- U.S. index futures are slightly lower, down by 0.1–0.2% on Monday morning, following last Friday's rally that pushed the S&P 500 above the 6,000-point mark — the highest level since February.
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The most important market event today is that US Treasury Secretary Bessent, US Commerce Secretary Lutnick, and US Trade Representative Greer will hold a meeting in China today. At 2 PM GMT we will learn US Wholesale sales and Wholesale inventories change for May, at 3 PM GMT, the NY Fed inflation expectations.
- European sentiment is somewhat weaker, with futures on major benchmarks posting very modest losses. In contrast, Asian indices are performing more robustly.
- China’s May CPI data pointed to a slightly softer decline in year-over-year inflation than expected. CPI fell by a symbolic -0.1%, versus forecasts of -0.2% and compared to -0.1% in the previous month. On a monthly basis, CPI declined by -0.2%, following a 0.1% increase previously.
- Producer prices (PPI) in China fell more sharply than expected in May, dropping -3.3% YoY versus a -3.2% forecast and -2.7% in April. CHN.cash futures are ticking slightly higher this morning.
- Japan’s Economy Watchers Survey came in slightly better than expected at 44.4, beating forecasts of 43.9 and up from 42.6 previously. A trade agreement with the U.S. remains unresolved.
- The EUR/USD is gaining over 0.2%, trading above 1.142, driven by broad dollar weakness. Volatility in agricultural commodities is low, though the overall tone is positive.
- In the energy market, natural gas is down more than 1%, while oil is virtually flat, holding near $66 per barrel. Precious metals are advancing, with silver breaking above $36 per ounce and platinum extending its bullish momentum, rising over 2% to $1,200 per ounce. Bitcoin is steady around $105,500.
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