Friday 7th Jun
OVERNIGHT (ASIA + US)
Asia markets live: ECB rate cut, China trade, Japan household spending
https://www.cnbc.com/2024/06/07/asia-markets-live.html
ECB cuts rates and traders now gear up for Friday's NFP
Stocks and Bonds chop to ECB and US data ahead of NFP
Market Pancakes As Nvidia Gamma Squeeze Fizzles, Attention Turns To Jobs, Global Easing Cycle
https://www.zerohedge.com/markets/market-pancakes-nvidia-gamma-squeeze-fizzles
MAIN MACRO DUE
Friday: Employment Report, Q1 Flow of Funds
https://www.calculatedriskblog.com/2024/06/friday-employment-report-q1-flow-of.html
What to expect from Friday's big jobs report
https://www.cnbc.com/2024/06/06/heres-what-to-expect-from-fridays-big-jobs-report.html
May Employment Preview
https://www.calculatedriskblog.com/2024/06/may-employment-preview.html
US jobs numbers due Friday - Non-farm payrolls preview
https://www.forexlive.com/news/us-jobs-numbers-due-friday-non-farm-payrolls-preview-20240606/
Deutsche Bank's Back To The Future NFP preview, longest low unemployment run since 1950s
JP Morgan says a big miss, or beat, on the US jobs report (NFP) could flip the narrative
Stellar line up of ECB speakers Friday - Lagarde, Schnabel, Holzman
MAIN BONDS DUE
None
UKRAINE/RUSSIA
NATO Kicks Off Massive Baltic Drills As Biden Affirms US Weapons 'Now Being Used Inside Russia'
Russian Warships Steam For Caribbean As Ukraine Tensions Go Global
https://www.zerohedge.com/geopolitical/russian-warships-steam-caribbean-ukraine-tensions-go-global
Ukraine Has Requested NATO Military Instructors On Its Soil, Macron Says
France plans to send Mirage fighter jets to Ukraine
https://www.ft.com/content/dbaa7ee1-f2a9-411a-9f46-a362577f931b
US Ramps Up Rate Of Ukraine Arms Packages... What's Another $225 Million?
https://www.zerohedge.com/geopolitical/us-ramps-ukraine-arms-packages-whats-another-225-million
Ukraine's criticism of China and its stance on Russia could backfire
Ukraine War: Russia’s Gain Is Turning Out to Be China’s Pain
Leveraging Russia's frozen assets for Ukraine: what are the EU and G7 plans
ISRAEL/MIDDLE EAST
'Horrific Images': Over 40 Killed At UN Gaza School That IDF Says Was Used By Hamas
Netanyahu is a disaster for Israel
https://www.ft.com/content/51d866f3-70aa-41e8-aaf9-ede5c997d71b
WORLD GEOPOLITICS
Beijing objects after India’s Modi thanks Taiwanese leader Lai for election message
‘North Korea will react angrily’: how a US bomber drill could backfire
Japan Defends Its Turf in the Global Chip Battle
https://www.wsj.com/tech/japan-chip-supply-chain-toppan-fujifilm-d5fff25b
GLOBAL/GENERAL
Rate Cuts: ECB Joins Canada While Fed Waits
ECB Cut Interest Rates, But the Fed Is Still in Charge
EUROPE
European Central Bank cuts interest rates for first time in 5 years
https://www.ft.com/content/97543fe0-32cb-4427-a1d2-aac2ea5180fc
ECB Delivers Interest Rate Cut But Few Signals On Next Steps
ECB "Still Far From Neutral Rate" - Lagarde
https://marketnews.com/mni-brief-ecb-still-far-from-neutral-rate-lagarde
ECB Rate Decision: Lagarde’s Reluctant Cut Leaves Markets Guessing on Next Move
Some ECB hawks argued that committing to June rate hike too early was a mistake
ECB governors see July rate cut as unlikely, focus now on Sept -sources
ECB Officials All But Rule Out July Cut With September Unclear
Some ECB hawks regret premature rate cut commitment, sources say
ECB Cuts Interest Rates, Inflation Forecast Raised for 2024, 2025
ECB's Holzmann dissented on the rate cut
https://www.forexlive.com/centralbank/ecbs-holzmann-dissented-on-the-rate-cut-20240606/
Euro zone bond yields rise after ECB delivers 'hawkish' cut
https://www.cnbc.com/2024/06/06/euro-zone-bond-yields-rise-after-ecb-delivers-hawkish-cut-.html
Traders question case for rapid ECB rate cut
https://www.reuters.com/markets/europe/traders-question-case-rapid-ecb-rate-cuts-2024-06-06/
UK
Incoming ministers ‘will face UK public services on brink of collapse’
Rachel Reeves under Labour pressure to raise capital gains tax to revive public services
Weak growth could blow debt target by £28bn, warns IFS
https://www.telegraph.co.uk/business/2024/06/06/weak-growth-could-blow-debt-target-28bn-warns-ifs/
English councils face £6.2bn funding ‘chasm’, sector war
https://www.ft.com/content/459839fe-3c5b-4302-91c5-2d6d12bd1073
An unnecessary banking subsidy whose time is up
https://www.ft.com/content/2fbe1549-33d4-472a-9cc0-f7791459d3a9
Labour woos homebuyers as the Tories pledge to help families
https://www.ft.com/content/c7fa9d7f-8868-41b3-be55-ccc0ad8643d4
‘Morale is shot’: Tory campaign mood sapped by candidate row
https://www.ft.com/content/d34d39f0-dc1b-4e98-9fd3-1b749c2bdf91
Why the £2,000 tax claim aimed at ensnaring Labour proves costlier for the Tories
https://www.ft.com/content/191c30c6-a577-417a-859c-4edcf3d100b3
Sunak criticised by statistics watchdog for £2,000 Labour tax claim
UK stats gangbustersgate: We’re all trying to find the guy who did this
https://www.ft.com/content/2a01f946-30a7-405c-b9fa-71df7eaaaeb9
Backlash blunts edges of UK watchdog's 'naming and shaming' plan
https://www.reuters.com/world/uk/backlash-blunts-edges-uk-watchdogs-naming-shaming-plan-2024-06-05/
UK Stock Market: Fund Selling Continues Even as Equities Surge
US
Will The Fed Join The Rate-Cutting Pack Of Central Banks ?
https://www.yardeniquicktakes.com/economic-crescendo-into-payrolls/
Why The Fed Will Pull The First Cut To July From September
https://www.zerohedge.com/markets/why-fed-will-pull-first-cut-july-september
Trade Deficit Widens to 18-Month High in April
https://www.advisorperspectives.com/dshort/updates/2024/06/06/trade-deficit-widens-april-2024
Weekly Initial Unemployment Claims Increase to 229,000
https://www.calculatedriskblog.com/2024/06/weekly-initial-unemployment-claims.html
Initial Jobless Claims Rise Near 8-Month Highs
https://www.zerohedge.com/markets/initial-jobless-claims-rise-near-8-month-highs
A Second-Quarter Recession This Year Looks Increasingly Likel
https://www.zerohedge.com/personal-finance/second-quarter-recession-year-looks-increasingly-likely
Investors queued up for US high-yield bond funds as rate cut hopes grow
Wall Street frets over timeline for centralized Treasury clearing
GameStop shares jump more than 40% as 'Roaring Kitty' schedules livestream
INDIA
Modi's loss could be India's gain
https://www.cnbc.com/2024/06/06/cnbcs-inside-india-newsletter-modis-loss-could-be-indias-gain.html
Foreigners Snap Up Indian Bonds, Shrugging Off Modi Vote Setback
CHINA
China May trade data: USD denominated exports +7.6% y/y (beat) and Imports +1.8% (miss)
China’s export growth rebounds in May despite trade tensions
China small and medium-sized banks have lowered their deposit rates
China Property Stocks Tumble Into Bear Market As Beijing's Bailout Fades
https://www.zerohedge.com/markets/china-property-stocks-tumble-bear-market-beijings-bailout-fades
China Property Crisis Has Banks Worried Homeowners' Mortgages Going Underwater
China’s $2 Trillion Stock Rally Lures Global Fund Who Think Rout's Worst Is Over
JAPAN
Japan finance minister Suzuki says will take action against excessive FX moves
Japan data shows April household spending fell from March, down 1.2% m/m
Japan’s Households Boost Outlays for First Time in 14 Months
GLOBAL SECTORS
AUTO’S
A Trader’s Guide to China EV Stocks as EU Tariff Deadline Looms
Japan's MUFG, SMFG to sell more than $8.5 bln of Toyota shares
BANKS + FINANCE
US Money-Market Fund Assets Climb for Seventh Straight Week
Fed Will Release Bank Stress Test Results June 26
Credit Suisse AT1 bondholders sue Switzerland in New York
https://www.reuters.com/legal/credit-suisse-at1-bondholders-sue-switzerland-new-york-2024-06-06/
TMT
US Agencies To Probe AI Dominance of Nvidia, Microsoft, and OpenAI" (NVDA; MSFT)
http://climateerinvest.blogspot.com/2024/06/us-agencies-to-probe-ai-dominance-of.html
How Apple Fell Behind in the AI Arms Race
https://www.wsj.com/tech/ai/apple-ai-siri-development-behind-9ea65ee8
OIL + GAS
Markets Have Overreacted To OPEC's Plan To Phase Out Production Cuts
https://www.zerohedge.com/commodities/markets-have-overreacted-opecs-plan-phase-out-production-cuts
Key OPEC+ Ministers Dismiss Bearish Market Reaction To Output Plans
https://www.zerohedge.com/energy/key-opec-ministers-dismiss-bearish-market-reaction-output-plans
CRYPTO
Robinhood agrees to buy Bitstamp crypto exchange for $200mn
https://www.ft.com/content/c427bdfa-61a9-449a-a9ae-b2749b6db8de