- ECB’s Holzmann: Rate Pause Until Autumn Makes Sense
- BoJ’s Ueda Comments Weaken Yen; Ex-Official Hints Slower Bond Taper
- US-China Trade Talks Continue In London As Tariff Deadline Looms
- US May Exhaust Debt-Ceiling Measures By Mid-August, CBO Warns
- Apple Expands ChatGPT Deal, Offers Developers AI Model Access
- Wall Str, Main Str Push To Rethink Foreign Tax Rules In US Budget Bill
- China Taps $1.5T Fund To Ramp Up Housing Market Support
- UK Retail Sales Slow In May, Casting Doubt On Consumer Resilience
- Barclays Cuts More Than 200 Investment Bank Jobs To Reduce Costs
- Canada To Boost Defense Spending, PM Carney Rules Out Tax Hikes
- US Deploys Marines To LA As Trump Backs Arrest Of California Governor
- OpenAI’s Forecasted Subscription Revenue Doubles To $10B
- US Asks Appeals Court To Extend Trump-Era Tariffs
- Australia Business Conditions Flat In May As Retail Margins Squeezed
- Taiwan Exports Surge To Near 15-Year High Amid Tariff Uncertainty
- Gold Prices Mixed As Traders Track US-China Trade Talks
The European Central Bank may be able to keep interest rates on hold over the summer, according to Governing Council member Robert Holzmann.
“The inflation goal is already in reach, so for me it made sense maybe not to cut rates until the autumn to be sure that — given the uncertainty we have everywhere about the economy — we don’t experience another bout of inflation,” he said, explaining why he was the sole dissenter at Thursday’s ECB decision. (BBG – Continue Reading)
Treasury yields ease after a couple of rising sessions as markets wait for news from U.S.-China trade talks and inflation data. Inflation expectations decline in a New York Fed survey.
Meanwhile, economists polled by WSJ expect May’s consumer price index, due Wednesday, to print a little hotter than in April. Thursday, producer prices are also forecast to accelerate, while jobless claims are expected to decline a little.
The 10-year Treasury yield gives up 0.026 percentage point, to 4.481%. The two-year falls 0.037 p.p. to 4.002%. (WSJ – Continue Reading)
A 50% increase in average pay and a ¥1 quadrillion ($6.9 trillion) economy will be the top campaign pledges for this summer’s upper house election according to Japanese Prime Minister Shigeru Ishiba, as the date nears for voters to give their latest verdict on Ishiba’s administration.
“I’ve instructed senior party officials to make our top election pledge an aim to reach ¥1 quadrillion in nominal GDP by 2040 and increase average pay by 50% or more from its current level,” Ishiba told reporters in Tokyo Monday evening. (BBG – Continue Reading)
The overall mood remains broadly unchanged with consumers stuck in a holding pattern of ‘cautious pessimism’. The detail shows two clear opposing forces at work.
On the positive side, the RBA’s May interest rate cut and moderating inflation are providing significant boosts, particularly around buyer attitudes towards major purchases. But against this, more sluggish growth reads domestically and the unsettled situation around global trade are continuing to weigh heavily on expectations.
This month’s survey included additional questions on news recall, which are run once a quarter. Responses in June highlight the opposing forces influencing sentiment. (Westpac – Continue Reading)
Australian business activity stalled in May as consumers kept their wallets shut despite a cut in interest rates during the month, a survey showed on Tuesday, while firms reported increased pressure on profit margins.
National Australia Bank's survey showed its index of business conditions edged down 2 points to 0 in May, well below the long-run average of around +6. Its confidence index inched up 3 points to +2, though that remained soft historically.
"By industry, the persistent weakness in retail business conditions and confidence aligns with the softer-than-expected pick-up in consumption over Q1," NAB chief economist Sally Auld said. (RTRS – Continue Reading)
- Japan Money Stock M2 (Y/Y) May: 0.6% (prev 0.5%)
- Japan Money Stock M3 (Y/Y): 0.1% (prev 0.1%)
- Australia Westpac Consumer Conf SA (M/M) Jun: 0.5% (prev 2.2%)
- Australia Westpac Consumer Conf Index: 92.6 (prev 92.1)
- Australia NAB Business Confidence May: 2 (prev –1)
- Australia NAB Business Conditions: 0 (prev 2)
- UK BRC Sales Like-For-Like (Y/Y) May: 0.6% (est 2.6%; prev 6.8%)
- Trump Says China ‘Not Easy’ As Trade Talks To Continue Tuesday – BBG
- US And China Talk Rare Earths And Chip Controls In London – Nikkei
- China Taps $1.5T Fund To Ramp Up Housing Market Support – BBG
- China’s Navy Expands Its Reach With Aircraft Carrier Drills – WSJ
- Taiwan Exports Growth Nears 15-Year High Amid Tariff Uncertainty – WSJ
- Australia’s Consumer Sentiment Rises In ‘Cautious Pessimism’ - BBG
- Aussie Business Activity Stalls In May, Retailers Squeezed – RTRS
- New Zealand’s Willis Wants RBNZ To Add Summer Rate Decision – BBG
- Canada To Boost Military Spending To Try To Placate Trump – WSJ
- PM Carney Rules Out Tax Increases To Finance Canada Defense Spending – WSJ
- US Asks Appeals Court To Let Trump Tariffs Remain For Longer – BBG
- US Deploys Marines To LA As Trump Backs Arrest Of California Governor – Nikkei
- Trump To Keep White House Starlink As Musk Feud Dissipates – BBG
- Speaker Johnson Urges Senate To Minimize Changes To $40,000 SALT Deal – BBG
- HHS Robert Kennedy Fires Members Of Panel Overseeing US Vaccine Policy – FT
- France’s Macron Doesn’t Rule Out Calling Snap Elections Again – BBG
- France’s Finance Minister Is the Calm Hand Macron Needs Now – BBG
- UK Chancellor Plans For ‘Housing Bank’ And Funding For Affordable Homes – FT
- UK Pledges £11.5B Of New State Funding For Sizewell C Nuclear Plant – FT
- UK Retail Sales Slowed In May, Casting Doubt On Consumer Resilience – FT
- Irish Manufacturing Contracts Sharply As US Import Boost Fades – WSJ
- China’s Tech Bond Issuance Tops $52B, Securities Journal Reports - CSJ
- BoJ Likely To Ease Tapering Pace Of Bond Buys, Ex-official Says – BBG
- Ontario Leaves Out US Banks From Dollar Bond Issuance, First Since 2011 - Globe
- US May Exhaust Debt-Ceiling Measures In Mid-August, CBO Says – BBG
- Treasury Yields Fall As Markets Wait For Trade News – WSJ
- Looming US Treasury Debt Auctions An Important Sentiment Test – RTRS
- Argentina Eases Bond Auction Rules In Aim To Lure More Dollars – BBG
- Banks Lauch Debt For Bain Capital Buyout Of Wingstop Franchisee - BBG
- Morgan Stanley Hunts For xAI Debt Buyers After Musk-Trump Feud – BBG
- S&P Downgrades Warner Bros. Bonds Deeper Into Junk Status – BBG
- Rising Debt Burden Puts UK On A Trajectory Of More Volatility – FT
- BoJ’s Ueda Says Inflation Is Still Below Target, Weakening Yen - BBG
- Dollar Steady As Traders Await Details From US-China talks – RTRS
- Dollar Could Stay Steady For Now – WSJ
- US And China Talk Rare Earths And Chip Controls In London – Nikkei
- Oil Futures Gain As US, China Talk Trade – WSJ
- Gold Edges Lower As Traders Track US-China Trade Talks – BBG
- Gold Edges Higher With Spotlight On US-China Trade Talk – RTRS
- Union Seeks Formal Update On US Steel-Nippon Steel 'Partnership' - Nikkei
- BlackRock Seeks Dismissal Over Suppression Coal Production Case – FT
- UK Pledges £11.5B Of New State Funding For Sizewell C Nuclear Plant – FT
- Panama Canal Boss Warns MSC Ports Deal Threatens Principle Of Neutrality – FT
- Asia Markets Climb As Investors Await Details Of US-China Trade Talks – CNBC
- Apple Unveils Array Of New Software, But AI Comeback Remains Far Off – WSJ
- Apple Expands ChatGPT Deal And Mimics Google In AI Comeback Bid - BBG
- Apple To Give App Developers Access To Its Artificial Intelligence Models – FT
- Apple’s MacOS Tahoe To Be Final Operating System To Work On Intel Macs – BBG
- OpenAI’s Expected Subscription Revenue Doubles To $10B – FT
- Wall Street, Main Street Push For Foreign Tax Rethink In US Budget Bill – RTRS
- Disney To Pay Comcast $439M More For Its Hulu Stake - BBG
- Warner Discovery Splits Cable From Marquee Streaming, Studio Businesses – WSJ
- US Stocks Lose Support From Asia’s ‘Buy The Dip’ Retail Traders – BBG
- Bain Ramps Up Japan Property Deals After Amassing $5B In Value – BBG
- Mexico’s Coppel To Invest $4.2B In E-Commerce, New Stores – BBG
- Robinhood Shares Fall As S&P 500 Inclusion Hopes Dashed – RTRS
- Centerbridge Seeks $1B To Hold Canadian Bank For Longer – BBG
- Crane To Buy Baker Hughes Precision Sensors Line For $1.15B – WSJ
- Ergen’s FCC Meeting Requests Met With Silence, EchoStar Says – BBG
- Eurostar Seeks Demand Tap For Greener Travels To Frankfurt, Geneva – FT
- LVMH Bets On AI To Navigate Luxury Goods Slowdown – WSJ
- Barclays Cuts More Than 200 Investment Bank Jobs To Reduce Costs – BBG