As expected, ECB as expected, joined BoC, SNB, Riksbnak and cut rates, while raising inflation forecast for 2024/2025 (ruling out Jul & Sep cut), Lagarde said she couldn’t confirm a “dialing-back phase” was under way, 2-3mos of waiting for a move either way in data
India election ; election were widely wrong, foreign policy likely to be mor e measured and BJP did worse in states with the most devisive politics
China’s exports grow more than expected in May, up by 7.6%
JPM : Growth rate of global economy accelerates to fastest in a year during May
BofA : BHP's recent approach to Anglo American focused the market on the scarcity of high-quality copper assets and also the value of owning more copper production into an expected bull market. Energy transition (Decarb = increased metal intensity), emergent India demand, other "new" uses (AI, data centres). and supply shocks >>> bullish metal, calling it to $12,000/t ($5.44/lb).
JPM DESK: “.. The stronger than expected ISM-Services print seemingly ended all recessionary/stagflationary commentary and put us back on firm Soft Landing/Goldilocks footing. An ‘everything rally’ ensued and now we are left at a new all-time high with another important catalyst coming on today. At this point, it feels like anything in the 150k – 200k range will be a non-event and that we need to see a print under 100k or over 300k before we trigger a narrative shift.”
UBS upgraded its precious metal forecasts quite significantly this week >> Gold price up 20-30% to $2775 over 3years and Silver by 70% to $40 by 2026
BBG : The Fed can’t conquer inflation if Washington keeps on spending
Jeffrey Gundlach: Never-ending debt-based scheme is pushing people to gold, Bitcoin
South Africa opposition group claims Russia is funding Jacob Zuma’s party Former president’s upstart MK party accused of being extremely well financed
RBA Can and Will Bring Down Inflation, Deputy Governor Says
Bondholders sue Switzerland in US over Credit Suisse AT1s
France to Supply Ukraine with Mirage-2000 Jets and Train Pilots
#NVDA volumes yesterday as big as the next 20 stocks combined! >> also a sign ow volumes across board
Comments