To The Moon

* Global markets fall on worries about higher-than-expected U.S. inflation

🇺🇸 S&P 500: -0.74% 📉

🇺🇸 Nasdaq: -0.58% 📉

🇪🇺 Stoxx 600 Index: -1.06% 📉

🇯🇵 Nikkei 225 Index: -0.77% 📉

🇭🇰 Hang Seng Index: -1.72% 📉

🇨🇳 CSI 300 Index: 0.14% 📈

* U.S. markets were broadly lower on Wednesday, with the S&P 500 and Nasdaq Composite down -0.7% and -0.6%, respectively, on a further rise in Treasury yields and concerns about the timing and size of potential rate cuts by the Federal Reserve.

* Germany's inflation rate in May was slightly higher than expected, rising 2.8% year-on-year (versus the forecast of 2.7% year-on-year), but economists said the rise in inflation was expected and should not come before European Central Bank policymakers make interest rate decisions next week Cause panic before making a decision.

* Asia-Pacific stocks ended mixed, with Hong Kong's Hang Seng Composite retreating -1.7% and Shanghai's CSI 300 gaining 0.14% as investors locked in gains that have driven the benchmark index up more than a fifth since late January. Profits from the trend.

💡 Future events: 💡

* Preliminary U.S. quarterly GDP growth, pending home sales and jobless claims were in focus for investors on Thursday.

* At the end of the week we will see the release of annual preview values for EU core CPI, annual CPI, China manufacturing PMI and non-manufacturing PMI, and US core PCE price index monthly.

💡 Things you need to know today: 💡

1. JPMorgan $JPMorgan Chase(JPM)$   CEO Jamie Dimon says the importance of separating the roles of bank chairman and CEO has been overstated. He and the board will make the right decisions about succession planning.

Jamie Dimon

2. The International Monetary Fund announced that China's economy performed "strongly" in the first quarter and is expected to grow by 5% this year, an increase from the previous forecast of 4.6%, but growth is expected to slow down in the next few years.

International Monetary Fund

3. Union officials announced that South Korea's Samsung Electronics $Samsung Electronics Co., Ltd.(SSNLF)$  union will escalate strike action next week and hold its first-ever strike in response to demands for higher wages.

Samsung Strike

4. U.S. banking industry profits soared 79.5% year-on-year to $64.2 billion in the first quarter of 2024, largely as large banks no longer shoulder billions of dollars in special charges imposed last spring to recoup the costs of bank failures.

5. HP Inc's  $Hewlett Packard Enterprise(HPE)$  second-quarter revenue topped Wall Street expectations, signaling a recovery in the personal computer (PC) market as customers upgrade their systems.

HP Entreprise

✅ KEY TAKEAWAYS:

Conflicting expectations about the size and timing of potential rate cuts have kept markets on edge since the start of the year, a continuation of this unstable, uneven recovery.

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