Asian markets opened higher on Monday as investors eagerly awaited the release of China’s manufacturing data. The Caixin manufacturing survey was set to provide insights following the unexpected contraction in China’s manufacturing sector in May.
Investors were also closely monitoring India’s markets after exit polls indicated that Prime Minister Narendra Modi and his Bharatiya Janata Party-led alliance were likely to secure a third consecutive term in power.
Wall Street futures remained steady before the start of trading in June, with the Dow Jones Industrial Average futures up slightly, while S&P 500 futures were flat.
Goldman Sachs recommended a specific trading strategy for European markets amidst potential volatility, suggesting a defensive position with buy-rated stocks offering high relative risk-adjusted upside.
Meanwhile, Berenberg forecasted strong profits for major European banks despite an anticipated interest rate cut, with one stock potentially rising by over 40% in the next 12 months.
In the tech sector, Nvidia unveiled its new chip model, Rubin, following the release of its Blackwell chips in March. CEO Jensen Huang announced plans for an annual release of new AI chip models, propelling Nvidia’s stock up over 120% year-to-date.
In upcoming earnings reports, Hewlett Packard Enterprise and Bath & Body Works were among the companies set to announce their financial results.
The month of May had seen positive gains for the main indexes, with the Nasdaq Composite posting its best performance since November 2023, signaling a strong start to June for global markets.
