US Market Open: European bourses slip whilst US futures hold flat, DXY softer and Crude subdued; Fed speak due

Equities are in the green; Chip names help to prop up the tech sector, whilst meme-stock GME surges 66% pre-marketDXY is incrementally firmer, G10s are mostly firmer against the Dollar except for the Yen, which gains marginallyUSTs continue Friday’s post-PCE advance ahead of US ISM ManufacturingCrude is incrementally firmer, though residing near lows post OPEC+ which outlined a future roadmap for the restoration of the supply from the voluntary cutsPrecious metals are flat and base metals are generally firmer, benefitting from the higher-than-expected upward revision in the Caixin Manufacturing PMILooking ahead, US Final Manufacturing PMI and ISM ManufacturingRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks opened higher and then extended on gains as the region reacted to the softer-than-expected US Core PCE data on Friday alongside the prospect of a potential Israel-Hamas deal brokered by the US.Crude prices saw initial disappointment in the aftermath of the OPEC+ meeting which outlined a future roadmap for the restoration of the supply from the voluntary cuts.S&P cut France’s rating to AA- from AA; Outlook stable; downgrade on deterioration of budgetary position.European equity futures are indicative of a firmer cash open, with the Euro Stoxx 50 future +1.0% after cash markets closed -0.1% on Friday.EM elections: South Africa’s ANC lost its 30-year majority, while exit polls point to landslide victories for India’s Modi and Mexico’s Sheinbaum.Looking ahead, highlights include EZ, UK, US Final Manufacturing PMI, and US ISM Manufacturing PMI.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

European bourses are mixed and US futures are entirely in the red, though with price action contained ahead of US PCEDollar is flat, EUR gains following the hotter-than-expected EZ-HICP metricsBonds are pressured and EGBs more-so after hotter EZ HICP metrics, downside which has been pared slightlyCrude is modestly softer following disappointing Chinese PMI data, XAU is flat and base metals are mixedLooking ahead, US PCE (Apr), Canadian GDP, France Credit Rating Review & Comments from Fed’s BosticRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks traded mostly in the green and shrugged off the weak lead from the US but with gains capped by disappointing official Chinese PMIs.Former US President Trump was found guilty by a jury verdict on all 34 counts he faced at the hush money trial and will be sentenced on July 11th.European equity futures indicate a contained open with the Euro Stoxx 50 future flat after the cash market closed higher by 0.4% on Thursday.DXY remains below the 105 mark, EUR/USD holds above 1.08 ahead of CPI, major FX pairs are broadly contained.Looking ahead, highlights include German Import Prices, Retail Sales, French CPI, EZ CPI, US PCE (Apr), Canadian GDP, France Credit Rating Review & Comments from Fed’s Bostic.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

European equities are modestly firmer, US futures are mostly lower though have been edging higher in recent tradeDollar is softer, haven currencies bid with USD/JPY holding around 156.85ZAR pressured as early vote count/models point to ANC losing the majority and securing at most 45% of the voteBonds have bounced modestly from recent lows, with sentiment improving following a robust JGB auctionCrude is modestly softer with oil-specific newsflow light, XAU and base metals also slipLooking ahead, US GDP Estimates, US PCE (Q1), IJC, Advance Goods Trade Balance, SARB Policy Announcement, Comments from Fed’s Williams, Logan & RBNZ Governor Orr. Earnings from Marvell, Dollar General & Best BuyRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks were on the back foot amid spillover selling from Wall St owing to the further upside in yields; Nikkei 225 slumped at the open and briefly fell beneath the 38,000 level.DXY traded flat but held on to the prior day's gains above the 105.00 level after benefitting from higher yields, USD/JPY gradually eased back from its recent peak amid mild haven flows.10-year UST futures were contained after the recent continued bear-steepening owing to a weak 7-year auction, Bund futures remained subdued.European equity futures indicate a lower open with the Euro Stoxx 50 future -0.4% after the cash market closed lower by 1.3% on Wednesday.Looking ahead, highlights include Spanish CPI, Swiss GDP, EZ Sentiment, EZ Unemployment Rate, Italian Producer Prices, US GDP Estimates, US PCE (Q1), IJC, Advance Goods Trade Balance, SARB Policy Announcement, Comments from Fed’s Williams, Logan & RBNZ Governor Orr, Supply from Italy, Earnings from Marvell, Dollar General & Best Buy.Click here for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Equities are entirely in the red in continuation of similar price action seen in APAC tradeDollar is flat, EUR slips after German State CPIs show a cooler M/M and largely as-expected Y/YBonds are softer in a continuation of the prior day’s losses, Bunds pare most of the post-German State CPI upsideCrude is firmer amid ongoing geopolitical uncertainty, XAU slips and base metals are mixedLooking ahead, German CPI, US Richmond Fed Index, comments from Fed’s Williams & Bostic, Supply from the US, Earnings from HP & SalesforceRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks traded mostly lower after the indecisive performance stateside amid the rising yield environment.European equity futures indicate a contained open with the Euro Stoxx 50 future flat after the cash market closed lower by 0.6% on Tuesday.DXY trades in a tight range above 104.50, EUR/USD is a touch softer below 1.0850, AUD shrugged off hot CPI.BoJ Board Member Adachi said the BoJ is not yet at a stage where they are convinced that there is a sustained achievement of the price target.Looking ahead highlights include German GfK Consumer Sentiment, German CPI, US Richmond Fed Index, comments from Fed’s Williams & Bostic, Supply from UK, Germany & USRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

European bourses are mixed continuing the price action seen in APAC; US equity futures are in the greenDollar is flat/softer, Kiwi the G10 outperformer after strong price action overnight and in continuation of the RBNZ last weekUSTs/Bunds are mixed and relatively contained, whilst Gilts outperform playing catch-up to Bund strength in the prior sessionCrude benefits from heightened geopol tensions, XAU dips and base metals are firmer across the board following the announcement of China’s USD 47.5bln chip fundLooking ahead, Canadian Producer Prices, Comments from ECB's Knot, Centeno, Fed’s Kashkari, Cook & Daly, and Supply from the USRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks were mixed with price action mostly rangebound in the absence of a lead from Wall St and as geopolitical uncertainty lingered following an Israeli strike on Rafah which killed dozens of Palestinians on Sunday.DXY marginally softened beneath the 104.50 level albeit with trade kept to within a very tight range following the Memorial Day holiday weekend stateside and with the Fed's preferred inflation gauge scheduled for this Friday.An Egyptian soldier was killed in a clash with Israeli troops at a crossing on Monday, according to Bloomberg; Both Israel and Egypt are trying to keep the event "low profile," according to Israeli Radio correspondent.European equity futures indicate a positive open with the Euro Stoxx 50 future up 0.2% after the cash market closed higher by 0.5% on Monday.Looking ahead, highlights include German Wholesale Price Index, ECB Consumer Expectations Survey, Canadian Producer Prices, Comments from ECB’s Schnabel, Fed’s Mester & Kashkari, Supply from Netherlands, Italy & US.Click here for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk