US stock market indices finished yesterday’s trading lower. S&P 500 dropped 1.08%, Dow Jones moved 0.81% lower and Nasdaq declined 0.73%. Russell 2000 dropped 1.49%

Stocks in Asia also traded lower today, although with few exceptions. S&P/ASX 200 dropped 1.20%, Kospi slipped 0.5% and indices from China traded up to 1.6% lower. Nikkei was outperformer, gaining 0.1%

DAX futures point to a lower opening of the European cash trading session

Chinese authorities put some neighborhoods in Shanghai back into lockdown following a spike in local Covid-19 cases. Mass testing will also be conducted

White House press secretary Karine Jean-Pierre said that administration expects tomorrow’s inflation data to be elevated

RBNZ plans to start selling government bonds purchased as part of its QE programme in July 2022. Balance sheet will be reduced at pace of NZ$5 billion per year until holdings are reduced to zero within around 5 years

Chinese exports increased 16.9% YoY in May in USD terms (exp. +8.0% YoY). Imports were 4.1% YoY higher (exp. +2.0% YoY)

Cryptocurrencies are trading lower but the scale of decline is not major. Ethereum drops 0.4% while Bitcoin trades flat

Brent and WTI trade around 0.1% lower on the day

Platinum pulls back, gold trade flat while palladium and silver advance

CHF and JPY are the best performing major currencies while AUD and CAD lag the most

Unlike other indices from the Asia-Pacific region, Nikkei (JAP225) managed to post small gains today. The index is testing the upper limit of the Overbalance structure and a break above would hint at a trend reversal.