Thursday's Markets Update (June 1, 2023)

02 Jun 2023 by rate3

On Thursday, NASDAQ (o:12944, c:13100) rose by 1.2 percent due to Representatives passing the ceiling bill and Fed members hinting at a pause. BTC (o:26947, c:26867) followed suit during the after-market.

In May, the Manufacturing PMI dropped to 46.9 from April's 47.1, below the predicted 47, marking the seventh consecutive month of decline in the manufacturing industry. New orders and inventories contracted, while production saw a rebound and employment increased at a faster rate. Additionally, there was a significant decrease in price pressures.

Philadelphia Fed President Patrick Harker suggested that the central bank might forgo a rate increase in the upcoming meeting. However, he emphasized that the choice to maintain current interest rates should not be interpreted as the conclusion of the tightening phase.

Other Markets Updates:

South Korea: In May 2023, the consumer price index in the country saw a 3.3% year-on-year increase, compared to a 3.7% rise in April, showing a continued easing for the fourth consecutive month. This marks the lowest level since October 2021. The Korean central bank halted its interest rate hikes at the April meeting after raising rates by a total of 3 percentage points.