Beat the street: PPI; Iron ore; hot cocoa; euro tumbles after ECB keeps rates on hold
US tech stocks set for a higher open after fresh inflation data kept hopes of rate cuts this year from the Fed alive. Iron ore prices edge higher as soft China data triggers stimulus hopes.
London and New York cocoa futures trade near record high prices amid signs of sustained demand, supply remains difficult. Euro hits two-month low after the European Central Bank held rates at a record high.
(AI Video Summary)
US stock futures show cautious open
In today's edition of "Beat the street", Angeline Ong discusses various key financial insights ahead of the Wall Street open. US stock futures show a cautious open due to diminishing rate cut hopes, following the ECB's decision to keep rates steady. Oil futures rise marginally with China's soft data sparking stimulus expectations, while cocoa futures near record highs due to strong demand and supply challenges.
Rate cut expectations
Breaking US economic data includes initial jobless claims and PPI figures, both aligning closely with expectations. ECB's steady rate decision impacts the euro and stocks, hinting at a potential June rate cut. With the US inflation data affecting Federal Reserve rate cut expectations, the focus shifts to how these developments influence trading strategies, particularly regarding the euro. The conversation also covers the potential migration of companies from London to US markets due to valuation concerns and concludes with updates on commodities like iron ore, oil, and wheat, highlighting their market movements and technical analysis.
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