Morning Brief:
U.S. Consumer Confidence Beat Expectations; IMF Lifts China Growth Forecast to 5%; German Finance Minister Standing Firm on 2025 Budget Restraint
https://www.christophe-barraud.com/morning-brief-u-s-consumer-confidence-beat-expectations-imf-lifts-china-growth-forecast-to-5-german-finance-minister-standing-firm-on-2025-budget-restraint/
==US BRIEFING - TUESDAY 28.05
HEADLINES==
Inflation Up In Three German States, Pointing To Slight National Rise
ECB’s Kazaks: There Should Be No Autopilot After June Cut
ECB’s Villeroy: EU Should Delay Implementing Bank Rules If US Drags Feet10-Year Treasury Yield Rises As Investors Weigh State Of Economy
Pound Rises To Strongest Since August 2022 Against The Euro
Bitcoin, Ether Prices Ease As SHIB Drives Gains In Meme Tokens
Oil Prices Gain On Expectations Of OPEC+ Extension To Output Cuts
Gold Falls As Traders Hunker Down For US Inflation PrintDow Futures Drop More Than 200 points On Wednesday
Anglo Won’t Extend BHP Deadline, Signalling End to Mega Bid
ConocoPhillips To Acquire Marathon Oil In $22.5 Billion Deal
American Airlines Cuts Profit Outlook As Commercial Chief Departs
South Africans Vote In Most Unpredictable Election Since 1994
DATA
Eurozone M3 Money Supply (Y/Y) Apr: 1.3% (est 1.3%; prev 0.9%)
German GfK Consumer Confidence Jun -20.9 (est -22.5; prevR -24.0)France Consumer Confidence May: 90 (est 91; prev 90)
Italian Consumer Confidence Index May: 96.4 (est 96.0; prev 95.2)
Swedish Retail Sales (M/M) Apr: 0.3% (prev -0.4%)
Spanish Retail Sales (Y/Y) Apr: 2.7% (prevR -1.4%)
GOVERNMENT AND CENTRAL BANK NEWS
ECB’s Kazaks: There Should Be No Autopilot After June Cut - BBG
ECB’s Villeroy: EU Should Delay Implementing Some Bank Rules If US Drags Feet - MS
Labour Poll Lead Grows Even After Tory Policy Blitz, YouGov Says - BBG
BoJ’s Adachi: Further Policy Changes Need To Proceed Carefully - WSJ
FIXED INCOME NEWS
10-Year Treasury Yield Rises As Investors Weigh State Of Economy - CNBC
UK Sold GBP 1B Of 0.125% 2039 Linkers At An Average Yield Of 1.05% B/C 3.15x
Germany Sold EUR 400.23M Of 1% 2038 Bonds At An Average Yield Of 2.75% B/C 8.4x
Germany Sold EUR 1.22B Of 2.6% 2041 Bonds At An Average Yield Of 2.8% B/C 1.94x
FX NEWS
EUR/USD Slumps As US Dollar Extends Recovery After Fed Rate-Cut Bets Fade - FXS
Pound Rises To Strongest Since August 2022 Against The Euro - BBG
CRYPTO NEWS
Bitcoin, Ether Prices Ease As SHIB Drives Gains In Meme Tokens - CD
ENERGY/COMMODITY NEWS
Oil Prices Gain On Expectations Of OPEC+ Extension To Output Cuts - Investing
Gold Falls As Traders Hunker Down For US Inflation Print - CNBC
https://www.livesquawk.com/report/afternoon_3571
EQUITY NEWS
Dow Futures Drop More Than 200 points On Wednesday - CNBC
Anglo Won’t Extend BHP Deadline, Signalling End to Mega Bid - BBG
ConocoPhillips To Acquire Marathon Oil In $22.5 Billion DealAmerican Airlines Cuts Profit Outlook As Commercial Chief Departs - BBG
Merck Signs $3B Deal For Kate Bingham-Backed Eye Disease Biotech - FT
Bank Of Montreal Raises Quarterly Dividend 2.6% - MW
Volkswagen CEO Faces Investor Calls To Sharpen EV Strategy - BBG
Royal Mail Owner Agrees To £3.5 Billion Takeover By Billionaire Daniel Kretinsky - BBG
Samsung Union Plans First-Ever Strike - WSJ
EMERGING MARKET NEWS
China’s Property Rescue To Deliver Modest GDP Boost, Survey Shows - BBG
India Wins S&P Rating Outlook Boost Days Before Voting Ends - BBG
Commies gotta "Commie".
What, pray tell, does Norm have in his closet that he's so desperate to hide that he'll go to these lengths? Gotta be a pretty dark leash on that serf's collar of his….
Where does Fanone's wife work? And is he even married or just an MS-13 member, without the face tattoos?
Cleveland-Cliffs bid for US based assets of a Russian steel company just yesterday. Might, or might not, be related.
zerohedge
@zerohedge
Top Overnight News
More of China’s biggest cities are easing home-buying policies, after top leaders recently signaled a shift to aggressive measures to resolve the country’s ongoing property crisis. Guangzhou and Shenzhen, two of China’s four Tier-1 cities, on Tuesday reduced the down payments required for first-home purchases by 10 and 15 percentage points, respectively. They also lowered mortgage rates for second homes and trimmed banks’ loan prime rates. WSJ
China’s growth outlook is increased by the IMF for ’24 (from +4.6% to +5%) and ’25 (from +4.1% to +4.5%) due to a strong Q1 performance and recent policy support measures. FT
Australia’s CPI for Apr runs hot, coming in +3.6% Y/Y (up from +3.5% in Mar and ahead of the Street’s +3.4% forecast). WSJ
EU will move to hike tariffs on Chinese EV imports on 6/5, although it is in the interests of both sides to strike a deal and soften the blow. RTRS
Emmanuel Macron has called for Ukraine to be allowed to use western weapons against military sites in Russia, becoming the most senior Nato leader to ask for targeting restrictions set by Kyiv’s backers to be lifted. FT
Anglo American refused to give BHP more time to commit to a takeover offer, signaling the likely end —for now — to its $49 billion pursuit. BBG
ConocoPhillips is in advanced talks to purchase Marathon Oil (MRO); could value the Co. at just over its current USD 15bln market cap: FT
White House says Israeli strike in Rafah didn’t cross one of Biden’s red lines and will not trigger a change in US policy. NYT
Lawyers to Plastics Makers: Prepare for ‘Astronomical’ PFAS Lawsuits. At an industry presentation about dangerous “forever chemicals,” lawyers predicted a wave of lawsuits that could dwarf asbestos litigation, audio from the event revealed. NYT
BlackRock’s Bitcoin ETF surpassed the Grayscale Bitcoin Trust to become the world’s largest fund for the token. It attracted $16.5 billion since Jan. 11, while investors pulled $17.7 billion from Grayscale. BBG
https://twitter.com/zerohedge/status/1795790991707795932
Kyle Becker
@kylenabecker
Morning Joe Guest Says 'We Must Live With' Donald Trump Being Sent to Prison If He is Found Guilty
"When the jury decides, it decides. Everybody in the system knows that is final… And that is okay. We live with it. That is our system. We ought to be proud of it. It’s flawed and it’s still the best system in the world."
Will you accept the verdict if Trump is found guilty?
https://twitter.com/kylenabecker/status/1795794824471175317 /history
Still need eyebleach for dat.
Re-creating Job by their actions.
Well, when even the fake CP posts stop werking…