News / Analysis
Finance Update – Mr. Johnson Goes to BrusselsJune 2, 2020
With traders shifting their focus away from US violence and disputes with China towards coronavirus lockdown easing, Asian markets this morning are in the green bar none, New Zealand’s DJ out front at 1.33% followed by the Nikkei with 1.19%.
The Australian dollar added a tad after the RBA held on to its 0.25% The cost of accessing money not owned. rate, saying that bond markets were operating efficiently, meanwhile.
Current accounts for Q1 perhaps justify the move, showing an $8.4bn A trade balance that is positive as a result of income (exports on the national level) being greater..., 2 more than expected and a whale above 2019’s final quarter.
Further north, Japan’s money base increased by a record 3.9% to $5 tn in May YoY as the government continues to pump cash into the economy.
European indices yesterday closed in the green to the tune of about a percent and a ½ each, except the DAX, which lost 1.65%, despite a 7.5% surge in Lufthansa – buoyed by the promise of government aid. Gains this morning are led by the DAX’s 3.23% recovery.
PMI improvements in May throughout the zone did little to up the Union’s final figure since Germany’s reading showed a 2-tick contraction.
French Finance Minister Bruno Le Maire told RTL radio this morning that the local economy is expected to contract by 11% this year.
And, UK housing prices contracted in May by 1.7% MoM – an 11-year record. Local officials have been warning PM Johnson, as he heads to Brussels, that a Brexit agreement was necessary before Autumn.
The Times reports that the UK may compromise on the fisheries issue in The benefit one receives on an investment. for EU concessions on regulatory alignment demands.
US markets mainly ignored continuing anti-racism violence, yesterday, the DOW and S&P adding a 1/3 % each and the NASDAQ 2/3.
Reuters reports that listed companies sold over $60bn worth of shares in May as the A location or entity where people and entities can negotiate and trade assets of value. rallied on post-corona glee.
Despite Markit’s flat manufacturing PMI, the ISM reading came in below expectations at 43.1 – an improvement on April.
Construction spending contracted by 2.9% in April, better than the expected 6.5.
Oil is trending at 35.69 after losing, then gaining about a dollar and a ½ early in the Asian session, as OPEC+ prepares to meet later this week.
Meanwhile, Interfax reports that Russian production fell by 9.39mB/day in May, while Reuters reports that, under US Pres Trump’s administration, the number of new leases on federal-land situated oil fields has dropped dramatically.
Gold, after double bottoming early last night, performed a $20 bull A major change in price for an asset between the close of one trading session (or time-span) and the... and then eased back to below yesterday’s The price level that traders believe represents the lowest value an asset can reach. At this point, ... at 1750, which has now become a The price level that traders believe represents the highest value an asset will reach before reversi... The unit of price change for bonds (1%), futures (0.01%), shares ($1) and mortgage fees (1% of the p....
And bitcoin finally shot through the 10k level last night, as violence continues in US streets.
Facebook shares surprisingly added 3% yesterday despite the mass employee walkout to protest their boss’ appeasing approach towards Pres. Trump’s inflammatory posts.
Nokia yesterday opened with a 15 cent bull gap as European telecom operators begin seeking an alternative to US-blackened Huawei for their 5G infrastructures.
VISA, on the other hand, lost nearly a half percent as it reported a better-than-expected drop in consumer spending for May: -5% compared to April’s -18%.
|12:55 PM GMT||US||Redbook Index. Business conditions at 1:45|
|08:30 PM GMT||OIL||API Weekly Crude inventories|
|11:00 PM GMT||Australia||Composite & Services PMIs. Home sales at 1 am (+1). GDP & Building Permits at 01:30|
|01:45 AM Greenwich Mean Time (usually equals UTC – Universal Coordinated Time). GMT is a time zone, while U... (+1)||China||Services PMI.|
|05:45 AM GMT||Switzerland||GDP|