- Wall Street indices launched today's cash session lower in response to a hawkish NFP report for May. However, US indices have recovered from those declines during the session and are now trading little changed or slightly higher on the day
- US jobs report for May showed a 272k increase in non-farm payrolls (exp. 175k) as well as unexpected acceleration in wage growth from 3.9 to 4.1% YoY (exp. 3.9% YoY). Unemployment rate ticked higher from 3.9 to 4.0% (exp. 3.9%)
- Higher-than-expected jobs and wage growth is clearly hawkish, and money markets began to trim Fed rate cut bets. Odds for a rate cut in September dropped from around 70% before the release to around 50% now
- Atlanta Fed GDPNow indicator now points to 3.1% annualized growth in Q2 2024, up from 2.8% yesterday
- JPMorgan now expects first Fed rate cut in November, compared to previous forecast of July rate cut. Citi now expects first Fed cut in September, compared to July previously
- US dollar caught a bid following NFP report as market expectations for Fed policy got more hawkish. US dollar index is up 0.7% on the day
- Gold took as People's Bank of China paused gold purchases in May and the decline deepened further following NFP release and USD strengthening. Gold drops almost 3% while silver trades 6% lower on the day
- European stock market indices traded lower today - German DAX, French CAC40, Italian FTSE MIB and UK FTSE 100 dropped around 0.5% each, while Spanish Ibex traded 0.3% lower. Dutch AEX finished more or less flat
- US natural gas prices gain as weather forecasts continue to point to above-average temperatures in key regions. NATGAS trades almost 3% higher on the day
- GameStop slumped over 30% after company released lackluster Q1 earnings and announced plans to issue up to 75 million new shares
- Canadian employment increased by 26.7k in May (exp. 22.5k), driven by a 62.4k jump in part-time employment. Full-time employment dropped by 35.6k. Unemployment rate ticked higher from 6.1 to 6.2% (exp. 6.2%)
- German industrial production declined 0.1% MoM in April (exp. +0.3% MoM)
- Japanese household spending increased 0.5% YoY in April (exp. 0.5% YoY)
- Chinese exports increased 7.6% YoY in May (exp. 6.0% YoY), while imports were 1.8% YoY higher (exp. 4.2% YoY)
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