Daily Report

5 de Junho de 2023
Financial Markets | daily report 05.06.2023
  • Risk appetite extended during the last session of the week, as investors took on board the final approval of the deal to raise the US debt ceiling and data suggesting a strong but cooling US labour market in May.
  • In particular, the unemployment rate rose by 0.3pp to 3.7% in May while average hourly earnings decelerated (4.3% y/y after 4.4%). The US economy created 339.000 nonfarm payrolls, up from 294.000 in the previous month.
  • In this context, stocks rose across the board, reducing the losses registered at the beginning of the week. Sovereign bond yields increased notably while the USD appreciated modestly against peers. Commodity prices also edged up as traders look ahead to the OPEC+ meeting.
  • Today, the final composite PMIs for May are released across advanced economies, including the ISM services in the US. On Wednesday, Germany’s industrial production and China’s exports will also be published.