Financial Markets Daily Report 02 June 2021
Wall Street's main indexes ended little changed, with gains in energy and financial shares countering declines in healthcare.
- Wall Street's main indexes ended little changed, with gains in energy and financial shares countering declines in healthcare. The S&P 500 fluctuated between gains and losses following better-then-expected economic data. European equities rallied to an all-time high, with all but one of the 20 sectors increasing.
- Treasury yields were little changed while corporate bond spreads tightened as robust U.S. manufacturing data boosted investor sentiment (ISM index rose 0.5 points to 61.2 in May).
- Oil prices hit multiyear highs after OPEC+ alliance agreed to hike output in July and gave a bullish forecast.
- The Turkish lira fell to record lows against the U.S. dollar after President Erdogan renewed calls for lower interest rates, making a vague reference to summer months as a target date.
- Today, the focus will be on the U.S. Federal Reserve’s “Beige Book”.