Advanced Share Registry : Market News 8 June 2021

More of the same comfortable treading of water action from indices last night as they flirt with new records then run back into old territory. The Dow rose above its May 7 all-time high during the session but gave it up and more to close in the red. Materials led losses falling 1.2% for the sector with financials bearing up the rear, down 0.6% with techs Nasdaq advancing 0.5%.

Jitters are inflating with inflations clear presence injecting itself into conversations for many investors who've never experienced it in their life outside of comfortable asset inflation in stocks, properties and cryptocurrencies.

So Thursday's May inflation numbers could be the data that ends the party or carries on into new territory. While a few "meme" stocks have been going berserk, most of the market has been content to grind higher.

Cinema chain AMC Entertainment Holdings is making the most of its underdog status by raising money as the stock surges higher. It closed 14.8% higher Monday while the original meme stock GameStop Corp added 12.7%.

The recent reflation trade backing the reopening has already started to give back some ground, too, which includes materials. With stocks consolidating near all-time highs, the expectations for earnings are that companies can still deliver strong results for the second quarter.

A weekend interview with Treasury Secretary Janet Yellen reveals she's comfortable if President Biden's $4 trillion spending plans lifted inflation and rates. "We've been fighting inflation that's too low and interest rates that are too low now for a decade," she said. The GOP is set to fight inflation in their own way as over 300,000 jobless Americans in Alaska, Iowa, Mississippi, Missouri will be cut off from the extra $300 a week before they expire in early September as they contend, people are avoiding applications for work. Economic data have been erratic as economies restart between pent-up consumer desires and supply deficits, and a labour shortage. The GOP is concerned that wages in food preparation, protective services, cleaning services, and personal services were 7.7% per cent higher than expected in the first quarter as these low paying jobs struggle to compete with the current benefits.

The Group of Seven wealthy democracies have agreed to establish a global minimum corporate tax rate of 15% to prevent multinational companies from avoiding taxes inside low-rate countries but a divided U.S. Congress stands in the way to that dream. That an agreement has come at a time where governments are starved of revenue should come as no surprise.

Facebook rallied 1.9% Monday for a new high as analysts believe the two-year ban of Trump likely won't bear any financial consequences. Amazon fell 0.3% after Jeff Bezos declared himself as one of the first passengers for his Blue origin space-travel company's spacecraft. However, global policymakers are also endeavouring to make sure their international tax plan includes Amazon.com even though the U.S. company's profit margin is 7.1%, well below the 10% proposed threshold that allows countries the right to collect revenue. Tesla gained one while per cent yields for the 10-year U.S. Treasury note added 1.1 basis point to 1.570%, compared with 1.56% on Friday at 3 p.m. Eastern Time. Biogen Inc. surged 38% after the FDA said its Alzheimer's drug had entered an accelerated approval process.

US Dow Jones	34630.24	-126.15	-0.4%
US S&P500	4226.52	-3.37	-0.1%
US Nasdaq	13881.72	+67.232	+0.5%
UK FTSE	7077.22	+8.18	+0.1%
German Dax	15677.15	-15.75	-0.1%
Gold futures ($US/oz)	1898.8	+6.8	+0.4%
Spot Iron Ore ($US/t)	202.85	-5.5	-2.6%

Europes STOXX 600 gained 0.2% to a new closing high while our futures are flattish, down two points after Fridays 13.5 point loss, to 7281.9. China revealed iron ore imports in May fell 8.9 per cent from a month earlier.

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