External background. Foreign markets showed a fairly calm session yesterday with a moderate increase. The S&P 500 gained 0.5% due to the growth of technology companies and came quite close to its historical highs. Markets are waiting for inflation data today, which will decide whether the index will push down or update its historical highs. According to analysts' expectations, the core consumer price index rose by 3.6% in April over a 12-month period. Jerome Powell spoke yesterday, saying that interest rates would be higher for a long time, but his words were ignored by the market. U.S. producer prices rose more than forecast in April, although the key components influencing the Fed's preferred inflation rate were more restrained. In Europe, the Stoxx 600 gained 0.15%, while the DAX declined by 0.14%. In the morning, the Asian markets again showed moderate dynamics with a price range from +0.1% to -0.2%. Oil remains around $ 83, despite the fact that an industry report showed a reduction in reserves in the United States. At the same time, a powerful rally continues in copper quotes, which, judging by today's chart, exceeded the $5 per pound mark, which is a historical maximum.
Bonds. The yield on 10-year US government bonds shows hints of a breakdown down its growing channel, which dates back to the end of last year. However, there is still support for the 50-day moving average just below.
The KASE index. KASE lost 0.6% yesterday amid a decline in most securities (6 out of 10). The index has probably started a local correction wave, but so far we do not expect it to go below 4,900 points.
Index shares. The leader of the decline was Halyk Bank again, this time the quotes lost 2.9%, and since the opening another 0.6%. The GDR had the largest losses and amounted to 10.9%, but the overall figure is approximately equal to the decline in shares on KASE after the cutoff. According to the currency difference, we see that securities on the local market are about 7% more expensive than GDR, which is most likely to be recouped at the expense of the same GDR. Aira Astana GDR declined by 2.9%, unable to withstand the resistance of its newly formed 50-day moving average. The positive from the buyback, it seems, was not enough to break through immediately the first time. Of all the securities, Kaspi had the largest growth on the NYSE, but it did not make strong changes to the price picture.
Currency. The dollar has not shown strong volatility against the tenge since the morning and is trading at about 441 apiece.
Key market news
(=) KEGC: The audit report on the consolidated financial statements of KEGOC JSC for 2023 has been published
(=) AIRA: Air Astana JSC provided information on transactions with its own securities