KN Market View 2024-05-26

#KNMarketView

It was a quiet week, most asset classes traded on the sidelines. We saw some profit-taking in global Indexes like Hong Kong -4.8%, Mexico -3.8%, Russia -3%, Brazil -3%, Italy -2.7% and China 2.1% WoW; India +2% outperformed peers closing at its all-time high.

Taiwan closed on positive territory, despite concerns regarding China's Punishment' war games link. Taiwanese exports surged 10.8% YoY to USD$47.1bn in April 2024, surpassing market forecasts of 4.5% and driven by a strong demand for electronic products.

Worth mentioning US crude oil inventories increased 2.48mn barrels, the market was anticipating a 3.1mn decline. Natural gas traded under pressure -5.5% WoW, after closing at its highest level since November.

This week many countries will be reporting their GDP Growth Rates and Industrial Production, also worth watching Germany Ifo Business Climate, Japan and Germany Consumer Confidence and Euro Area Inflation.