Market Commentary: Monday 27th May

It is a UK and US Holiday today, Memorial Day, so trading activity is subdued. However some markets are open and overnight stocks in Hong Kong, China, Australia, South Korea and Japan all made gains, with the All-Ords +0.79% the best performer. So what lies ahead this week? Month End Activity will be worth looking out for with the NASDAQ +8.07 MTD and from an economic standpoint we have US GDP and a swath of inflation prints from Australia to Japan, the Eurozone and the US. The Fed’s favourite measure of underlying inflation is due on Friday and is expected to show modest relief with the core number at 2.8% YoY. As for today we have the German IFO index (May), at 9am, the index forecast is expected to rise to 90.5 from 89.4. In Dublin ECB’s Philip Lane speaks on inflation and the IMF holds discussions with Ukrainian authorities to review economic policies as the country seeks to unlock next tranche of $2.2 billion in aid. Market wise the yield on 10-year Treasuries declined one basis point to 4.46%, West Texas Intermediate crude rose 0.3% to $77.97 a barrel, Spot gold rose 0.5% to $2,344.94 an ounce, Bitcoin rose 0.5% to $69,016.01, Ether rose 1.7% to $3,924.89. USDJPY sits at 156.80 and GBPUSD at 1.2740.

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