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World News Roundup

🇧🇷 Ibovespa Posts Marginal Loss on Monday

The Ibovespa edged lower to close at 120,759 on Monday, as a rebound in oil prices boosting key energy-related equities failed to offset widespread cautious sentiment. The consumer discretionary sector led the downturn with Lojas Renner, Atacadao, and Localiza weighed on the index with losses of 2.9%, 2.8%, and 1.8%, respectively. Major banks Banco Santander and Itausa also lost 0.8% each. Conversely, state-owned oil giant Petrobras stood out among the top performers with gains of 1.8%. Additionally, Eletrobras announced the sale of its thermoelectric portfolio to Ambar Energia, raising R$4.7 billion. The agreement includes an earn-out of approximately R$1.2 billion, contingent on meeting specific contractual targets, boosting shares by 0.9%. Iron ore mining behemoth Vale also supported the index with gains of 1%. Meanwhile, investors awaited Brazilian inflation data due for release on Tuesday.

FX Updates: Mexican Peso Depreciates by 1.01%

Top currency losers are , Mexican Peso (-1.01%), Norwegian Krone (-0.66%), Swedish Krona (-0.57%). Gains are led by Polish Zloty (0.61%), Australian Dollar (0.50%), New Zealand Dollar (0.46%). In addition, there was a slight change on , Dollar Index (0.15%), British Pound (0.15%), Japanese Yen (-0.14%), Euro (-0.31%).

Metals Commodities Updates: Silver Rises by 2.06%

Top commodity gainers are Silver (2.06%), Copper (1.54%), Gold (0.78%).

🇳🇿 New Zealand Stocks Muted in Early Deals

The NZX 50 was almost flat, trading around 11,791 in morning trade on Tuesday, after falling for the previous three sessions, as traders were cautious ahead of the Fed monetary policy decision and inflation releases later this week. Investors also anticipated Chinese consumer and producer price figures for May on Wednesday. Locally, food consumer prices and tourist arrivals in New Zealand for May will be released later this week after April saw the inflation rate accelerate slightly.

🇰🇷 South Korea’s Current Account Swings to Deficit in April 

South Korea's current account shifted to a deficit of $0.29 billion in April 2024, following a surplus of $6.93 billion in the previous month. This marked the end of an 11-month streak of surpluses, driven by companies' dividend payouts to foreigners. the services account recorded a deficit of $1.66 billion, largely due to deficits in manufacturing services and travel. The primary income account showed a $3.37 billion deficit, primarily due to decreased income on equity. Lastly, the secondary income account posted a deficit of $0.36 billion. In contrast, The goods account remained in surplus at $5.11 billion, supported by an 18.0% year-on-year increase in exports to $58.17 billion and a 9.0% rise in imports to $53.06 billion.

🇺🇸 US Futures Ease Ahead of Fed Meeting

US stock futures eased on Tuesday as the Federal Reserve is set to start its two-day monetary policy meeting later in the global day.

🇯🇵 Japanese Shares Track Wall Street Higher 

The Nikkei 225 Index rose 0.6% to above 39,200 while the broader Topix Index gained 0.7% to 2,801 on Tuesday, rising for the second straight session and tracking gains on Wall Street as technology stocks continued to push equity markets higher. Investors also look forward to the Bank of Japan’s policy decision this week, as well as the latest Federal Reserve interest rate decision and US consumer inflation data. Meanwhile, data released on Monday showed that Japan’s economy contracted less than expected in the first quarter, while the country’s current account surplus exceeded forecasts in April. Technology stocks led the charge, with gains from Disco Corp (1.5%), Tokyo Electron (2.1%) and Socionext (1%). Other index heavyweights also advanced, including Mitsubishi Heavy Industries (2.6%), Toyota Motor (1%) and Nidec Corp (2.8%).

🇵🇭 Philippines Posts Largest Trade Deficit in 5 Months

The trade deficit in the Philippines narrowed to USD 4.76 billion in April 2024, the largest trade gap since November 2023, from USD 4.83 billion in the corresponding month of the previous year. Exports surged 26.4% from a year earlier to USD 6.22 billion, bolstered by higher sales of electronic products (33.3%), coconut oil (187.7%), and other mineral products (39%). Among main destinations, the largest share in exports were accounted for Hong Kong (16.5%), followed by the US (15.3%) and Japan (13.2%).

🇦🇺 Australia Business Mood Deteriorates

Australia's NAB business confidence index fell to -3 in May 2024, pointing to the lowest figure in six months and turning negative for the first time since last November.