• KE Holdings (+28%): The Wall Street-listed Chinese real estate brokerage that unexpectedly posted a profit in the first quarter, despite a difficult context in China. Analysts’ recommendations are upbeat.
• Amazon (6.6%) The e-commerce company has seen its stock going up after having announced a split stock 20-1. 
• Okta (+22%): The U.S. platform that enables authentication and data security is up after increasing its outlook, while other companies are reducing their outlook.
  
• Salesforce (+14.1%) reassured the market with its quarterly earnings. While the revenue guidance for the next financial year was slightly revised down, its margin guidance was raised.
• Datadog (+12.2%): The U.S. monitoring software company, is benefiting from its partnership with database software developer MongoDB, which reported better-than-expected quarterly results.

• Affirm (-12.9%) a specialist in deferred payment, is facing headwinds. Inflation, rising interest rates and increasing late payments are putting a damper on the sector, where competition is fierce. Its revenues are up, but the share price is down.
• British company John Wood (-10.7%) will sell its built environment consulting unit for $1.9 billion. The market was hoping for a slightly higher price, which explains the share decline. .
• B&M European Value Retail(-15.3%): The share price plummeted, following its latest earnings report. The discount retailer is struggling to fight inflation, despite being a store most shoppers would gravitate to during tough times.
• Doordash (-6.7%) completed this week the acquisition of Finnish rival Wolt for more than $8 billion in stock, but the American group already expects a decline in Wolt’s sales volumes. 
• Regeneron Pharmaceutical (-8.5%): The US company has seen its stock fall after buying the rights to cancer drug Libtayo from Sanofi, because investors think the deal was too expensive.

Metals: China continues to blow hot and cold on metals prices. By unveiling a new support plan targeting renewable energy, Beijing has boosted the prices of metals that are particularly sensitive to this issue, such as nickel and tin. The latter are trading at USD 27710 and USD 35250 respectively in London. Copper has also risen to USD 9455 per metric ton. In precious metals, gold and silver are struggling to rebound and are trading at USD 1862 and USD 22.2 respectively.

Agricultural products: Wheat prices fell sharply in Chicago to 1050 cents per bushel. The return to international markets of some Ukrainian supply, which transits through the Black Sea, is a game changer in the short term and could ease supply shortages around the world. However, this resumption of shipments is still fragile and will have to be sustained by an agreement with Russia, which will have to commit to ensure secure access to Ukrainian ports.

Rates: U.S. yields pretended to retreat at the beginning of the week, as investors believed that the Fed would soften its stance in the face of less buoyant economic statistics. But they recovered fairly quickly, with the 10-year maturity paying around 2.98%, up from 2.73% at the end of last week. In the meantime, central bankers Loretta Mester and Lael Brainard explained that rates might also have to be raised in September. In Europe, the week was also marked by a sharp rise in rates. German 10-year debt reached 1.27%, French 10-year debt reached 1.80% and Italian 10-year debt reached 3.4%. The ECB will update on its rates next week, while markets expect it to set the stage for a rate hike at its next meeting in July.

Currencies: With the exception of the U.S. dollar’s rebound against the yen, there were no big swings in the major currency pairs over the week. The euro struggled for direction to finish at USD 1.0727 , fairly close to its level from last Friday. The Dollar Index is almost unchanged from last week around 101.89 points. Since January 1, the greenback has gained 13% against the yen, 8% against the British pound and 6% against the euro. It should be noted that currency effects are not trivial for companies, even multinationals: Microsoft has revised this week downward its targets because of the strength of the dollar.

Cryptocurrencies: For its part, bitcoin could end a streak of 9 consecutive weeks of decline if it closes above USD 29,500 on Sunday night. For now, it is hovering around USD 30,000 at the time of writing. After shedding more than 30% of its capitalization over the past two months, the digital currency is still not out of the woods in this very deteriorated macroeconomic environment and may yet test the nerves of crypto-investors during this June. 

Calendar: The ECB meets on Thursday, June 9 to decide on its monetary policy stance. The next day, the US Bureau of Statistics will release May inflation figures in the US, which will determine whether the high point has been passed and how fast the decline is starting. Unless…