As of Sat, Jun 15th, Singapore Time zone UTC+8
Dollar Index +0.58%, 97.57
USDJPY, +0.22%, $108.56
EURUSD, -0.60%, $1.1209
GBPUSD, -0.69%, $1.2592
USDCAD, +0.65%, $1.3413
AUDUSD, -0.56%, $0.6873
NZDUSD, -0.99%, $0.6492
Global growth worries lingered after China reported the slowest growth rate for industrial production y/y in 17 years in May (5.0% vs consensus 5.4%). Still, investors were placated with economic data that showed the U.S. economy is still in relatively decent footing. Retail sales for May increased 0.5% (consensus 0.7%) after increasing an upwardly revised 0.3% (from -0.2%) in April. The Dollar soared against its G7 counterparts after Friday’s release. It was slightly lower than expected but excluding gas and auto sales, retail sales beat expectations. The main reason why the Dollar took flight was because of revisions, rather than falling -0.2% retail sales increased by 0.3% in April. This suggests that consumer appetite in the US is stronger than previously reported. Industrial production increased 0.4% in May (consensus 0.2%) after declining 0.4% in April.
U.S. Treasuries finished mixed. The 2-yr yield increased two basis points to 1.84%, and the 10-yr yield finished unchanged at 2.09%. The U.S. Dollar Index rose 0.58% to 97.57 to reclaim its 50-day moving average (97.46). WTI crude increased 0.3% to $52.54/bbl.
S&P500, -0.16%, 2,886.98
Nasdaq, -0.42%, 7,479.11
Nikkei Futures, +0.05%, 21,030.0
S&P 500 declined 0.16% on Friday, pulled lower by weakness in the semiconductor space after Broadcom (AVGO 265.93, -15.68, -5.6%) warned of a slowdown in demand. For the week, the benchmark index finished higher by 0.5%.
Broadcom cited U.S.-China trade uncertainty and export restrictions on Huawei Technologies for the disappointing outlook. In addition, Broadcom missed revenue estimates and lowered its FY19 revenue guidance below consensus. The Philadelphia Semiconductor Index lost 2.6% and many of its components dragged on the S&P 500 information technology sector (-0.8%).
Stocks recouped a good chunk of their losses in late afternoon action as the S&P 500 briefly climbed into positive territory. The comeback effort was led by the utilities (+1.0%), communication services (+0.4%), and real estate (+0.3%) sectors. Facebook (FB 181.33, +3.86) was a notable standout, rising 2.2% after RBC Capital Markets provided some positive analysis on Facebook’s cryptocurrency plans.