Market news
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Record $1.1B Volume in Leveraged S&P 500 and Chip ETFs
Combined trading volume in 3x leveraged S&P 500 and semiconductor ETFs hit a record $1.1 billion on Friday, more than quadrupling over recent sessions. Total US-listed option volumes also surged to 107 million contracts, the second-highest ever, signaling strong risk appetite.
National Bank Analysts Urge BoC to Add Explicit Unemployment Forecast
Analysts from National Bank of Canada suggest the Bank of Canada should include an explicit unemployment rate projection in its quarterly Monetary Policy Report.
Societe Generale: Euro Area Growth Noise, Inflation Outlook
Societe Generale strategists argue that the negative first-quarter GDP print mainly reflects Irish volatility, with ex-Ireland growth at 0.3% qoq.
BBH: Norges Bank Stance Supports NOK Crosses; May CPI Key
Brown Brothers Harriman notes that Norges Bank's stance is supportive for Norwegian Krone crosses. The May CPI print could be pivotal, with a hot reading potentially leading to another rate hike after May's surprise increase.
Bitcoin Tops $63K, ETFs Bleed $1.72B, Strategy Adds 1,550 BTC
Bitcoin rallied above $63,000 on an oversold relief bounce. U.S. spot bitcoin ETFs saw $1.72 billion in outflows last week. Strategy bought 1,550 BTC for $101.3 million. Other stories: Zcash fixed a critical vulnerability, the UK proposed crypto ETN allocations, and MetaMask announced an AI wallet.
RBI and Government Measures Could Drive $40bn Inflows, Supporting INR: MUFG
MUFG analyst Michael Wan says new Reserve Bank of India and government measures could generate about $40 billion in inflows, partially plugging India's FY2026/27 balance of payments and supporting the rupee near term.
Magnificent Seven ETF (MAGS) Cycle From March 2026 Low Ends
The Magnificent Seven ETF (MAGS) has completed its cycle that began from a low on March 30, 2026, according to technical analysis.
USD/JPY Holds Firm Near 160.00 as Yen Struggles Despite Weaker US Dollar
The Japanese Yen remains under pressure, keeping USD/JPY near the psychologically important 160.00 level despite a softer US dollar. Lingering intervention fears cap upside, as traders monitor fast-changing headlines from the Middle East.
Dollar Gains on Safe-Haven Demand and Higher Yields: BNY
BNY's Bob Savage notes escalating Middle East tensions and rising U.S. Treasury yields are driving risk-off flows, supporting the Dollar at two-month highs.
TD Securities: Bank of Canada to Hold Rates at 2.25% Through 2026
TD Securities economists expect the Bank of Canada to keep its overnight rate at 2.25% at the June meeting and throughout 2026, citing persistent inflation risks despite softer domestic conditions.
US Airlines Fuel Costs Surge 78% in April Amid Iran War, Fares Jump 20.7%
US airlines paid $6.5 billion in fuel costs in April 2025, a 78% increase year-over-year, driving a 20.7% rise in fares. Globally, carriers face an estimated $100 billion in extra fuel costs in 2026.
Gold Extends Decline, Hits 2½-Month Low After Friday's 3.2% Plunge
Gold prices continued their slide on Monday, touching a 2½-month low as losses from Friday's sharp drop persisted. The metal may pause near a bear-channel support line.
ECB Insurance Hike Seen Limiting EUR/USD Upside – OCBC
OCBC analyst Sim Moh Siong expects the ECB to deliver a one-off 25 bps ‘insurance’ rate hike to 2.25%, with updated projections showing higher inflation and weaker growth, which may limit EUR/USD upside.
NFP Headline Strong but Details Weak, USD Surges to 100
Non-farm payrolls beat expectations, but hourly earnings fell and participation/unemployment rates showed no improvement. Yields spiked but failed to pressure equities, while the USD surged to the 100 level.
JPMorgan Warns Oil Market Calm Masks Persistent Strait of Hormuz Risk
JPMorgan commodity strategist Natasha Kaneva cautions that despite the current calm in oil markets, the risk related to the Strait of Hormuz remains high and could flare up.
Hungarian Forint Appreciation Prompts Stability Target, ING Says
ING economists note the Hungarian forint has sharply appreciated, with investors treating Hungary as a quasi-eurozone, and policymakers aim to maintain stability around fair value.
Fed Extended Pause Outlook After Strong US Jobs – UOB
UOB's Alvin Liew notes that stronger-than-expected US payrolls and higher oil prices have sharply reduced expectations for Federal Reserve rate cuts.
Bernstein: $2.6B Bitcoin ETF Outflow Does Not Undermine Store-of-Value Thesis
Investment firm Bernstein reports that $2.6 billion in outflows from US spot Bitcoin ETFs since early 2026 and sluggish market action do not invalidate Bitcoin's status as a store of value.
US Stock Indices Rally at Open: Nasdaq Up 1.47%, Dow +0.42%
The three major US indices opened higher, with the Nasdaq Composite leading gains up 1.47%.
Serbia GDP Growth Forecast Revised Up for 2026
Serbia's 2026 GDP growth forecast has been raised to 2.9% year-on-year, driven by strong wage gains and consumption, while the 2027 outlook remains unchanged at 4%.
Euro Under Pressure as German Data Signals Recession – BNY
BNY strategist Bob Savage notes that Euro area Sentix sentiment remains in contraction territory, with Germany still classified as recessionary. German manufacturing orders plunged in April, led by autos and machinery, despite a slight improvement in sales.
Record $65B in Leveraged Asian ETFs, SK Hynix Tracking Anomaly
Leveraged ETFs in South Korea and Taiwan hit a record $65 billion in AUM, up 490% since 2026. A SK Hynix 2x long ETF surged 50% despite a 7.7% drop in the underlying stock, showing a rare tracking divergence.
ECB Expected to Hike, Fed Possibly in July; Trump Urges Iran-Israel Ceasefire
The ECB is anticipated to raise rates this week, while the Fed may follow in July. Meanwhile, Trump's call for a ceasefire between Iran and Israel signals a push for prolonged peace, though the US stance appears untenable.
DXY Supported by Hawkish Fed Repricing and Risk-Off Flows: ING
ING economist Chris Turner notes that the US Dollar Index (DXY) is underpinned by the market repricing of a hawkish Federal Reserve and a risk-off tone in equities ahead of key US CPI and PPI releases.