Europe Market Open: UK's Labour Party secured a majority, US NFP looms
5.07.2024
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- APAC stocks traded somewhat mixed in the absence of a lead from the US owing to the Independence Day holiday.
- There was also a lack of fireworks from the UK election exit polls, with the latest results showing that the Labour Party has won a majority as expected.
- DXY briefly dipped under 105 with quiet macro newsflow ahead of NFP, GBP/USD traded flat within a tight 1.2755-72 range, and USD/JPY slid beneath the 161.00 level with early pressure seen heading into the Tokyo fix.
- European equity futures indicate a quiet open with Euro Stoxx 50 futures +0.1% after the cash market closed higher by 0.4%. FTSE 100 futures rose 0.2%.
- Bitcoin slumped to below the USD 54,500 level after failing to hold on to the USD 57,000 status earlier in the session; CoinDesk cited crypto exchange Mt. Gox moving USD 2.6bln worth of Bitcoin from its cold wallet.
- Looking ahead, highlights include German Industrial Output, Italian Retail Sales, EZ Retail Sales, US & Canadian Jobs Reports, and Comments from Fed's Williams, ECB's Lagarde & Elderson.
- Click for the Newsquawk Week Ahead.
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