Momentum trading best ever time / RBA unch, but / UK's Labour on EU terms / Le Pen pledged to work with Macron

EU heads finish meeting with no agreement on top jobs, decision before 30thJune
5 US stocks for 60% of SPX returns YTD, NASDAQ has not been this overbought since early 2018, Fund Manager cash allocations lowest since mid-2021 (BofA FM survey), Momentum Trading is having the most success in history, even surpassing the Dot Com Bubble
French businesses court Marine Le Pen after taking fright at left’s policies, French stocks and bond yields gained after Marine pledged to work with Macron if she wins elections. A new poll has her far-right party at 33%, a left-wing alliance rising to 28% and Macron’s a distant third. Christine Lagarde said the ECB is being “attentive” to market developments.
UBS offers to repay 90% to clients hit by Greensill implosion
Labour will seek ‘improved’ post-Brexit trading terms with EU, Reeves says
FT - Even Apple cannot explain why we need AI in our lives. A souped-up Siri and personalised emojis are coming but the most important question remains unanswered, and Apple scraps its Pay Later loan scheme
US households' real income expectations hit the lowest levels in over a decade
China’s tax man hands out decades-old bills to companies, hinting at funding shortage
#GDX Gold equities have rarely been this cheap in the past 4 decades
Fed's Harker said he expects one rate cut this year in his prepared remarks. However he noted that "two cuts, or none, for this year” were also quite possible."
Benjamin Netanyahu dissolves war cabinet
BoJ's Ueda kept the door open to a possible interest rate increase in July
The RBA did not consider a cut at its June meeting - but it did consider a hike

BOJ’s Ueda Keeps July Rate Hike Door Open Amid Skepticism (yahoo.com )

The RBA did not consider a cut at its June meeting - but it did consider a hike (msn.com )

JPM DESK: “.. While we had thought the market was setting up for a pullback based upon the price action during earnings season, narrowing breadth, reduced HF positioning, and the potential for markets to take some profits given the almost 32% gain in the $SPX since this bull run began in Oct 2023 (38.6% for $NDX), this has not come to fruition and the near-term market setup points to another leg higher being more probable than a pullback. The macro data should support this hypothesis into a seasonally strong July ..”

French businesses court Marine Le Pen after taking fright at left’s policies

Sophie Pedder on X: "A week after Emmanuel Macron decided to call a snap parliamentary election, the upcoming vote has turned into one of the most crucial in post-war French history. How will it play out? Some thoughts as France enters uncharted territory 1/8 Short🧵 https://t.co/UXbmk86t4T " / X

China should pay for propping Russia's Ukraine war - Nato chief (bbc.com )

Copper Slides to Eight-Week Low After More Soft Data From China - Bloomberg

CFTC Orders Trafigura to Pay $55 Million for Fraud, Manipulation and Impeding Communications with the CFTC | CFTC ..Vitol, Glen, now Trafi all got fine for the same thing

Even Apple cannot explain why we need AI in our lives (ft.com )

Technology giant Apple scraps its Pay Later loan scheme in US - BBC News

Benjamin Netanyahu dissolves war cabinet, officials say (msn.com )

China’s tax man hands out decades-old bills to companies, hinting at funding shortage | South China Morning Post (scmp.com )

UBS offers to repay 90% to clients hit by Greensill implosion - SWI swissinfo.ch

CEO pay is rising faster than it has in a decade (qz.com )

Labour will seek ‘improved’ post-Brexit trading terms with EU, Reeves says (msn.com )