• MacroVisor
  • Posts
  • Breakfast Bites - Markets improve with PMIs & Elections

Breakfast Bites - Markets improve with PMIs & Elections

Meme frenzy back; No election surprises; PMIs positive in Asia; OPEC to dial back cuts

Author

Ayesha Tariq
June 03, 2024

Rise and shine everyone.

Quite a few election results from across the globe to start the week and markets are reacting strongly despite no surprises.

US Equity Futures are trading higher after a choppy week and a sharp reversal on Friday’s close. Meme stocks are back as “Roaring Kitty” is supposedly back on Reddit posting his $200m position in Gamestop. GME is up over 75% in the pre-market.

Commodities are seeing some support after last week’s pressure. Metals are trading higher. But, oil is subdued after the OPEC meeting yesterday where they discussed rolling back some of the cuts starting in Q3, 2024.

UST Yields are lower this morning with the 10Y continuing to fall after Friday’s PCE data - being viewed as softer than expected.

Asian markets were largely higher after good PMI readings and PM Modi’s win. Chip and Tech stocks are driving the Hang Seng and Korea’s Kospi. European markets are flat with yields lower driven by mixed PMI data. France caught a downgrade - S&P cut France sovereign rating one notch at 'AA-' from AA' citing deteriorating budgetary position; Outlook Stable.

Look out for ISM Manufacturing PMI for the US at 10am ET.

Subscribe to Premium to read the rest.

Become a paying subscriber of Premium to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In.

A subscription gets you:

  • • Ideas - Macro Thematic Ideas for Trading and Investing
  • • Themes - Exclusive Long-Form Thematic Research, Identifying Trends and Opportunities
  • • Portfolio - Long-Term Foundational Investing Picks
  • • Weekly Dashboard - Outlook on the Markets and Asset Classes - US, Developing Markets, Emerging Markets, Commodities, FX
  • • Breakfast Bites - Analysis of developments around the world and their potential impacts on the economy and markets

Reply

or to participate.