The US CPI data for May is out, and the world is boiling! Apple is back to the world's largest market capitalization

National Business Daily

2024-06-12 22:12Published on the official account of Sichuan Daily Economic News

On June 12, local time, the U.S. Bureau of Labor Statistics released data showing that the CPI in the United States rose by 3.3% year-on-year in May, with an estimated 3.4% and a previous value of 3.4%; The US CPI was flat in May from the previous month, with an estimate of 0.1% and a previous value of 0.3%. 

Core consumer prices in the United States, which exclude volatile food and energy prices, rose 0.2% month-on-month in May, compared with market estimates of a 0.3% increase. Core consumer prices rose 3.4% year-on-year in May, with an estimate of a 3.5% increase. Core CPI rose 3.4% year-on-year, the lowest pace in more than three years.

As of press time, the Dow rose 0.8%, the Nasdaq rose 1.45%, and the S&P 500 rose 1.05%

Apple's market capitalization reached $3.23 trillion, surpassing Microsoft to return to the world's first. In addition, TSMC's U.S. stock rose more than 5% intraday, with its share price reaching $174 per share, with a total market value of more than $900 billion.

Futures for the three major U.S. stock indexes rose in the short term. Nasdaq futures rose nearly 1% at one point, S&P 500 futures rose 0.79% at one point, and Dow futures rose 0.65% at one point.

The U.S. dollar index was lower in the short term, falling 0.61% on the day. U.S. Treasury yields fell short-term, with the 10-year yield down 2.54% to 4.292% and the 30-year yield falling to 4.451%.

Bitcoin and Ethereum both rose nearly 5%.

Spot gold rose more than 1% during the day, approaching the $2,340 per ounce mark. Spot silver rose nearly 3% during the day and is now trading at $29.84 an ounce. London copper futures rose 1.82% during the day to $9,937 per tonne.

In addition, in terms of Chinese assets, A50 and Hang Seng Index futures are rising! The RMB exchange rate jumped!

European stock markets rose, and Japanese stock index futures rose.

According to Xinhua Finance, the interest rate futures market hints at a 70% chance that the Fed will cut interest rates by September, and a 100% chance of a 25 basis point rate cut in November

At 2:00 a.m. Beijing time on Thursday, the Federal Reserve will announce its latest interest rate decision, and the FOMC is widely expected to keep its benchmark interest rate unchanged, but economists will be watching closely for any clues about the timing of the first rate cut in four years.

After a series of rapid rate hikes starting in early 2022, the Fed has kept the interest rate range unchanged at 5.25%-5.5% since July last year. The market does not expect the Fed to cut rates in July, which means they will have more data ahead of the September meeting. Given this, officials are likely to try to leave the choice open.

Commenting on the US CPI report, analyst Chris Anstey pointed out that interest rate futures show that traders' confidence in the Fed's two rate cuts this year has increased slightly. In the latest survey of economists, 41% of economists believe the Fed will forecast two rate cuts later this year, while 41% believe it will be one or even no rate cut.

Editor|Wang Yuelong Gai Yuanyuan

Proofreading|Lu Xiangyong

The daily economic news is synthesized from public information and Xinhua Finance

National Business Daily

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