Thurs 6th Jun
OVERNIGHT (ASIA + US)
Asia markets live updates: ECB rate cuts; S&P, Nasdaq hit record highs
https://www.cnbc.com/2024/06/06/asia-markets-live-updates-ecb-rate-cuts-sp-nasdaq-hits-records.html
Asia stocks rally as rate cut bets gather momentum; ECB in focus
Stocks bid on Wednesday after ADP, ISM and BoC ahead of ECB and NFP
Strong US data and dovish BoC push stocks to record highs
"Buy Everything": S&P Hits All Time High As Nvidia Passes $3 Trillion
https://www.zerohedge.com/markets/buy-everything-sp-hits-all-time-high-nvidia-passes-3-trillion
MAIN MACRO DUE
Thursday: Trade Deficit, Unemployment Claims
https://www.calculatedriskblog.com/2024/06/thursday-trade-deficit-unemployment.html
European Central Bank to cut 25bp today, and plenty more in the months ahead - preview
European Central Bank interest rate cut expected today, then to cut by 200bp by July 2025
ECB Preview And Scenario Analysis: The First Rate Cut Since 2019
https://www.zerohedge.com/markets/ecb-preview-and-scenario-analysis-first-rate-cut-2019
Heads up for US Treasury Secretary Yellen speaking on Thursday
RBI Preview - June 2024: On Hold, Food Inflation In Focus
https://marketnews.com/mni-rbi-preview-june-2024-on-hold-food-inflation-in-focus
US Federal Reserve's Federal Open Market Committee (FOMC) meet next week - preview
MAIN BONDS DUE
10:30: Spain to Sell 2.5% 2027 Bonds On June 6
10:30: Spain to Sell 2.05% 2039 Linkers On June 6
10:30: Spain to Sell 0.01% 2031 Bonds On June 6
10:30: Spain to Sell 4% 2054 Bonds On June 6
10:50: France to Sell 1.25% 2038 Bonds On June 6
10:50: France to Sell 3.25% 2055 Bonds On June 6
10:50: France to Sell 3% 2034 Bonds On June
UKRAINE/RUSSIA
"Ukraine Strikes Into Russia With Western Weapons, Official Says"
http://climateerinvest.blogspot.com/2024/06/ukraine-strikes-into-russia-with.html
Putin: We Could Supply Long-Range Missiles To Enemies Of West In Retaliation
Putin: If Trump is elected, US could put focus on it's own interest
China Has Legitimate Reasons Not To Participate In The Upcoming Swiss "Peace Talks”
EU to consider leveraging windfall profits from Russian assets after G7 summit
Russia Oil Revenue Rose 50% in May as Nation Adapts to Sanctions
ISRAEL/MIDDLE EAST
Israel Is Gearing Up For Lebanon War As IDF Reaching 'Decision Point’
https://www.zerohedge.com/geopolitical/israel-gearing-lebanon-war-idf-reaching-decision-point
US Warns Netanyahu Against Major Offensive In Southern Lebanon
https://www.zerohedge.com/geopolitical/us-urges-netanyahu-against-major-offensive-southern-lebanon
WORLD GEOPOLITICS
US and allies say China is ‘aggressively recruiting’ their fighter pilots
https://www.ft.com/content/a080852e-df0b-4959-a1d4-45a30d99f0e9
China Chip Fund to Exceed $47.5 Billion Goal, Adviser Says, in Aim to Catch US
China’s plan to sell cheap EVs to the rest of the world
https://www.ft.com/content/c77fefa3-7f47-429b-8149-50aa60f39498
GLOBAL/GENERAL
EUROPE
ECB’s Inflation Challenge Looks More and More Like the Fed’s
https://www.bloomberg.com/europe
ECB picks three new senior supervisors
https://www.reuters.com/business/finance/ecb-picks-three-new-senior-supervisors-2024-06-05/
Eurozone business activity grows at fastest rate in a year; UK service sector loses momentum as price pressures cool
Germany plots €23bn of tax cuts to help struggling households
Asset sales are no panacea for Italy's debt malady
https://www.reuters.com/markets/europe/asset-sales-are-no-panacea-italys-debt-malady-2024-06-05/
UK
Keir Starmer accuses Rishi Sunak of ‘lying’ over Labour £2,000 tax claim
https://www.ft.com/content/c987890e-b47d-49e5-8298-d796989797c1
Rachel Reeves has ‘no plans’ to revisit UK pension tax
https://www.ft.com/content/81c9736f-5aae-463c-9203-258bf9b2e129
Work on North Sea's 'best remaining oil field' delayed amid fears of Labour tax raid
https://www.telegraph.co.uk/business/2024/06/05/north-sea-oil-labour-tax-raid-delayed/
A trillion-pound black hole: Tory vs Labour claims
https://www.ft.com/content/6ad534a8-fe93-4737-9706-edb5be7c2390
Jeremy Hunt warns against Tory lurch to right: ‘Elections are won from the centre ground’
A cautious revival of the London IPO market
https://www.ft.com/content/ab0cfa01-3e67-4d2b-bb1a-67be8c5d37b6
US
Reuters poll: Federal to cut fed funds rate by 25 basis points in Sept. 74 of 116 polled.
ADP Payrolls Unexpectedly Tumble To Lowest Since January As Wage Growth Continues Slowing
ADP national employment for May 152K versus 175K estimate
https://www.forexlive.com/news/adp-national-employment-for-may-152k-versus-175k-estimate-20240605/
Wall Street Admits The Biggest Economic Shocker: All Jobs In The Past Year Have Gone To Illegal Aliens
US May final services PMI 54.8 vs 54.8 prelim
https://www.forexlive.com/news/us-may-final-services-pmi-548-vs-548-prelim-20240605/
S&P Global Services PMI: Sharp Rise to Highest Level in a Year
https://www.advisorperspectives.com/dshort/updates/2024/06/05/sp-global-services-pmi-may-2024
US ISM May services PMI 53.8 vs 50.8 expected
https://www.forexlive.com/news/us-ism-may-services-pmi-538-vs-508-expected-20240605/
ISM Services PMI Grew to 9-Month High
https://www.advisorperspectives.com/dshort/updates/2024/06/05/ism-services-pmi-grew-may-2024
It Finally Looks Like US Economy Will Stick Soft Landing, Avoid Recession
Charging to New Highs
https://www.yardeniquicktakes.com/charging-to-new-records/
Goldman Sachs sees a “wall of money” pouring into the US equity market in Q3
CANADA
Bank of Canada lowers rates to 4.75% from 5.0%. Full statement from the Bank of Canada
Bank of Canada Cuts Rates By 25bps As Expected, First G7 Central Bank To Launch Easing Cycle
Bank of Canada rate cut - expect a further 75bp of cuts in the second half of the year
Bank of Canada rate cut - will cut again in July and 100bp in total for 2024
Q&A from Bank of Canada Press conference:Interest rate decisions are one meeting at a time
https://www.forexlive.com/centralbank/qa-from-bank-of-canada-press-conference-20240605/
INDIA
India’s Modi moves quickly to secure coalition support to form new government
Narendra Modi secures allies’ backing for new government after India election setback
https://www.ft.com/content/b6352233-195c-4e7e-a8a3-892ccc0e1b2e
India election: Modi's agenda may be disrupted after smaller-than-expected mandate
Absorbing the implications of Modi’s bitter-sweet ‘victory’
https://www.straitstimes.com/opinion/absorbing-the-implications-of-modi-s-bitter-sweet-victory
CHINA
China Property Stocks Fall 20% From May High on Track for Technical Bear Market
JAPAN
BOJ’s Leading Dove Voices Caution Ahead of Next Week’s Meeting
BOJ's Nakamura: Says inflation may not reach 2% from FY 2025 on if consumption weakens
GLOBAL SECTORS
BANKS + FINANCE
Yellen to warn of 'significant risks' from use of AI in finance
https://www.reuters.com/business/finance/yellen-warn-significant-risks-use-ai-finance-2024-06-05/
Number Of 'Problem Banks' Climbs In 1st Quarter, New FDIC Report Finds
https://www.zerohedge.com/markets/number-problem-banks-climbs-1st-quarter-new-fdic-report-finds
Fragile Banks Won’t Make US, Europe Stronger
https://www.bloomberg.com/opinion/articles/2024-06-05/fragile-banks-won-t-make-us-europe-stronger
ECB Vets Banks’ Private Equity Risks as Industry Faces Reckoning
Swiss finmin flags legal risks to winding up global banks
ECB to approve Greek banks' request to resume dividend payment after 16 years, sources say
TMT
Nvidia (NVDA) Tops $3 Trillion in Market Value, Overtaking Apple (AAPL)
Nvidia Carries The World (& The S&P 500) On Its Shoulders
https://www.zerohedge.com/markets/nvidia-carries-world-sp-500-its-shoulders
ASML shares rise on CFO Dassen's comments on orders
OIL + GAS
Morningstar say OPEC is operating from a weak position, to weigh on oil
Saudi Aramco lowered prices for all of its oil to Asia, increased to Europe though
U.S. Could Accelerate Refill Rate Of Strategic Petroleum Reserve
https://www.zerohedge.com/energy/us-could-accelerate-refill-rate-strategic-petroleum-reserve
CRYPTO
Fidelity Dominates Bitcoin ETFs' Second-Biggest Net Inflow Day Ever As Crypto Soars
Who Governs Ethereum? Galaxy Report Reveals All
https://www.zerohedge.com/crypto/who-governs-ethereum-galaxy-report-reveals-all
Crypto exchange Binance seeks to slash size of $13 bln UK lawsuit