- Wall Street indices launched today's trading slightly lower, but has since recovered from declines. S&P 500 trades 0.2% higher, Nasdaq gains 0.4%, Dow Jones trades flat and small-cap Russell 2000 ticks 0.1% higher
- Results of European Parliament elections, especially strong showing of the far-right parties in France and Germany, have sent shockwaves through European financial markets on Monday morning
- French CAC40 launched today's cash session over 2% lower after French President Macron called snap elections for late-June/early-July in response to EU elections results
- EUR also took a hit and was the worst performing G10 currency in the first half of Monday's trading. EURUSD dropped from around 1.0800 at close of Friday's trading to around 1.0730 shortly after noon today
- Part of the early declines were erased during the session but European indices finished today's trading lower - French CAC40 closed 1.35% lower and German DAX dropped 0.37%
- EURUSD recovered part of the losses after comments from ECB President Lagarde and is now trading around 1.0760. Lagarde said that rates are not necessarily on a linear declining path and that ECB may hold rates for longer than a single meeting
- Major cryptocurrencies trade mixed today - Bitcoin gains 0.4%, while Ethereum drops 0.6%
- Energy commodities trade mixed as well - oil rallies around 3%, while US natural gas prices drop 2%
- New York Fed 1-year inflation expectations dropped from 3.3% in April to 3.2% in May. 3-year inflation expectations were unchanged at 2.8%. 5-year inflation expectations jumped from 2.8% in April to 3.0% in May
- Japan's annualized GDP growth for Q1 2024 was revised from -2% in first release to -1.8% in second release. On quarter-over-quarter basis, GDP growth came in a -0.5% QoQ, in-line with preliminary release
- Euro area Sentix index improved from -3.6 in May to 0.3 in June (exp. -1.7)
- Norway's CPI inflation slowed from 3.6% YoY in April to 3.0% YoY in May (exp. 3.3% YoY). Core CPI slowed from 4.4% to 4.1% YoY (exp. 4.0% YoY)
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