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Wealth Daily 31 May 2022

WEALTH DAILY 2022-05-31
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US financial markets were closed for the Memorial day holiday on Mon. They are set to reopen on later today (Tue). 

The bounce in US stocks may have further to run after Wall Street’s best week since Nov 2020. Nasdaq 100 and S&P 500 futures are up slightly at the time of writing. 

Canadian equities extended their rally to close higher for the seventh straight day, the longest winning streak in seven months. The S&P/TSX Composite rose 0.8%, or 170.82, to 20,919.40 in Toronto on Mon. That’s the highest closing level since May 4. Canadian Natural Resources (CNQ CN, +3.16%) contributed the most to the index gain. 

European equity markets finished higher on Mon, after China relaxed some of the strictest virus controls of the pandemic, fueling risk-on sentiment for economic recovery. The UK FTSE gained 0.19%, France's CAC 40 rose 0.72%, while the German DAX advanced 0.79%. 

Shares in theater chain operator Cineworld (CINE LN, +14.85%) soared after the movie “Top Gun: Maverick” topped the Memorial Day weekend box office. 

German consumer prices jumped 8.7% yoy in May, accelerating from Apr's 7.8% clip. Consensus was for an 8.1% advance. German bonds declined, with benchmark 10-year yields rising 8 bps to 1.05%. Bond prices and yields trades in opposite directions. 

European bonds also tumbled after German inflation hit a record, adding to pressure on central bank policy makers to tame rising prices. 

Oil gained after after EU leaders agreed to pursue a partial ban on Russian oil in response to the invasion of Ukraine. The front-month Brent futures closed up $2.24 at US$121.67/bbl on Mon.

Bitcoin (XBTUSD, +7.19%) posted its biggest gain in two weeks, rising above $31,000 for the first time since May 16.