On Friday, the Dow Jones (US30) Index gained 0.01% (-2.30 % for the week), while the S&P 500 (US500) Index gained 0.70% (-0.01% for the week). The NASDAQ Technology Index (US100) closed positive 1.10% (+1.31 % for the week).The University of Michigan’s US Consumer Sentiment Index for May was revised upward to 69.1 from the previously reported 67.4, stronger than expectations of 67.7. The University of Michigan inflation expectations for May were revised downward to 3.3% from the previously reported 3.5%, weaker than expectations of 3.4%. May 5-10-year inflation expectations were also revised downward to 3.0% from the previously reported 3.1%. The data hurt the dollar index, giving stock indices room to rally.Banks and most markets will be closed on Monday due to the Memorial Day holiday in the US. Futures will be part-time.Equity markets in Europe were mostly down on Friday. The German DAX (DE40) rose by 0.01% (for the week -0.09%), the French CAC 40 (FR40) closed down by 0.09% (for the week -1.02%), the Spanish IBEX 35 (ES35) lost 0.58% (for the week -0.77%), and the British FTSE 100 (UK100) closed negative 0.26% (for the week -1.22%) on Friday.ECB Executive Board spokeswoman Schnabel said the ECB should not cut borrowing costs too quickly after the June meeting as some inflation elements are “proving resilient, especially domestic inflation and in particular services inflation.”WTI crude prices held near $78 a barrel on Monday as investors avoided making big bets ahead of the June 2 OPEC+ meeting, where major producers are expected to extend voluntary production cuts through the end of this year. OPEC said it expects oil demand to grow strongly this month by 2.25 million barrels a day in 2024, while the IEA predicted weaker growth of 1.2 million barrels a day.Asian markets were mostly up last week. Japan’s Nikkei 225 (JP225) was down 0.30% for the week, China’s FTSE China A50 (CHA50) lost 2.25% for the week, Hong Kong’s Hang Seng (HK50) decreased by 5.16% for the week, and Australia’s ASX 200 (AU200) was negative 1.11%.Profits generated by China’s industrial enterprises rose by 4.3% YoY to 2,094.69 billion yuan in the first four months of 2024, in line with the previous period’s pace. The latest results underscored the government’s efforts to maintain the pace of economic recovery amid persistent challenges such as weak domestic demand, deflation risks, and a real estate slump.Japan’s 10-year government bond yield rose above 1%, hitting the highest level in 12 years, as investors digested the latest remarks from Bank of Japan officials. BOJ Governor Kazuo Ueda said inflation expectations must be reinforced again and warned that accurately estimating Japan’s neutral interest rate is difficult. At the same time, BOJ Deputy Governor Shin’ichi Uchida said the end of the fight against deflation is just around the corner, adding that wages are likely to continue rising.S&P 500 (US500) 5,304.72 +36.88 (+0.70%)Dow Jones (US30) 39,069.59 +4.33 (+0.011%)DAX (DE40) 18,693.37 +2.05 (+0.011%)FTSE 100 (UK100) 8,317.59 −21.64 (−0.26%)USD Index 104.71 −0.03 (−0.03%)Important events today:

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