Thursday's Markets Update (June 8, 2023)

09 Jun 2023 by rate3

On Thursday, jobless claims climbed for the third week in a row. NASDAQ (o:13113, c:13238, +0.9%) and BTC (o:26462, c:26539, +0.3%) rose slightly in response.

Details: Jobless claims rose to 261K in the week ended June 3rd, highest since Oct 2021, above forecasts of 235K - 3rd consecutive week of increasing initial claims, sign of labor market strength fading. Largest claim increases in Ohio (6.345K), California (5.173K), Minnesota (2.746K); decreases in Connecticut (-2.35K) and NY (-1.243K).

Other Markets Updates:

Argentina: Country's industrial production rose by 1.7% in April, slower than the revised 3.5% increase in the previous month. Lower production in motor vehicles and auto parts (+4.7% vs +17.4% in March) and oil refining, coke, and nuclear fuel (+11% vs +17.2%) caused the slowdown. However, basic metals experienced a faster growth. Conversely, machinery and equipment, food and beverages, and chemical substances and products saw output declines.

South Africa: Country's manufacturing output rose 3.4% YoY in April 2023 - the first annual gain in six months, beating forecasts of 2.5%. Major contributors were basic iron and steel production, non-ferrous metal goods, metal products, and machinery (5.3%); food and beverages (4.6%); petroleum, chemical products, rubber, and plastics (2.8%); and motor vehicles, parts, accessories, and other transport equipment (5%).

Mexico: In May, Country’s inflation rate slowed for fourth straight month, reaching 5.84%, the lowest since August 2021. Food and tobacco inflation decreased to 11.44%, while energy costs fell faster to -5.48%. Housing (3.67%) and education (4.88%) inflation remained steady.