Friday's Markets Update (May 26, 2023)

26 May 2023 by rate3

On Friday, personal consumption statistics were released, showing a surprising increase in inflation. However, traders remained engulfed by bullish momentum and pushed the NASDAQ (o:12736, c:12975) higher by 1.9 percent. BTC (o:26440, c:26767) increased by 1.2%.

In April, the PCE Index exceeded expectations, increasing 0.4 percent instead of 0.3 (MoM). The core PCE, which excludes food and energy, saw a 0.2 percent rise in April (expected: 0.15). Also, monthly personal spending surged 0.8 percent in April, well above market forecasts of a 0.4 and the most in three months.

New orders for durable goods rose by 1.1% in April, following a revised 3.3% growth in March, surpassing expectations of a 1.0% decline. Demand for transport equipment increased by 3.7%, driven by a surge in defense aircraft orders (+32.7%), offsetting declines in civilian aircraft (-8.3%) and vehicles (-0.1%).

Other Markets Update:

France: In April, the count of individuals registered as unemployed in mainland France increased by 10.8K (MoM), reaching 2.800M. This rise comes after a continuous decline in unemployment for seven consecutive months.