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06 Jun 2024

06 Jun 2024

More policy recalibration

• Consolidation. US equities & yields little changed. USD slightly softer with EUR inching up after the ECB cut rates but was vague about future moves.• US jobs. Monthly US employment report in focus tonight. Signs conditions are cooling could revive US Fed rate cut bets. This may drag on the USD.• Other data. China trade figures out today. New RBA Deputy Gov. Hauser speaks. Next week US Fed meets, with US CPI & AU jobs also due. Consolidation was the name of the game across most major markets overnight. While European equities edged up (EuroStoxx600 +0.7%) the US S&P500...

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06 Jun 2024

Market Mood Brightens

Optimism is cool again. Investors are in an ebullient mood after yesterday’s session saw a critical measure of services-sector sentiment top expectations, helping assuage recession fears and power equity indices to record levels. The dollar is softer, Treasury yields are steady, and several of the biggest US tech companies are sitting on market capitalisation gains bigger than most economies. The Institute for Supply Management’s services index clocked in at its highest level since last August, suggesting that the biggest sector in the US economy remains in rude health. The headline index hit 53.8 in early May, above the 50 threshold...

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