China Inflation Weakens to 2-Year Low on Uneven Recovery
China’s consumer inflation slowed to the weakest pace in two years in April while producer prices fell further into deflation, fueling debate about whether more policy stimulus is needed. The consumer price index rose 0.1% last month from a year earlier, the National Bureau of Statistics said Thursday, reflecting muted domestic demand as well as base effects from last April’s Shanghai lockdown. Core CPI, which excludes volatile food and energy costs, was unchanged at 0.7%. Producer prices fell 3.6% in April as commodity costs softened. The figure was more than March’s drop and deeper than economists had expected. Source: Bloomberg
Can Airbnb hold next support level ?
Airbnb has tumbled the most ever after giving muted travel outlook. Can it hold next support level zone 106.50-108.50 ? Source : Bloomberg
US inflation continues to cool down
US April CPI inflation +4.9% year/year vs. +5% estiated & +5% in prior month … Core CPI +5.5% year/year vs. +5.5% est. & +5.6% prior
The correlation between stocks and bonds has become very negative again!
📊 The 50-day correlation between US stocks and the intermediate part of the US Treasury yield curve has hit its lowest level since 2021. This may have been driven by the fact that bond volatility has declined (although it remains at a high level) and the economic outlook is increasingly uncertain. 💼 In light of this, bonds remain a crucial component of a well-diversified multi-asset class portfolio, especially as we navigate the increasingly uncertain second half of 2023. 📈 Will bonds regain their status as a safe asset? Source : Bloomberg
NVIDIA breakout ?
After an incredible 170% rallye over the last 8 months, will NVIDIA (NVDA) have enough strength to break major resistance at 290 ? Source : Bloomberg
Refinancing? All is about timing for bond deals
Highly rated US companies have sizable amounts of debt in need of refinancing. Blue-chip firms have an estimated $427 billion maturing in the second, third and fourth quarters of 2023, according to S&P Global. High-grade issuers are finding that windows to sell new debt close as fast as they open. And, on top of that, good days easily get crowded, leading issuers to stand down. Source: Bloomberg
CAC 40 retesting major breakout level
Market is retesting April’s breakout level 7400 that is now a major support. Will it be able to hold ? Chart Source : Bloomberg
Will Tech breakout ?
Technology Sector (XLK US) is testing major resistance 151.78 for the 3rd time. Will it be strong enough to break after a 33% rallye since October 2022 ? Chart source : Bloomberg
