Japan PPI MoM

Japan PPI YoY

The NZX 50 dropped 44 points, or 0.3%, to 13,160 in Wednesday morning trade, erasing gains from the previous session and retreating from its highest level since May 29, reached a day earlier, as it tracked a decline in US futures amid renewed escalation in the Middle East. The US military reportedly launched strikes against Iran in retaliation for the downing of an American helicopter, raising concerns about oil prices. Traders were also cautious ahead of the release of Chinese consumer and producer price data later today, amid rising oil prices. Financial, energy, industrial, and consumer staple stocks mainly drove the index lower, with notable losses from Fletcher Building (-2.2%), Scales Corporation (-1.3%), Mainfreight (-1.1%), F&C Investment Trust (-1.0%), Infratil (-0.7%), and ANZ Group (-0.3%).

NZX 50 Trades Lower in Morning Trade

BSX increased to an all-time high of 3660.00 Index Points. Over the past 4 weeks, Bermuda Stock Exchange Index gained 0.71%, and in the last 12 months, it increased 26.29%.

Stocks in Bermuda Hit All-time High

US crude oil inventories fell by 9.1 million barrels in the week ended June 5, far exceeding forecasts for a 3.4 million-barrel draw, after declining by 6.7 million barrels in the previous week. Despite a cumulative decline of roughly 44 million barrels over the past eight weeks, crude inventories remain nearly 7 million barrels above year-end levels. The Strategic Petroleum Reserve also continued to shrink, with another 7.9 million barrels withdrawn during the week. Inventories at Cushing, Oklahoma, fell by 1.125 million barrels, following a 279,000-barrel decline a week earlier. US crude production eased to 13.707 million barrels per day from 13.715 million. Gasoline inventories declined by 1.191 million barrels after a 3.45 million-barrel increase in the prior week, while distillate stocks rose by 1.3 million barrels after falling 214,000 barrels previously.

US Oil Stockpiles Fall More Than Expected

The Dow Jones Index gained 85 points or 0.17 percent on Tuesday to close at 50871 points. Gains were led by Home Depot (3.71%), Sherwin-Williams (3.70%) and Nike (3.25%). Biggest losers were Salesforce (-3.96%), Apple (-3.61%) and Cisco Systems (-3.07%).

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Japan PPI MoM

Japan PPI YoY