To The Moon

* Wall Street cautious ahead of Fed decision; Japan's Q1 2024 GDP shrinks less than expected

🇺🇸 S&P 500: 0.27% 📈

🇺🇸 Nasdaq: 0.36% 📈

🇪🇺 Stoxx 600: -0.25% 📉

🇯🇵 Nikkei 225 Index: 0.92% 📈

🇭🇰 Hang Seng Index: Market closed

🇨🇳 CSI 300 Index: Market closed

* U.S. stocks barely closed higher on Monday, with the S&P 500 and Nasdaq Composite rising 0.3% and 0.4% respectively, as investors remained cautious ahead of the Federal Reserve decision and key inflation data due later this week.

* Asia-Pacific regional stocks were broadly higher, with the Nikkei 225 up 0.9%, after GDP data showed the economy shrank less than expected in the first quarter of 2024, while Chinese stocks were closed for a holiday.

* Japan's economy shrank at an annualized rate of 1.8% in the first quarter of 2024, better than an initial estimate of a 2.0% decline as capital spending and inventory data were revised higher.

💡 Future events: 💡

* On Wednesday, China will publish consumer price index (CPI) and producer price index (PPI), while the United States will release consumer inflation data and the Federal Open Market Committee's monetary policy decision.

* U.S. PPI and jobless claims will be on investors' radar on Thursday.

💡 Things you need to know today: 💡

1. Japan's service sector confidence index worsened to its lowest level in nearly two years in May as a weak yen led to rising fuel and food costs, dragging down household spending, government data showed.

2. Apple $Apple(AAPL)$   released a long-awaited artificial intelligence strategy at the Worldwide Developers Conference (WWDC24), integrating new "Apple Intelligence" (Apple Intelligence) into a full set of applications, including Siri, and integrating Open AI's ChatGPT is introduced to its device.

WWDC24

3. After the iPhone maker $Apple(AAPL)$   announced its partnership with OpenAI, Elon Musk threatened to ban his company $Tesla Motors(TSLA)$   from using Apple devices, citing privacy and information protection concerns.

Apple x OpenAI

4. The chairman of the Senate Finance Committee said he is expanding an investigation under a 2021 law into German automaker BMW's use of electronic components from banned Chinese suppliers.

5. Christine Lagarde, President of the European Central Bank: "We have taken the appropriate decision, but that does not mean that interest rates will plummet. There may be a period of time when we maintain interest rates again."

Christine Lagarde

✅ KEY TAKEAWAYS:

The Federal Reserve is widely expected to keep interest rates unchanged at its meeting later this week, but there is still a lot of uncertainty about the upcoming quarterly economic forecast, especially the next direction of interest rates.

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