Global Markets:
- Asian Stock Markets : Nikkei up 1.50%, Shanghai Composite up 0.57%, Hang Seng up 1.48%, ASX up 0.47%
- Commodities : Gold at $1295.00 (-0.33%), Silver at $16.40 (-0.28%), Brent Oil at $76.45 (-0.44%), WTI Oil at $65.77 (-0.06%)
- Rates : US 10-year yield at 2.919, UK 10-year yield at 1.284, Germany 10-year yield at 0.378
News & Data:
- (USD) ISM Manufacturing PMI 58.7 vs 58.3 expected
- (USD) Unemployment Rate 3.80% vs 3.90% expected
- (USD) Non-Farm Employment Change 223K vs 189K expected
- (USD) Average Hourly Earnings m/m 0.30% vs 0.20% expected
- (GBP) Manufacturing PMI 54.4 vs 53.5 expected
- (CNY) Caixin Manufacturing PMI 51.1 vs 51.3 expected
CFTC Positioning Data (Week Ending May 29th, 2018)
- EUR long 93K vs 115K long last week.
- GBP long 9K vs 6K long last week.
- JPY short 8K vs 4K long last week.
- CHF short 43K vs 36K short last week.
- CAD short 24K vs 28K short last week.
- AUD short 21k vs 23K short last week.
- NZD long 1K vs 2K long last week.
Markets Update:
Asian markets traded mostly higher today as upbeat US jobs data on Friday helped shore up investor sentiment, after being let down by heightening trade tensions, which could possibly drag on global economic growth. President Trump also indicated that his meeting with North Korean President Kim Jong Un is back on, also viewed positively by investors.
The Japanese market is rising with investor sentiment bolstered by the gains on Wall Street. Exporters' shares were also lifted by a weaker yen. In economic news, the Bank of Japan said that the monetary base in Japan was up 8.1 percent on year in May, coming in at 492.969 trillion yen. That follows the 7.8 percent increase in April.
Australian markets are also trading higher, with upbeat local economic data also lifting investor sentiment. Banks and mining stocks are among the leading gainers.
Finance leaders of the closest U.S. allies vented anger over the Trump administration’s metal import tariffs on Saturday, setting up a heated fight at a G7 summit next week in Quebec.
In a rare show of division among the normally harmonious club of wealthy nations, the six other G7 member countries issued a statement asking U.S. Treasury Secretary Steven Mnuchin to convey their “unanimous concern and disappointment” about the tariffs to President Donald Trump.
Upcoming Events:
Monday, June 4th 2018
- 02:30 AM GMT – (AUD) Retail Sales m/m
- 02:30 AM GMT – (AUD) Company Operating Profits q/q
- 09:30 AM GMT – (GBP) Construction PMI
- 06:00 PM GMT – (GBP) MPC Member Tenreyro Speaks
Tuesday, June 5th 2018
- 02:30 AM GMT – (AUD) Current Account
- 02:45 AM GMT – (CNY) Caixin Services PMI
- 05:30 AM GMT – (AUD) Cash Rate
- 05:30 AM GMT – (AUD) RBA Rate Statement
- 09:30 AM GMT – (GBP) Services PMI
- 11:00 AM GMT – (GBP) MPC Member Cunliffe Speaks
- 01:30 PM GMT – (CAD) Labor Productivity q/q
- 02:00 PM GMT – (EUR) ECB President Draghi Speaks
- 03:00 PM GMT – (USD) ISM Non-Manufacturing PMI
- Tentative – (NZD) GDT Price Index
- 06:30 PM GMT – (EUR) German Buba President Weidmann Speaks
Wednesday, June 6th 2018
- 12:00 AM GMT – (AUD) RBA Assist Gov Bullock Speaks
- 02:30 AM GMT – (AUD) GDP q/q
- 11:40 AM GMT – (GBP) MPC Member Tenreyro Speaks
- 01:30 PM GMT – (CAD) Trade Balance
- 01:30 PM GMT – (CAD) Building Permits m/m
- 03:30 PM GMT – (USD) Crude Oil Inventories
- 05:00 PM GMT – (GBP) MPC Member McCafferty Speaks
Thursday, June 7th 2018
- 02:30 AM GMT – (AUD) Trade Balance
- 08:30 AM GMT – (GBP) Halifax HPI m/m
- 01:30 PM GMT – (USD) Unemployment Claims
- 04:00 PM GMT – (GBP) MPC Member Ramsden Speaks
- 04:15 PM GMT – (CAD) BOC Gov Poloz Speaks
Friday, June 8th 2018
- Tentative – (CNY) Trade Balance
- 01:30 PM GMT – (CAD) Employment Change
- 01:30 PM GMT – (CAD) Unemployment Rate
