European stock futures edged higher as traders positioned ahead of this week’s US inflation data and Federal Reserve monetary-policy decision. Contracts on the Euro Stoxx 50 Index climbed 0.2% even as most Asian shares declined. Treasuries crept higher in Asia, while Bloomberg’s gauge of the dollar advanced for a fourth day. European shares had tumbled Monday after French President Emmanuel Macron called a legislative vote in the wake of a crushing defeat in European Parliament elections. Investors will be on the watch for Tuesday’s UK employment data that may impact the Bank of England’s policy decision next week. Chinese shares led losses in Asia on concern over the weak property sector and uncertain growth outlook, with benchmarks in mainland China and Hong Kong both headed for their lowest closing levels since April. Shares linked to electric-vehicle makers slumped before the European Commission’s decision of provisional duties expected this week, while tourism-related firms dropped amid disappointing travel demand during the recent Dragon Boat Festival holiday. Wall Street’s most-prominent trading desks from JPMorgan Chase & Co. to Citigroup Inc. are urging investors to prepare for a potential stock-market jolt after US consumer price data and the Fed rate decision both due Wednesday. The Fed is widely expected to keep borrowing costs on hold, but there’s less certainty on officials’ rate projections. A 41% plurality of economists expect policymakers to signal two cuts in their “dot plot” while an equal number expect the forecasts to show just one or no cuts at all. Investors are also gearing up for a Bank of Japan policy decision Friday. The BOJ is expected to discuss cutting bond purchases at the gathering, with some economists predicting the central bank will also lay the groundwork for raising rates next month. In commodities, oil held its biggest gain since March ahead of an OPEC report that will provide a snapshot on the market outlook. Gold retreated as traders look to this week’s Fed meeting for more clues on when it may pivot to monetary easing. Copper dropped toward the lowest level in more than a month while iron ore prices slumped to the lowest level in two months. he S&P 500 rose 0.3% Monday to close at a fresh record high, while Nvidia Corp. began trading after a 10-for-one stock split. Apple Inc. sank even after unveiling new artificial-intelligence features. The company’s suppliers also dropped after Apple’s latest artificial ingelligence platform was seen to be disappointing. Billionaire Elon Musk said he would ban Apple devices from his companies if OpenAI’s artificial intelligence software is integrated at the operating system level, calling the tie-up a security risk. More than 60% of respondents in the latest MLIV Pulse survey expect US stocks to outperform Treasuries on a volatility-adjusted basis next month. That reading has been higher only three times in the history of the survey going back to August 2022. In corporate news, developer Dexin China Holdings gets liquidation order from a Hong Kong court adding to a growing number of legal victories for creditors involving overdue debt. US After Hours CVGW +12.1% jumping on earnings; DXC +4.1% up after APO and KD M&A talks, according to Reuters; YEXT -12.8% slipping following earnings.
Nikkei +0.16% Hang Seng -1.18% CSI -0.97% Shanghai Shenzen
Eur$ 1.0768 CNH 7.2659 CNY 7.2553 JPY 157.27 GBP 1.2726 CHF 0.8965 RUB 88.8433 TRY 32.4142 WTI$ 77.63 -0.12% Gold 2,300 -0.44% BTC 67,890 -2.47% ETH 3,566 -2.85%
S&P -0.03% Nasdaq -0.02% EuroStoxx +0.44% FTSE +0.14% Dax +0.23% SMI +0.29%
Macro :
- Lagarde Says ECB Cut Doesn’t Put Rate on ‘Linear Declining Path’
- Europe in Talks to Keep Russia-Ukraine Gas Pipeline Flowing
- Traders Are Bracing for Volatility on Fed-CPI Double Blow
Keep an eye on :
- ABN NA : Dutch Government Suggests IPO or Private Sale for De Volksbank
- AAPL US : Apple Slips as AI Event Featured No Major Surprises: Street Wrap
- AAPL US : Elon Musk to Ban Apple Devices If OpenAI Is Integrated Into OS
- ATO FP : Atos Picks Onepoint over Kretinsky for Restructuring (1)
- PRO IM : Barents Re Readies Bid for Banca Profilo, Il Messaggero Reports
- BATS LN : EU Smoking Rules May Slow Next-Generation Growth in Short Term
- BITF CN : Bitfarms Adopts ‘Poison Pill’ After Riot Offer Turns Hostile
- BA US : Israel’s El Al to Hold Exclusive Talks With Boeing on Planes
- CLNX SM : Cellnex Holder Criteria Caixa Offers Up to 18.6m Shares, priced @ 32.91/share
- DXC US : Apollo, Kyndryl in Talks for Joint Bid for DXC Technology: Rtrs
- GSK LN : GSK: Starts Process for Appeal of Recent Delaware Zantac Ruling
- HELN SW : Helvetia Places CHF230M Senior Bond
- IPN FP : Ipsen Gets FDA Accelerated Approval for Iqirvo in Cholangitis
- LLY US : Lilly Alzheimer’s Drug Seen Effective by FDA Advisory Panel
- MED SW : Medartis CEO Christoph Brönnimann Resigns
- META US : Meta Data-Harvesting Suit Review May Draw LLM Scrutiny: React
- MITRA BB : Mithra Pharma Files for Bankruptcy, Continues Richter Talks
- NTGY SM : Abu Dhabi’s Taqa, Criteria Drop Talks to Buy $26 Billion Utility
- NOKIA FH : Nokia, Foxconn to Produce 5G Equipment in Vietnam: Media
- ORA FP : Large Telcos Best Positioned in Improving EU Regulatory Stance
- PARA US : Bronfman, Bain Are Said to Weigh Deal for Paramount’s Parent
- RIO LN : Rio Tinto to Buy Mitsubishi’s 11.65% Stake in Boyne Smelter
- SFL IM : *SAFILO-HAL INVESTMENTS MAY BID FOR MARCOLIN: MF
- SAS SS : SAS to Ask Sweden Court to Open Reorganization Plan Proceedings
- ENR GY : Siemens Energy Eyes Biggest Wind Turbine to Rival China
- GLE FP : SocGen Struggles to Reach Deal for Custody Unit: Reuters
- SLHN SW : Swiss Life REF to Buy CHF700m Portfolio From Swiss Life AG
- TEF SM : CaixaBank Says It Transferred Its Entire 2.546% Telefonica Stake
- UBSG SW : UBS, CS Switzerland Units Merger Could Be July 1: NZZ
- UBSG SW : UBS Impact Investing Boss Mnatsakanian Exits: Financial News
- DG FP : Vinci Says Qatar Holding LLC Steps Down From Vinci Board
- VOW GY : Volkswagen, Isuzu Pour Cold Water on South Africa’s EV Ambitions