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Global Equities Recover From Lows; PLN the Standout in EM Following GDP Data

CROSS ASSET
  • Equity futures have recovered from session lows and are now mixed on the day having moved lower overnight on weaker than expected Chinese economic activity data. EURUSD rebounded from its intraday low at the beginning of the European session, in-line with the move higher in equities. Nevertheless, the pair maintains a softer tone following the recent pullback and break of former support at 1.0942, the May 2 low.
  • In EM, PLN is the standout performer following much stronger-than-expected GDP data. HUF, too, outperforms the majority of its peers following its GDP beat. ZAR is the among the weakest performers in the EM space, extending losses against USD having recorded fresh record highs last week.
  • Global oil demand will climb more strongly than previously estimated this year as a post-pandemic rebound in China beats expectations, the International Energy Agency said. World fuel consumption will increase by 2.2 million barrels a day in 2023 to a record 102 million as China’s demand hits an all-time high, the IEA said in its monthly report.
  • A much anticipated meeting between President Biden, House Leader McCarthy and other congressional leaders has been scheduled for Tuesday afternoon. In Europe, preliminary Eurozone GDP is on the wires. Further out Canadian CPI and US Retail Sales, Industrial Production and Business Inventories cross.
  • Core CPI data is on the docket in Poland this afternoon (Est: +12.2% y/y). Looking ahead, the Banxico and BSP rate decisions are the key risk events in EM this week on Thursday.
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EM BulletHomepageCommoditiesEquitiesAT&T Market NewsBank of America Market NewsEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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