DAILY MARKET UPDATE

June 22, 2021

Asia Pacific stock markets closed mostly higher with significant retracements across the region. Japan was led by banks, miners, and shippers. China saw banks outperform as the country adjusted its deposit ceiling calculation and CD rates, which may help NII. Biden may ban Chinese polysilicon for solar panels. European bourses closed slightly higher Tuesday as investors assessed the outlook on inflation and interest rates. North American stock markets closed higher again while U.S. Treasury yields moved lower at the short end as the yield curve steepened. May existing home sales prices hit a record high with the median price topping $350K for the first time. June Richmond Fed data surpassed expectations amid continued growth in new orders. Crude prices settled lower as OPEC+ officials were mulling an output increase as soon as next month’s meeting. For a brief period, Bitcoin dropped below $30K for the first time since January, though the cryptocurrency regained its losses as the day wore on. The U.S. dollar fell to a session low as Chair Powell testified to Congress that the Fed will wait for actual inflation as the trigger for any rate increase.

Markets:

* Nikkei +3.12%

* Shanghai Composite +0.80%

* Hang Seng -0.63%

* DAX +0.21%

* FTSE +0.39%

* CAC +0.14%

* DJIA +0.20%

* S&P 500 +0.51%

* Nasdaq +0.79%

* Russell 2000 +0.43%

BSD Global Tech Hedge Fund -0.18%

After Market Movers: 

* BSY Launches private offering of $500M in convertible senior notes; -4% afterhours 

* BTAI Files to sell $100M public offering of common stock (11% of market cap); -10% afterhours 

* GMTX Releases initial data from ongoing Phase 2a study of GEM103 in patients with geographic atrophy secondary to dry age-related macular degeneration; drug was well tolerated with no serious adverse events related to the study; -40% afterhours.