese stocks closed higher, with the Shanghai composite rising 0.41% to 3,615.48 while the Shenzhen component advanced 0.966% to 14,996.38. Hong Kong’s Hang Seng index fell about 0.2%, as of its final hour of trading. Elsewhere, the Nikkei 225 in Japan slipped 0.99% to close at 28,860.08 while the Topix index shed 1.26% to finish the trading day at 1,922.98. South Korea’s Kospi closed 0.48% higher at 3,203.92. Oil prices climbed in early Asian trade on Monday, underpinned by the bright outlook for fuel demand growth in the next quarter, while investors looked ahead to the OPEC+ meeting this week for supply guidance. Brent crude futures for August nudged up 7 cents, or 0.1%, to $68.79 a barrel by 0038 GMT after settling at their highest in two years on Friday. U.S. West Texas Intermediate crude for July was at $66.45 a barrel, up 13 cents, or 0.2%. Both contracts are on track for a second monthly gain as analysts expect oil demand growth to outstrip supply despite the possible return of Iranian crude and condensate exports. Gold prices held firm above the key $1,900-level on Monday after U.S. consumer prices rose more than expected in April and supported the metal as an inflation hedge. Spot gold was steady at $1,903.25 per ounce by 0036 GMT. U.S. gold futures edged 0.1% higher to $1,907 per ounce.