Friday 5th June: European Open Briefing

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Friday 5th June: European Open Briefing 1

Global Markets:

  • Asian stock markets: Nikkei down 0.45 %, Shanghai Composite lost 0.10 %, Hang Seng declined 0.90 %, ASX fell 0.50 %
  • Commodities: Gold at $1177 (+0.20 %), Silver at $16.13 (+0.20 %), WTI Oil at $58.10 (+0.15 %), Brent Oil at $62.25 (+0.20 %)
  • Rates: US 10 year yield at 2.32, UK 10 year yield at 2.01, German 10 year yield at 0.83

News & Data:

  • Australia AIG Construction Index 47.8, Previous: 47.0
  • Japan Leading Index 107.2, Expected: 107.3, Previous: 106.0
  • Japan Leading Index 1.2 % m/m, Previous: 0.8 %
  • Saudi oil minister Naimi says oil supply from outside OPEC has shrank; demand is improving slightly along with the global economy: BBG
  • Greek PM Tspiras is set to brief parliament on negotiations on Friday at 6pm Athens time, followed by a debate
  • On Monday Hollande, Merkel, Juncker, Draghi and Lagarde will meet

Markets Update:

Asian equity indices are mostly lower this morning. The Shanghai Composite did manage to breach the 5000 level, posting a fresh seven year high, but reversed from there and is currently down 0.10 %. In FX, the Euro dropped sharply yesterday after Greece delayed a debt payment to the IMF and Prime Minister Tsipras said that the creditors' proposals are extreme. While we are likely to get more Greece headlines during the day, which will lead to choppy price action in EUR/USD, the focus today is on the US employment numbers. The median forecast from Reuters is 225k, while the unemployment rate is expected to remain steady at 5.4 %.

Upcoming Events:

  • 07:00 BST – German Factory Orders
  • 10:00 BST – Euro Zone GDP
  • 13:30 BST – US NFP
  • 13:30 BST – US Unemployment Rate
  • 13:30 BST – Canadian Unemployment Rate
  • 13:30 BST – Canadian Employment Change

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