Friday's Markets Update (June 16, 2023)

16 Jun 2023 by rate3

On Friday, the Michigan consumer sentiment rose. However, NASDAQ (open: 13859, close: 13689, -1.2%) corrected on technicals after reaching a 12-month high. BTC (open: 25570, close: 26382, +3.2%) increased notably on whales buying from an important resistance level.

Details: The University of Michigan consumer sentiment index increased to 63.9 in June, the highest in four months. This is 28% above the historic low from a year ago. The improvement was driven by easing inflation and the resolution of the debt ceiling crisis. Current economic conditions and consumer expectations also improved. Year-ahead inflation expectations fell for the second consecutive month to 3.3%. Long-run inflation expectations were little changed at 3%.

Other Markets Updates:

Italy: the annual inflation rate slowed to 7.6% in May, from 8.2% in April. The deceleration was driven by lower energy and food prices. Core inflation, which excludes volatile items, slowed to 6%.