US Market Open: Relief in Europe after the French 1st round has pared somewhat, ISM & Williams due
01/07/2024
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- French Election 1st round saw National Rally make significant gains but the odds of another hung parliament have likely increased
- Sparking outperformance in French-related assets with OATs, CAC 40 & EUR all supported, though the magnitude of this has trimmed into another week of political uncertainty and a still challenging fiscal backdrop
- US futures generally firmer but with some slight pressure in chip names led by Nvidia
- EUR the FX outperformer weighing on DXY, USD/JPY holds above 161.00
- Fixed benchmarks in the red, initial OAT strength has faded with the OAT-Bund spread narrowing on the open to 72bps before re-widening modestly to 75bps
- Crude bid across the board, precious metals mixed while base peers track the broad tone
- Looking ahead, highlights include US Manufacturing Final PMI (June), German Prelim. CPI, US ISM Manufacturing PMI, Comments from ECB’s Lagarde & Fed’s Williams
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