FUNDAMENTAL REVIEW - 06/03/24 Monday, (GMT +5:00)

Eurozone - Manufacturing PMI (May) - 13:00
Britain - Manufacturing PMI (May) - 13:30
Canada - Manufacturing PMI (May) - 18:30
USA - Manufacturing PMI (Feb) - 18:45
SA - ISM Manufacturing PMI (May) - 19:00

American stock exchanges closed in good positive territory on Friday, risk-on sentiment increased due to expectations of an earlier rate cut by the world's central banks;

Eurozone: May, S&P Global Manufacturing PMI 47.3 below forecast 47.4 - local negative for the euro;

Asian indices are in the black - everyone is growing well today - Korea, Hong Kong and Japan;

OPEC+ has extended production cuts until the end of 2025, but there is a nuance: voluntary OPEC+ cuts will be gradually canceled from October;

Goldman remains bullish on commodities markets, citing strong demand growth, expectations of more structural shortages in industrial metals and gold, and a geopolitical premium in oil;

Upbit, the second largest spot crypto exchange in the world and the largest in South Korea, has listed 3 tokens in the last 3 days: Bounce, Stargate and BEAM - each made a minimum of +20% on listing;

FT writes about the crisis in the orange juice market amid weather disasters in Brazil - prices are breaking new historical records;

Key news this week:

From today, speeches by Fed members end - a period of silence begins before the meeting on June 12.

The focus will be on multiple US economic reports, with non-farm leading the table in importance, but market reaction could also be strong on the JOLTs, ISM Industrials and Services reports, as well as minor labor market reports on Thursday.

Meetings of the BoS and the ECB.

Markets are expecting a BoC rate cut on Wednesday, market expectations for a BoC rate cut rose to 80% after Canada's Q1 GDP came in at 1.7% versus 2.2% forecast.

The ECB is also very likely to lower the rate on Thursday, as it has essentially promised to do so, but with guarantees on the time of the second rate cut, it is unclear; it is unlikely that ECB members will lower the rate again in July, but rather it will be September, depending on the Fed’s policy. but the degree of confidence in a rate cut in September will be key to the euro's reaction.

Good luck and informed investment decisions!