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Gold and copper are at record highs

European indices

European indices were poised to open higher on Monday morning. The Dow Jones was set to start the week above 40,000 points.

People’s Bank of China

As expected, the People’s Bank of China (PBOC) left its benchmark lending rates unchanged. The one-year loan prime rate was kept at 3.45%. The five-year loan prime rate, which is the reference for property mortgages, stayed at 3.95%.


On Friday, Chinese authorities unveiled what they called “historic” steps to stabilize the property sector crisis, with the PBOC facilitating 1 trillion yuan in extra funding and easing mortgage rules. On the same day, China’s industrial output grew 6.7% year-on-year in April, largely beating expectations. These announcements supported industrial metals.Copperset a new all-time high, briefly rising above $11k per tonne on Monday.

The Reserve Bank of New Zealand

The market expects news from a few central banks, starting tomorrow with the Reserve Bank of New Zealand minutes. A couple of weeks ago, the Australian central bank decided to keep interest rates at 4.35% but softened its stance, saying that interest rates are at the right level to get inflation back to target. On Wednesday the Reserve Bank of New Zealand (RBNZ) interest rate decision. No change is expected; Adrian Orr’s team should keep New Zealand’s official cash rates at 5.5%. The rate has now been at that level for a year.

The Federal reserve

On Wednesday evening, the markets hope Federal Open Market Committee (FOMC) minutes will provide more cues on when the US Federal Reserve will start cutting rates. According to the CME FedWatch tool, a rate cut is not expected before the second half or this year, with currently a 65% probability of a cut at the September meeting and a 77% chance of a cut in November. CME data also suggests that there is a chance, albeit small, of two rate cuts by the end of the year.

The British pound

The GBP is under watch this week, as several macro indicators could alter its course. On Wednesday, the UK headline consumer price index is expected to rise by 2.1% in April year-on-year (YoY), after a 3.2% increase in March. This would be its lowest level since July 2021. On Thursday, UK S&P Global Manufacturing PMI flash is seen rising marginally to 49.2 in May; services PMI at 54.8. Services Purchasing managers’ index (PMI) are forecast at 54.8, after 55 in April. On Friday, economists anticipate UK retail sales to decline by 0.2% on a monthly basis, following two months of flat growth.


Ryanair posted its full-year earnings. Profit after tax rose 34% year-on-year to a record €1.92 billion, a result broadly in line with expectations. Revenue per passenger was up 15%. Ryanair also said it will be 23 jets short of the number Boeing was due to deliver by the end of July.

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