Global Markets:
- Asian Stock Markets : Nikkei up 0.07%, Shanghai Composite up 1.78%, Hang Seng up 1.34%, ASX down 0.18%
- Commodities : Gold at $1252.80 (+0.14%), Silver at $16.06 (+0.68%), Brent Oil at $77.60 (-0.01%), WTI Oil at $73.31 (-0.19%)
- Rates : US 10-year yield at 2.857, UK 10-year yield at 1.262, Germany 10-year yield at 0.317
News & Data:
- (USD) Unemployment Claims 227K vs 220K expected
- (USD) Final GDP q/q 2.00% vs 2.20% expected
- (EUR) EU Economic Summit vs previous
- (EUR) Spanish Flash CPI y/y 2.30% vs 2.30% expected
- (EUR) German Prelim CPI m/m 0.10% vs 0.20% expected
- UK Consumer confidence falls amid ‘self-imposed austerity’
- May: Wants Brexit Negotiations Accelerated After London Publishes Its White Paper On Future Ties With EU – RTRS
- Tusk: EU28 leaders have agreed on #euco conclusions incl. migration
Markets Update:
Asian stock markets are mostly higher on Friday, the last trading day of the quarter, following the positive cues overnight from Wall Street and on news that China has eased restrictions on foreign investment amid rising trade tensions with the U.S. Crude oil prices slipped in Asian trades after rising to a three-and-a-half-year high overnight.
After falling to fresh two-year lows on Thursday, shares in China rebounded Friday. While analysts said the jump reflected technical factors, it was helped by news that Beijing would ease foreign investment curbs on sectors including banking, automobiles, heavy industry and agriculture.
Elsewhere in the region, investors remained focused on concerns over global trade, as the U.S. ambassador to China said Washington was not convinced that China is willing to make fast progress on trade. The U.S. administration is due to activate U.S. tariffs on Chinese goods worth $34 billion on July 6, which is expected to prompt a tit-for-tat response from Beijing.
The Japanese market slipped into negative territory after opening higher following the positive cues from Wall Street and on a weaker yen. The Australian market is edging higher on the last trading day of the financial year; Gains by mining stocks were offset by weakness in oil stocks.
The two-year yield, which rises with traders’ expectations of higher Fed fund rates, was at 2.5242 percent compared with a U.S. close of 2.52 percent. On Friday, spot gold was trading slightly higher at $1248.71 per ounce, but was still headed for its worst monthly performance since November 2016.
Upcoming Events:
- 07:00 AM GMT – (EUR) German Retail Sales m/m
- 08:00 AM GMT – (CHF) KOF Economic Barometer
- 09:30 AM GMT – (GBP) Current Account
- 09:30 AM GMT – (GBP) Final GDP q/q
- 09:30 AM GMT – (GBP) Net Lending to Individuals m/m
- 10:00 AM GMT – (EUR) CPI Flash Estimate y/y
- 10:00 AM GMT – (EUR) Core CPI Flash Estimate y/y
- Day 2 – (EUR) EU Economic Summit
- 01:30 PM GMT – (CAD) GDP m/m
- 01:30 PM GMT – (CAD) RMPI m/m
- 01:30 PM GMT – (USD) Core PCE Price Index m/m
- 01:30 PM GMT – (USD) Personal Spending m/m
- 02:45 PM GMT – (USD) Chicago PMI
- 03:00 PM GMT – (USD) Revised UoM Consumer Sentiment
- 03:30 PM GMT – (CAD) BOC Business Outlook Survey
- &more…
