Is Oracle Stock (ORCL) a Buy

Economic

Summary:

Dive deep into Oracle Corporation's stock analysis. Explore strengths, weaknesses, opportunities, and threats (SWOT) to see if ORCL aligns with your investment goals.

Oracle Corporation (ORCL) is a tech titan with a long and storied history. For decades, it dominated the database software market and expanded into cloud computing. But in a rapidly evolving industry, can Oracle maintain its relevance? This in-depth Oracle Corporation stock review dissects the company's strengths, weaknesses, opportunities, and threats (SWOT analysis) to help you decide if ORCL deserves a spot in your portfolio.

Strengths

Dominant Market Position: Oracle remains a leader in the database software market, boasting a loyal customer base and recurring revenue streams. This core business provides a strong financial foundation.

Cloud Expansion: Oracle has made significant strides in cloud computing, offering a suite of cloud services that compete with Amazon Web Services (AWS) and Microsoft Azure. This strategic move positions them for future growth in a high-demand sector.

Strong Financials: Oracle consistently generates healthy profits and boasts a solid balance sheet with low debt. This financial stability allows for strategic investments and potential share buybacks that benefit investors.

Dividend Payer: Oracle is a dividend-paying company, offering a reliable income stream for investors seeking regular returns.

Weaknesses

Legacy Dependence: Overreliance on its traditional database business can hinder Oracle's ability to adapt to changing market trends. Emerging technologies and cloud-based solutions might pose a threat if the company fails to innovate.

Competition: The cloud computing market is fiercely competitive, with giants like AWS and Azure holding significant market share. Oracle needs to constantly improve its cloud offerings to attract and retain customers.

Sluggish Growth: While Oracle remains profitable, its revenue growth has slowed in recent years. This could raise concerns for investors seeking high-growth potential.

Acquisition Integration Challenges: Oracle has a history of making large acquisitions, but integrating them effectively can be challenging. Unsuccessful integration efforts can hinder growth and profitability.

Opportunities

Cloud Adoption: The global cloud computing market is projected for significant growth in the coming years. Oracle has the opportunity to capitalize on this trend by expanding its cloud services and customer base.

Artificial Intelligence (AI) and Machine Learning (ML): Integrating AI and ML into its offerings can enhance Oracle's cloud platform and attract new customers seeking advanced data analytics capabilities.

Expansion into New Markets: Exploring new markets, particularly in developing economies with growing tech sectors, presents opportunities for Oracle to expand its reach and customer base.

Strategic Partnerships: Partnering with complementary technology companies can accelerate innovation and open new doors for Oracle's products and services.

Threats

Economic Downturn: A global economic slowdown could decrease IT spending, impacting Oracle's sales of both software licenses and cloud services.

Cybersecurity Threats: The increasing prevalence of cyberattacks poses a significant risk to Oracle and its customers. Data breaches and security vulnerabilities could damage the company's reputation and lead to financial losses.

Open-Source Software: The growing popularity of open-source database alternatives could erode Oracle's market share in the database software segment.

Regulation: Increased government regulations on data privacy and cloud computing could impact Oracle's business model and require costly compliance measures.

Analyst Ratings and Price Targets

The majority of analysts covering ORCL have a "hold" rating, with some offering "buy" and "sell" recommendations. The average analyst price target suggests modest upside potential for the stock. It's crucial to remember that analyst ratings are just one factor to consider when making investment decisions.

Investment Thesis

Oracle is a well-established company with a strong financial position. Its legacy database business provides stability, while its cloud offerings offer potential for future growth. However, the company faces challenges from competition, economic factors, and technological advancements. Investors should carefully consider their risk tolerance and investment goals before deciding if ORCL aligns with their portfolio strategy.

Additional Considerations

Valuation: Analyze Oracle's valuation metrics (P/E ratio, price-to-sales ratio) to determine if the stock is fairly valued or potentially overvalued.

Market Trends: Stay informed about trends in the software and cloud computing industries to understand the broader landscape impacting Oracle.

Your Investment Horizon: Consider your investment timeframe. Oracle might be suitable for long-term investors seeking a stable dividend payer with some growth potential.

Conclusion

Oracle Corporation is a complex company with a rich history and an uncertain future. This review provides a framework for your research, but it's vital to conduct your own due diligence before making any investment decisions.

By carefully weighing the strengths, weaknesses, opportunities, and threats, you can make an informed judgment about whether ORCL deserves a place in your portfolio.

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Risk Warnings and Disclaimers

You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.

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Glendon

Economic

Blackstone Group (BX) is a leading global alternative investment firm, attracting both interest and scrutiny from potential investors. This comprehensive review delves into Blackstone's stock performance, financial health, and future prospects to help you make informed investment decisions.

Investment Highlights: A Look at Blackstone's Strengths

Diversified Portfolio: Blackstone boasts a diversified portfolio across various alternative asset classes, including private equity, real estate, credit, and hedge funds. This diversification helps mitigate risk and potentially generate consistent returns.

Strong Track Record: The firm has a long and successful track record of generating attractive returns for its investors. Their expertise in managing alternative investments has positioned them as a leader in the industry.

Fee Structure: Blackstone benefits from a fee structure that includes both management fees and performance fees. This incentivizes the firm to generate strong returns for its investors.

Potential Drawbacks: Considering the Risks

Valuation Concerns: Some analysts believe Blackstone's stock might be overvalued. This could limit potential upside for investors, especially in a declining market.

Limited Liquidity: BX shares are not as liquid as those of some publicly traded companies. This means it might be harder to buy or sell shares quickly without impacting the price.

Market Sensitivity: As an alternative investment firm, Blackstone's performance can be sensitive to fluctuations in the overall market and economic conditions.

Analyst Opinions: Weighing the Experts' Views

Analyst opinions on Blackstone stock are mixed. While some recommend it as a "Moderate Buy" due to its strong track record and diversified portfolio, others express concerns about its valuation and potential for underperformance.

Here's a breakdown of some key analyst viewpoints:

TipRanks: Their average analyst price target suggests a modest upside potential for BX stock. However, the consensus rating is "Moderate Buy," indicating a cautious optimism.

Zacks: Their analysis highlights potential drawbacks like valuation concerns and lack of momentum. This suggests BX might not be suitable for all types of investors.

Blackstone vs. The Competition: Exploring Alternatives

Before investing in BX, consider comparing it to other publicly traded asset management firms. Some factors to consider include:

Investment Strategies: Compare the investment strategies of different firms to see which aligns best with your risk tolerance and investment goals.

Fees: Compare the fee structures of different firms to ensure you're getting the best value for your investment.

Past Performance: Analyze the historical performance of different firms to assess their track record of generating returns.

Investing in BX: Is it Right for You?

The decision to invest in Blackstone stock depends on your individual circumstances and investment goals. Here are some key considerations:

Investment Horizon: BX is likely a better fit for long-term investors who can ride out market fluctuations.

Risk Tolerance: Blackstone offers diversification but still carries inherent risks. Ensure your risk tolerance aligns with the potential volatility of the stock.

Investment Portfolio: Consider how BX would fit within your overall investment portfolio. Diversification across asset classes is crucial.

Beyond the Financials: Additional Considerations

Before making a final decision, consider these additional factors:

Blackstone's ESG (Environmental, Social, and Governance) Practices: Align your investments with your values by researching the firm's ESG practices.

Management Team: Research the experience and track record of Blackstone's management team.

Conclusion: Conducting Thorough Due Diligence

Blackstone presents a compelling opportunity for investors seeking exposure to alternative assets. However, careful due diligence is essential before investing. Consider the strengths and weaknesses of BX stock, analyst opinions, and alternative investment options. By making an informed decision, you can potentially position yourself to benefit from Blackstone's expertise in the alternative investment space.

Remember, diversification is key, and Blackstone should be just one piece of your overall investment portfolio.

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

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Economic

Stocks

Asia Open

The Asian session looks set for a mixed start, with Nikkei +0.61%, ASX -0.54% and KOSPI -0.21%.

Market moves this morning may offer a first-hand reaction to China's official Purchasing Managers' Index (PMI) data released over the weekend. While the manufacturing read came in line with expectations at 49.5, its second straight month of contraction just seem to cast more doubts than relief over the country's recovery path. New orders remain weak, production slowed while employment contracted for the 16th straight month.

Non-manufacturing activities (50.5 versus 51.0 expected) offered little to cheer as well, with its lowest read in four months pointing to fading growth momentum. Overall, the data reinforces that the March bounce in economic activities from the festive season is more likely to be a blip.

Ahead, the mixed run in economic data lately is likely to complicate matters for the upcoming third plenary session from 15 to 18 July. Weaker economic data may raise market expectations for a more supportive stimulus path to be announced at the upcoming meeting, but the risks of disappointment remain high. Authorities may likely retain its gradual and targeted policy approach, which offered little surprise as their hands are very much tied with a weakening yuan and worsening capital outflows over the past months.

Look-ahead: China's Caixin Manufacturing PMI

More clues on China's manufacturing sector will be presented with the Caixin manufacturing PMI release today, which typically surveys small and medium-sized enterprises and offers a broader view of the country's manufacturing activities.

The data may not necessarily trend hand-in-hand with the official PMI read and having surprised on the upside for the past four months, market watchers will be keeping a lookout for whether the outperformance can continue. Current expectations are for the Caixin manufacturing PMI to ease to 51.2, down than the previous 51.7.

Can Hang Seng Tech Index defend its trendline support ahead?

The Hang Seng (HS) Tech Index has retraced close to 16% from its May 2024 high, which is likely to be a reaction to economic risks in China and some near-term unwinding in the global tech sector. Its daily relative strength index (RSI) has attempted to cross above the key mid-line on two occasions over the past month but has thus far failed to do so.

That said, a key level to watch ahead may be the 3,480 level, where an upward trendline support stands. Defending the trendline will be crucial for buyers to keep the formation of higher-lows intact since February this year, which may raise the odds for a near-term bounce. Should the trendline support failed to hold, the 3,280 level may be on watch next. China's PMI Failed to Reassure, HS Tech Index on Watch_1

China's PMI Failed to Reassure, HS Tech Index on Watch_1

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

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TD Securities

Economic

U.S. – Services Spending and Prices Starting to Settle

The past week had a relatively light data calendar for the U.S. economy, which continued on relative cruise control to gradually moderating economic growth and inflation. The current state of the economy was well summarized by Federal Reserve Board Governor Bowman in her speech earlier this week, which emphasized that we have seen only modest progress on inflation in 2024, despite moderating economic growth. The message holds true in the week's data, which included an update on consumer prices and personal spending, as well as the revised reading on first-quarter GDP.

Inflation – as measured by the personal consumption (PCE) deflator – continued to moderate in May, with the core PCE deflator posting a 'soft' gain of 0.1% m/m – down sharply from the 0.3% gain registered the month prior. The deceleration in price pressures was entirely driven by another month of declines in goods prices and a further slowing in non-housing services prices. More critically, the three-month trend eased to a five-month low of 2.7% (annualized). Fed Governor Bowman repeated earlier this week that inflation has been slow to come down and more progress towards 2% is needed to support rate cuts this year. This morning's data showed another (small) step in the right direction, though Fed officials will likely need to see at least another several 'good' inflation readings before having enough confidence to start dialing back the policy rate. Services Spending and Prices Starting to Settle_1

Services Spending and Prices Starting to Settle_1

On the spending side, the release of May's data showed some retrenchment in the goods and services split, with goods leading personal spending growth after having recorded declines in three of the four prior months. Overall, the softer gain in services spending implies our Q2 tracking for consumer spending is likely closer to 1.5%, which is a bit lower than what was assumed in our updated forecast published earlier this week.

The last big piece of data out this week was the third estimate of first-quarter GDP. Usually, the 3rd estimate is not very exciting – after all, the first estimate was released two months ago, and revised minimally last month, only to be revised minimally again this week. Mostly old news, in that sense, but in the 3rd estimate we do get one new piece of data: the first look at GDP by industry for the quarter. Here, two observations quickly become clear – goods-producing industries contracted in the first quarter following several quarters of high growth in 2023, and services-producing industries, which had been supporting growth for over a year now, posted moderate growth relative to the last two quarters. The moderation of services growth coinciding with the downtrend in services inflation is an encouraging combination.

Services Spending and Prices Starting to Settle_2

Next week, we will be closely following Chairman Powell's words at the European Central Bank's policy extravaganza at Sintra for a better view of how the central bank is digesting the latest data. Markets and other observers will also be focused on next week's jobs data for any signs that the cooling we have seen in spending and prices is spilling over to the labour market.

Canada – Disappointing Inflation Print Affords Patience for the BoC

Market action this week was dictated by inflation reports from both north and south of the border. A disappointing Canadian report caused markets to push back strongly on the notion of a follow-up rate cut by the Bank of Canada in July. It also supports our call that the Bank can afford to wait until September until trimming its policy rate again. Bonds sold off in the wake of the report, pushing Canadian yields higher across the curve, although they gave up some of these gains on Friday amid a soft U.S. inflation print that showed some welcome cooling in price pressures. For its part, the loonie was down slightly on the week and remains in the lower end of the $0.72 – $0.76 USD range that's been in place for the better part of two years.

Canadian inflation had been on an improving trend for the first four months of 2024, increasing the Bank of Canada's confidence that it was on a sustainable path back to 2% and paving the way for an early June rate cut – the first in four years. Against this promising backdrop, the May report landed with a thud, as both headline inflation and the Bank of Canada's preferred core measures surprised to the upside. Indeed, both overall inflation and the average of the Bank's core metrics ticked 0.2 percentage points higher to 2.9% year-on-year in May, boosted by shelter prices. However, nowhere is it written that inflation must take a straight line down to the 2% target, and there were bound to be some bumps along the way (Chart 1). An obvious example of this is in the U.S., where inflation heated up in the first quarter, before giving back some ground in recent months.

Services Spending and Prices Starting to Settle_3

A potential concern coming out of Canada's May CPI print is whether it's a harbinger of some potential stickiness in inflation, raising the potential for higher for longer interest rates. While it's too early to tell, our latest forecast anticipates a gradual easing in inflation pressures over the rest of 2024. A softening jobs market is a key reason that we expect inflation to ease further, with data this week showing that payroll employment declined in April. Meanwhile, both the job vacancy rate and the ratio of vacancies to the number of unemployed people (indicators of job market tightness) continued to decline from the highs observed a few years ago (Chart 2).Also encouraging was progress on wage growth, with average weekly earnings and the fixed-weight index of average hourly earnings both decelerating in April. Services Spending and Prices Starting to Settle_4

Services Spending and Prices Starting to Settle_4

The likelihood that overall economic growth will be subdued moving forward is another good reason to expect inflation to be brought to heel. While this morning's data showed that the economy expanded at an above-trend 0.3% month-on-month (m/m) in April, supported by monthly gains in 15 of 20 industries, May's preliminary number was considerably weaker, showing a 0.1% m/m advance. All told, the second quarter is shaping up to be a decent one for growth. However, even with this performance the economy was likely in an "excess supply" position, meaning that the economy's performance should be pressuring inflation lower, not higher, going forward.

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

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Cohen

Economic

Forex

The only "winner" from a possible all-out trade war between the West and China will probably be the U.S. dollar.

Uncertainty around global trade policy is the highest since 2018-2019 when clashes between former U.S. President Donald Trump's administration and Beijing reached fever pitch. It's nowhere near those peaks yet, but will be the focus of greater attention as the U.S. presidential election draws closer.

Whoever wins in November, further tariffs on imports from China and likely retaliation seem inevitable. China already warns that a move by Europe to join the tariff train would constitute a "trade war."

Trump's return to the White House would raise the stakes significantly.

Dollar is Only Winner from China-West Trade War_1

Rising protectionism and shrinking cross-border trade may dampen growth everywhere but the U.S. - the world's economic and currency superpower - has layers of protection that other countries don't.

These include the relatively closed nature of the economy, the global importance of U.S. equity and bond markets, and the ubiquity of the dollar in international reserves.

That's not to say the U.S. won't suffer - growth would slow and inflation might rise. But higher inflation delays or possibly eliminates Fed interest rate cuts, and growth in Europe and Asia would be more vulnerable than in the U.S.

In short, the pain is likely to be felt more acutely in other currencies, none of which have the dollar's safe-haven status either. And in the world of exchange rates, everything is relative.

Three Times the Hit

Goldman Sachs economists attempted to quantify the risks to U.S. and euro zone growth by analyzing the 2018-2019 trade war and beyond through three lenses - U.S. and European company commentary on trade uncertainty, stock returns around tariff announcements and cross-country investment patterns.

They found that a rise in trade policy uncertainty to 2018-2019 levels would likely lower U.S. GDP growth by three-tenths of a percentage point. The estimated hit to euro zone growth would be three times greater.

For a region already expected to grow significantly slower than the U.S., at only 0.8% this year and 1.5% next year, according to the International Monetary Fund, that would be a major blow. Aggressive monetary easing from the European Central Bank could follow, undermining the euro.

"Further increases in trade policy uncertainty pose meaningful downside risk to our global growth outlook in 2024H2 (second half of 2024) and 2025 ... with larger effects in economies where exports account for a larger share of GDP," Goldman's economists wrote on Tuesday. Dollar is Only Winner from China-West Trade War_2

Dollar is Only Winner from China-West Trade War_2

Closed Off

The U.S. economy is far less open than its European or Chinese counterparts, meaning disruption to trade should have a relatively limited impact.

U.S. exports of goods and services accounted for 11.8% of GDP in 2022, according to the World Bank, compared with 20.7% in China. Eurostat data shows that euro zone goods exports last year were worth 20% of GDP.

A persistent and deteriorating trade deficit for years was seen as a major drag on the dollar as the U.S. had to suck in huge amounts of foreign capital to plug the gap and prevent the dollar from falling.

But the U.S. trade deficit last year was 2.8% of GDP, much smaller than the year before and half of what it was in the mid-2000s. Onshoring, energy self-sufficiency, and a push to revive domestic manufacturing all indicate the deficit will not be the drag on the dollar it once was.

And that's before any tit-for-tat tariff escalation potentially shrinks U.S. imports further.

Euro parity?

China's domestic economic problems and geopolitical stance are enough to make foreigners wary of investing in the country. But it's no coincidence that foreign direct investment flows into China are plunging at their fastest pace in 15 years right as trade tensions percolate again.

Chinese stocks are underperforming, barely in positive territory for this year and after a dire 2023. Beijing is struggling to hold up the yuan, which is at a seven-month low against the dollar.

European stocks and the euro have not reacted favorably to recent headlines about the tariffs Brussels is slapping on certain imports from China. Given how close trade ties are now between the euro zone and China, this should be no surprise.

The euro zone imports more goods from China than anywhere else in the world, and the yuan's weighting in the trade-weighted euro rivals that of the dollar. Trade tensions between China and Europe will hit the euro hard.

And with the euro having a near-60% weighting in the broader dollar index, there is a naturally strong inverse correlation between the euro's fate and the dollar.

Analysts at Deutsche Bank predict that the dollar will stay "stronger for longer" this year and into next year, although momentum may fade as the cycle gets longer in the tooth.

A more belligerent stance on trade from whoever wins the White House in November, however, would be a major dollar-positive development and probably push the euro back down towards parity.

"The dollar is under-pricing risks from U.S. protectionism," they wrote on Wednesday. Dollar is Only Winner from China-West Trade War_3

Source: ZAWAY

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Kevin Du

Energy

Economic

Asia's imports of crude oil ticked lower in the first half of 2024 from the same period last year, defying expectations that the top-consuming continent would lead global demand growth.

Asia imported 27.16 million barrels per day (bpd) of crude in the January to June period, down a modest 130,000 bpd from the 27.29 million bpd in the same period in 2023, according to data compiled by LSEG Oil Research.

The slightly weaker outcome was largely a result of lower arrivals in China, the world's biggest oil importer, with gains by Asia's number two buyer India not enough to offset China's softness.

The lack of growth in Asia's imports of crude oil in the first half goes some way to undermining the 2024 demand forecasts from major industry groups such as the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC).

Of course, imports are only one component of overall demand, others including domestic oil production and changes in inventory levels.

But in Asia, imports are the key driver of demand given the region's reliance on oil arriving in tankers, or via pipelines from Russia and central Asia in the case of China.

For the demand forecasts made by the IEA and OPEC, it's certain that Asia's imports are going to have to be strong in the second half, especially those for China.

OPEC's June monthly oil market report forecast that China's oil demand would grow by 720,000 bpd in 2024 over 2023, while the IEA is expecting an expansion of 500,000 bpd.

However, China's imports were about 11.08 million bpd in the first half, a figure calculated by using official customs data for the first five months and LSEG's forecast for June.

This is down 300,000 bpd from the customs number of 11.38 million bpd for the first six months of 2023.

With China's imports looking weak, it's worth looking at whether domestic output is making up the difference.

Domestic production was 4.28 million bpd in the first five months of the year, up 1.8% or about 140,000 bpd from the same period in 2023.

In other words, the rise in domestic output is just less than half of the loss in crude oil imports.

Source:

INDIA'S DIM LIGHT

If there is a somewhat brighter light in Asia, it's India, where crude imports were about 4.94 million bpd in the first half of 2024, according to calculations based on official and LSEG data.

This is up about 90,000 bpd from the official figure of 4.85 million bpd for the first half of 2023.

However, this relatively small gain in India's imports looks less impressive when the economic growth rate of 7.8% year-on-year in the first quarter is taken into account.

It's also running at a rate below the OPEC forecast for India's demand to increase by 230,000 bpd for the whole of 2024, meaning that for the exporter group's estimate to be accurate, a strong second half will be needed.

Overall, OPEC is expecting Asia's crude demand to rise by 1.3 million bpd in 2024 from the previous year, consisting of 720,000 bpd for China, 230,000 bpd for India and 350,000 bpd for the rest of the continent.

The IEA expects Asia's demand to lift by 900,000 bpd in 2024, made up of 500,000 bpd in China and 400,000 bpd for the rest of the continent.

But with imports actually dropping in the first half by 130,000, it leaves a mountain to climb in the second half.

The question for the markets is whether there is confidence that China's economy will rebound in the second half, and that the rest of Asia will enjoy stronger economic growth as well.

If the assumption is that OPEC and its allies in the broader OPEC+ group are successful in keeping oil prices above $80 a barrel, then it follows that only robust economic growth will lead to higher demand for crude.

Source: Reuters

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Samantha Luan

Economic

Stocks

Asian market trading on Monday kicks off the new week, quarter and second half of the year with investors' focus locked on a data-heavy economic calendar, especially the latest snapshot of Chinese factory activity.

The Caixin manufacturing purchasing managers index report for June will go a long way to showing whether the recovery in the world's second largest economy is gathering momentum, struggling, or going into reverse.

China bulls will be hoping it's the former. Some indicators in the first half of the year pointed in that direction, but the overall picture was pretty bleak - growth is patchy, deflation risks persist, stocks and the exchange rate are under heavy pressure, and more stimulus is needed.

A Reuters poll of economists expect the 'unofficial' manufacturing PMI index to fall back to 51.2 from 51.7 in May. That would show continued expansion in activity - anything above 50.0 indicates growth - but at a slower pace.

The 'official' manufacturing PMI from China's National Bureau of Statistics on Sunday came in at 49.5, unchanged from May and marking the second month in a row that manufacturing activity has declined. New Quarter, Same Old China PMIs_1

The wider picture is perhaps even bleaker - the services PMI sank to 50.2, a five-month low, and the construction PMI slipped to 52.3, the weakest reading since July last year. Both indicate growth, but it is clearly slowing.

Manufacturing PMIs from several other countries across Asia will be released on Monday, including Japan, India, South Korea and Australia.

If there are financial market ripples from the first round of voting in the French election, they may be felt first in Asia on Monday. The far-right eurosceptic National Rally party won the first round, exit polls showed, but the final result will depend on days of horsetrading before next week's run-off.

The broader macro and market backdrop to the start of the week is reasonably strong. World stocks hit a record high last week and ended the quarter up 2.4%, the sixth quarterly rise from the last seven. Asian stocks jumped 5.5% in Q2.

Inflation figures from the U.S. on Friday were in line with fairly benign expectations, enough to keep the 'soft landing' narrative on track and maintain the prospect of two quarter-point rate cuts from the Fed this year.

Could the first of these come before the November presidential election?

But there are signs that the bullish momentum is losing steam, especially in Big Tech, and across markets pockets of uncertainty and volatility are appearing. In currencies, this is playing out most obviously in the Japanese yen, which slumped to a 38-year low against the dollar last week.

Here are key developments that could provide more direction to markets on Monday:

- Manufacturing PMIs from across Asia, including China (June)

- Indonesia inflation (June)

- Australia retail sales (May)