SVET Reports
Monday's Markets Update (June 5, 2023)
On Monday, The Services PMI declined, and the NASDAQ (o: 13,238, c: 12,229) corrected based on technicals. BTC (o: 26,690, c: 25,629) dropped due to news about the Binance persecution.
The ISM Services PMI decreased to 50.3 in May from 51.9 in April, indicating a slower pace of the fifth consecutive month's growth in the services sector. Data came below predictions of 52.2, amidst a deceleration in business activity while employment shrank. With that the majority of respondents indicated that current business conditions are stable with concerns regarding the slowing economy.
Other Markets Updates:
Australia: The Central Bank surprisingly hiked the base rate by 25bps to 4.1% in June, following a similar increase in May. This represents the 112th occasion of rate hikes by the bank in the previous year, contrary to market expectations of a pause, thereby elevating borrowing expenses to their highest point since April 2012.