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Top 5 Things to Know In the Market on Tuesday

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Here are the top five things you need to know in financial markets on Tuesday, June 7:

Market Today

1. Global stocks higher after Yellen with World Bank forecast on tap

Global stocks moved higher on Tuesday after Federal Reserve (Fed) chair Janet Yellen pushed back expectations for policy tightening. While repeating on Monday that she expected interest rates to gradually rise, Yellen refrained from implementing the time frame of “in the coming months” as she had done in a May 27.

On a light economic calendar, market participants looked ahead to the World Bank that will update its global economic outlook at 20:01GMT, or 16:01ET.

Shares in Asia were mostly higher on Tuesday with Sydney up after the Reserve Bank of Australia holding rates steady at a record low 1.75%.

European stocks markets were also higher in early trade as German industrial production beat consensus and euro zone first quarter growth was revised higher. At 10:02AM GMT, or 6:02AM ET, the European benchmark Euro Stoxx 50 jumped 1.46%, the DAX gained 1.74%, the CAC 40 traded up 1.31% while London’s FTSE 100 advanced 0.63%.
U.S. futures continued the post-Yellen rally pointing to a higher open on Tuesday. The Dow Jones Industrial Average futures pointed to a 0.33% gain, S&P 500 futures advanced 0.31%, while the Nasdaq 100 futures indicated a 0.37% rise.

2. Pound spikes 1% as Brexit polls give lead to ‘Remain’ campaign

The pound moved higher as two new polls on the June 23 referendum on the U.K.’s membership in the European Union showed the “remain” camp with a slight lead, reducing jitters that the vote could lead to a Brexit.
GBP/USD was up 0.93% at 1.4575, though sterling spiked to an intraday high at $1.4656. There was talk that the sudden surge might have been due to a “fat finger” error.

3. Oil trades near 8-month highs amid global supply disruptions

Oil prices pushed higher on Tuesday as investors continued to weigh the cuts in production from attacks on Nigerian pipelines and expectations for a decline in U.S. crude inventories bolstered sentiment.
The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles fell by 3.5 million barrels in the week ended June 3.
U.S. crude oil futures rose 0.38% to $49.39, at 10:04AM GMT, or 6:04AM ET, while Brent oil advanced 0.26% to $50.68.

4. China’s FX reserves hit 5-year low

China’s foreign exchange reserves shrank for the first time in three months in May, falling to the lowest level since December 2011, official data showed on Tuesday.
China’s foreign exchange reserves dropped by $27.98 billion last month to $3.19 trillion, according to data released by the People’s Bank of China.
Market experts suggested that the drop was due to the stronger dollar against the yuan.

5. Clinton clinches Democratic nomination for president

Hillary Clinton clinched the Democratic presidential nomination after obtaining the required 2,383 delegates, making her the first female nominee to lead the White House.
Clinton had reached the minimum number of delegates required even before primaries in six states on Tuesday, including California and New Jersey.

News Source: http://www.investing.com/

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