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[Platinum] Morning Market updates (6/21)

[Platinum] Morning Market updates (6/21)
August 21, 2023

Morning Update June 21 

Stock futures contracts tied to the three major indices were up roughly 2% on Tuesday morning, putting Wall Street on track to begin a holiday-shortened week higher amid bargain hunting for beaten-down stocks. 

Last week, the Federal Reserve announced its highest rate hike in 28 years to rein on sky-high inflation, which, coupled with signs of slowing economic activity, triggered concerns that such an aggressive tightening will drag the world’s largest economy into a recession. 

Investors now brace for further volatility in equities, with Fed Chair Jerome Powell set to testify before Congress Wednesday and Thursday. On the data front, existing home sales should provide additional clues about the economy’s health.  Lennar (LEN) released earnings per share at 4.49 USD, compared to market expectations of 3.97 USD.  

The dollar index eased toward 104.3 on Tuesday, giving back some of its recent, but remains close to a 20-year high reached last week.  WTI crude futures rose more than 2% toward $112 per barrel on Tuesday, recouping some losses from last week, as persistent concerns about tight oil supply outweighed fears that aggressive monetary tightening could lead to a global recession and demand slowdown.  

Tens of thousands of workers walked out on the first day of Britain’s biggest rail strike in 30 years on Tuesday with passengers facing further chaos as both the unions and government vowed to stick to their guns in a row over pay.  European Union leaders aim to maintain pressure on Russia at their summit this week by committing to further work on sanctions, a draft document showed, with gold among assets that may be targeted in a possible next round of measures.  

Kellogg said on Tuesday it was splitting into three independent companies by spinning off its North American cereal and plant-based foods businesses, becoming the latest big U.S. firm to break itself up.

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