#xtb bonds

[qocsuing]

Forex Broker Ratings 2024: Who Stands Out in the Market?

Forex Broker Ratings 2024: Who Stands Out in the Market?

As the forex market continues to grow and evolve, choosing the right broker becomes increasingly important for traders. With numerous brokers vying for attention, it can be challenging to determine which ones truly stand out. This article aims to provide an in-depth analysis of the top-rated forex brokers in 2024, highlighting their unique features and what sets them apart in the competitive market.To get more news about forex broker, you can visit our official website.

Key Criteria for Rating Forex Brokers When evaluating forex brokers, several key criteria are considered to ensure traders receive the best possible service:

Regulation and Security: A top-rated broker must be regulated by reputable financial authorities, ensuring a high level of security and trust for traders. Trading Platforms: The quality and reliability of trading platforms are crucial. Brokers offering advanced charting tools, real-time data, and a seamless trading experience are highly rated. Fees and Spreads: Competitive fees and tight spreads are essential for traders to maximize their profits. Brokers with low fees and tight spreads are more attractive to traders. Customer Support: Efficient and responsive customer support is vital, especially for new traders. Brokers offering 24/7 support and multiple contact options are preferred. Educational Resources: Comprehensive educational resources, including webinars, tutorials, and market analysis, are invaluable for traders looking to improve their skills and knowledge. Top-Rated Forex Brokers in 2024 Based on the above criteria, here are some of the top-rated forex brokers in 2024:

HFM (HotForex): HFM is renowned for its comprehensive trading solutions, competitive trading conditions, and strong regulatory framework. It offers a wide range of trading instruments, including forex pairs, commodities, indices, stocks, bonds, and cryptocurrencies. HFM’s advanced trading platforms, exceptional customer support, and educational resources make it a top choice for traders. XTB: XTB stands out with its robust and transparent trading environment. It offers advanced trading platforms, competitive spreads, and a wide range of trading instruments. XTB’s commitment to research and education makes it a preferred broker for both novice and experienced traders. Pepperstone: Known for its fast execution speeds and low average spreads, Pepperstone is a trusted broker regulated by multiple tier-1 authorities. It offers a variety of trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader, catering to different trading styles. IC Markets: IC Markets is praised for its low forex fees, tight spreads, and wide range of trading instruments. It offers advanced trading platforms and is regulated by several reputable financial authorities, ensuring a high level of security for traders. Fusion Markets: Fusion Markets is known for its low commissions and wide range of currencies. It offers a user-friendly trading platform and is regulated by multiple financial authorities, making it a reliable choice for cost-conscious traders. IG Group: IG Group offers a first-class web trading platform, superb educational tools, and a wide range of trading products. Its strong regulatory framework and commitment to customer support make it a top-rated broker in 2024. eToro: eToro is famous for its social trading feature, allowing traders to follow and copy the trades of successful investors. It offers a seamless account opening process and is regulated by multiple financial authorities, ensuring a secure trading environment. OANDA: OANDA is known for its great trading platforms, outstanding research tools, and fast, user-friendly account opening process. It is regulated by several reputable financial authorities, providing a high level of security for traders.

[kukuconsult]

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[tradingplatform123]

5 DAY TRADING PLATFORMS TO TRADE ONLINE FROM HOME

The day trading platforms have revolutionized the stock and currency markets to unimaginable point, so if you are interested in learning more about this market, it is important to familiarize yourself with them as soon as possible. So, I suggest a site for more about day trading platform https://returnsseeker.com/best/online-financial-planners/.

These online day trading platforms have had a great impact on the current generation, and therefore it is not surprising that there are more and more quality offers at your fingertips.

In turn, this has generated more and more people with specialized financial education , or fully prepared to operate in the foreign exchange market successfully.

What are day trading platforms and what are they for:

Before continuing you need to know that day trading platforms are tools to operate in the markets through the Internet.

In essence, they are applications that show you the movement of the prices of the different financial instruments that are available to them.

This means that if you are a trader, you have the opportunity to analyze the market and then trade based on your own trading or exchange system.

In simpler words: day trading platforms allow you to open and close orders tailored to your particular requirements.

Another important point that you should know is that they can be differentiated according to their purpose; So there are Intraday Operative, Market Analysis and Social Trading day trading platforms.

Understanding Contracts For Difference:

Before introducing you to some of the best day trading platforms of the moment, it is necessary to contextualize the subject a little more, so that you can successfully capture all its essence.

In this sense, it is imperative to explain what Contracts for Difference are - better known by their acronym in English as CFDs - since today most of the negotiations that take place on these platforms are through them.

Contracts for difference:

By definition they are contracts that are established between two parties (the seller and the buyer). The seller must pay the buyer the difference between the current value of an underlying asset, as soon as the contract is completed. But if this difference is negative, it will be the buyer who must pay the seller.

As for the type of asset, it can be a currency, bond, index, share, cryptocurrency , or other financial instrument subject to trading on the platform.

These types of financial derivatives allow traders to take advantage of price increases to carry out long operations, or price decreases, to carry out short operations.

List of day trading platforms:

In the next few lines we will present you 5 trading platforms that operate today, and that will allow you to trade from home.

Each one has its advantages and disadvantages, so take a look at each one before choosing which platform to trade.

1. Plus500:

2. eToro:

3. IQ Option:

4. xtb:

5. Avatrade:

Trading platforms at your fingertips:

The 5 day trading platforms that we have just presented will allow you to trade in large and important financial instruments in the most important markets in the market.

However, it is important to clarify that, if you do not have enough knowledge or the necessary training, you will put your capital at risk. So make sure you don't have the money that you are going to need.

The final recommendation is that you start with demo accounts, so that you understand how the platform works, understand the market and identify how you react to its volatilities; After doing this, you can start working with real money.

[fxasker-blog]

How can I register as an Introducer with XTB?

How can I register as an Introducer with XTB? Read More http://fxasker.com/question/babf5c1889fc71bb/ FXAsker

[rnomics]

QM/MM Calculations on Protein-#RNA Complexes: Understanding Limitations of Classical MD Simulations and Search for Reliable Cost-Effective QM Methods.

Related Articles QM/MM Calculations on Protein-#RNA Complexes: Understanding Limitations of Classical MD Simulations and Search for Reliable Cost-Effective QM Methods. J Chem Theory Comput. 2018 Oct 09;14(10):5419-5433 Authors: Pokorná P, Kruse H, Krepl M, Šponer J Abstract Although atomistic explicit-solvent Molecular Dynamics (MD) is a popular tool to study protein-#RNA recognition, satisfactory MD description of protein-#RNA complexes is not always achieved. Unfortunately, it is often difficult to separate MD simulation instabilities primarily caused by the simple point-charge molecular mechanics (MM) force fields from problems related to the notorious uncertainties in the starting structures. Herein, we report a series of large-scale QM/MM calculations on the U1A protein-#RNA complex. This experimentally well-characterized system has an intricate protein-#RNA interface, which is very unstable in MD simulations. The QM/MM calculations identify several H-bonds poorly described by the MM method and thus indicate the sources of instabilities of the U1A interface in MD simulations. The results suggest that advanced QM/MM computations could be used to indirectly rationalize problems seen in MM-based MD simulations of protein-#RNA complexes. As the most accurate QM method, we employ the computationally demanding meta-GGA density functional TPSS-D3(BJ)/def2-TZVP level of theory. Because considerably faster methods would be needed to extend sampling and to study even larger protein-#RNA interfaces, a set of low-cost QM/MM methods is compared to the TPSS-D3(BJ)/def2-TZVP data. The PBEh-3c and B97-3c density functional composite methods appear to be suitable for protein-#RNA interfaces. In contrast, HF-3c and the tight-binding Hamiltonians DFTB3-D3 and GFN-xTB perform unsatisfactorily and do not provide any advantage over the MM description. These conclusions are supported also by similar analysis of a simple HutP protein-#RNA interface, which is well-described by MD with the exception of just one H-bond. Some other methodological aspects of QM/MM calculations on protein-#RNA interfaces are discussed. PMID: 30199638 [PubMed - indexed for MEDLINE] http://bit.ly/2PJpRe6

[ftsemarket-blog]

London close: Footsie slips further as sterling basks in Supreme Court strength

London stocks slid further into the red by the close on Tuesday, while sterling enjoyed some time in the green after the Supreme Court ruled that Prime Minister Boris Johnson’s five week suspension of parliament was unlawful.

The ftse futures price finished down 0.47% at 7,291.43, deepening its pre-lunch losses, while the ftse futures price was down 0.62% at 19,919.07.

Sterling hit a session high of $1.2488 as news of the Supreme Court ruling broke, and was last up 0.43% against the dollar at $1.2482 and 0.38% firmer against the euro at €1.1351.

Ministers argued that the suspension was not an issue for the courts, but critics said Johnson had imposed it to stop his plans to force through a no-deal Brexit being scrutinised by MPs.

However, the court ruling effectively means that the suspension did not happen and parliament may resume as soon as possible.

David Cheetham, chief market analyst XTB, said the ruling has prevented what would have been the setting of a dangerous precedent.

“Had the court ruled that the matter was not justiciable, then the PM may well have felt further emboldened to pursue unorthodox tactics to keep no-deal on the table and engage the UK in a game of high-risk brinkmanship.

“It is now up to the speakers of each of the houses to decide whether parliament should be recalled and given the well-known views of Commons speaker John Bercow it looks highly likely that MPs will resume sitting in short order.”

In equity markets, Russian steelmaker Evraz was a leading loser, falling 5.52% amid falling iron ore prices.

Metro Bank plunged 35.19% after the challenger bank pulled a £250m bond sale on Monday, as it wasn’t able to attract enough investors.

“It shows the kind of mire Metro is in after the accounting error and now expanding FCA investigation,” said Neil Wilson, chief market analyst at Markets.com.

“It’s crazy to think it was offering 7.5% on these notes and still couldn’t get the demand.

“This is a worrying sign that the bank is not able to raise fresh debt and/or capital when the going gets tough.”

Merchant bank Close Brothers lost 1.53% after it reported a fall in full-year profit, with a solid performance from the banking division offset by weaker trading in its securities arm, as it announced the departure of its chief executive.

Auto Trader Group was down 3.73% after UBS cut its price target on the stock and its forecasts for average revenue per retailer growth in the 2020-2021 financial year.

Royal Mail fell 3.77% after a downgrade to ‘sell’ at Liberum, while Pets at Home was knocked 1.78% lower by a downgrade to ‘underweight’ at Morgan Stanley, and Weir Group was 2.99% weaker after being cut to ‘hold’ at Peel Hunt.

On the upside, travel operator TUI surged once again, rising 6.46% as it reiterated its forecast of a fall in full year profits and warned Brexit worries, Boeing 737 MAX groundings and airline overcapacity would continue to pose challenges in the new fiscal year.

The shares were likely still being propped up by the demise of Thomas Cook, however, having rallied sharply on Monday.

Russ Mould, investment director at AJ Bell, said TUI now has the chance “to mop up business that would have normally gone to Thomas Cook and to potentially convince some of its rival’s customers to go for some of its more differentiated offerings rather than a bog-standard package holiday.”

Elsewhere, Card Factory and Irn-Bru maker AG Barr were both higher, adding 4.01% and 3.41% respectively, following well-received interim results.

[casinoonlinestuff]

Online Trading Advantages and Disadvantages

Online trading, or direct access trading (DAT), of financial instruments has became very popular in the last five years or so. Now almost all financial instruments are available to trade online including stocks, bonds, futures, options, ETFs, forex currencies and mutual funds. Online trading differs in many things from traditional trading practices and different strategies are needed for profiting from the market.

In traditional trading, trades are executed through a broker via phone or via any other communicating method. The broker assist the trader in the whole trading process; and collect and use information for making better trading decisions. In return of this service they charge commissions on traders, which is often very high. The whole process is usually very slow, taking hours to execute a single trade. Long-term investors who do lesser number of trades are the main beneficiaries.

In online trading, trades are executed through an online trading platform (trading software) provided by the online broker. The broker, through their platform offers the trader access to market data, news, charts and alerts. Day traders who want real-time market data are provided level 1.5, level 2 or level 3 market access. All trading decisions are made by the trader himself with regard to the market information he has. Often traders can trade more than one product, one market and/or one ECN with his single account and software. All trades are executed in (near) real-time. In return of their services online brokers charge trading commissions (which is often very low - discount commission schedules) and software usage fees.

Advantages of online trading include, fully automated trading process which is broker independent, informed decision making and access to advanced trading tools, traders have direct control over their trading portfolio, ability to trade multiple markets and/or products, real-time market data, faster trade execution which is crucial in day trading and swing trading, discount commission rates, choice of routing orders to different market makers or specialists, low capital requirements, high leverage offered by brokers for trading on margin, easy to open account and easy to manage account, and no geographical limits - xtb trading review. Online trading favors active traders, who want to make quick and frequent trades, who demand lesser commission rates and who trade in bulk on leverage. But online trading is not here for all traders.

The disadvantages of online trading include, need to fulfill specific activity and account minimums as demanded by the broker, greater risk if trades are done extensively on margin, monthly software usage fees, chances of trading loss because of mechanical/platform failures and need of active speedy internet connection. Online traders are fully responsible for their trading decisions and there will be often no one to help them in this process. The fees involved in trading vary considerably with broker, market, ECN and type of trading account and software. Some online brokers may also charge inactivity fees on traders.

[abigailswager]

FXTM MT4 Broker Review| Trade Forex Online

New Post has been published on https://bestmt4broker.com/fxtm-mt4-broker-review/

FXTM MT4 Broker Review| Trade Forex Online

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FXTM MT4 Broker

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FXTM MT4 Broker | FXTM offers today also Trading in Forex. After Currencies, CFD’s and Indices they have catered to the wishes of their traders and added this cryptocurrency among others.

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FXTM MT4 Forex Broker | ForexTime is also known as FXTM, founded by Andrey Dashin (formely Alpari) in December 2012 and the founder is also connected with Alpari company.

The company is headquartered in Limassol, Cyprus and is regulated by the Cyprus Securities and Exchange Commission. The company is also a member of the Investor Compensation Fund (ICF). Regulated by CySEC, Governed by MiFID.

FXTM MT4 Broker is one of the fastest growing forex brokers in the last couple of years. The company won several awards.

You can choose whatever tools you want for trading like Forex, Commodity Futures, CFDs on Metatrader4/5, Iphone and Android. You can open your account in 5 live account types.

FXTM MT4 Forex broker is honest broker with good trading conditions for Forex these conditions including:

-Tight spreads from 0 pips -Fast execution -Micro and mini lots -Floating leverage up to 1:1000 -Low minimum deposit

They offer several specific tools for trading that every trader has access to, like economic calendars, news, events reminder, analysis and many important thing for the trader.

You can make deposit or withdraws with Debit Card, Skrill, Payza, Western union and many other options.

The spread can be in 3 different types:

FXTM Standart,

FXTM Fixed spread,

FXTM Cent.

You can be an experienced trader or new to the forex trading industry, small depositors or large, they offer the basic for the traders creating a solid brokerage that offers what you require in order to trade properly. The people there are well enough educated thus are able to actually help you with your trading support

You can open account in different typeswith FXTM MT4 Broker :

Standard Accountswith 3 different choose  (Fixed Spread Account, Standard Account, CENT Account (Micro lots)),

ECN Accounts(ECN MT4 Account, ECN MT5 Account,

ECN ZERO Account (No commission)).

See full account overview here below

FXTM account types:

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TRADING PLATFORMS

FXTM MT4 Broker offers both MT4 & MT5 of MetaQuotes . These platforms are available in web desktop and mobile versions. Both Android an iOS versions of the mobile platform is available. All platforms are regularly updated keeping pace with any regulatory requirements.

Although the MT5 is regularly updated with all the advanced features most client still prefer to use the MT4 platform actually most traders still do. MT4 comes with plenty of technical indicators , numerous Expert Advisers (EAs), plenty of charting and extensive testing environment. Moreover the ease of use makes MT4 ideal for the beginners.

You have the Forex VPS service for those clients who want to automate their trading strategies and go for Expert Advisors feature. Technical traders can use trading Central technical analysis tool, which is available free. FXTM Invest is a copy trading solution from FXTM.

FXopen MT4 Webtrader Benefits

[/vc_column_text][vc_btn title=”Start Trading Forex with FXTM” color=”warning” align=”left” i_icon_fontawesome=”fa fa-signal” add_icon=”true” link=”url:http%3A%2F%2Fforextime.com%2F%3Fpartner_id%3D4804815|title:Open%20Account%20with%20FXTM%20Top%20Forex%20Broker|target:%20_blank|”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]https://youtu.be/bLIZb3GtUZI

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FXTM MT4 Broker Details

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Broker Details Info Regulated By CySEC, IFSC Headquarters Cyprus Foundation Year 2011 Publicly Traded No Number Of Employees 200 Contact Information Tel:+357 2 555 8 777 Web:https://www.forextime.com/eu Email:info@forextime.com Account Type Info Min. Deposit $5 Max. Leverage 1:1000 Mini Account Yes Demo Account Yes Islamic Account No Deposit Options Credit Card, Neteller, QIWI, Skrill, Webmoney, Western Union, Wire Transfer Withdrawal Options Credit Card, Neteller, QIWI, Skrill, Wire Transfer Trader Level Yes/No Beginners Yes Professionals Yes Scalping Yes Day Trading Yes Weekly Trading Yes Swing Trading Yes customer service Yes/No 24 Hours Support Yes Support During Weekends Yes Customer Support Languages Arabic, Chinese, English, Italian, Russian, Spanish Instrument Type Yes/No Forex Yes Commodities Yes CFDs Yes Indices Yes ETFs Yes Stocks Yes Bonds No Cryptocurrencies Yes Service Info Supported Trading Platforms MT4, MT5 Commission On Trades Yes Fixed Spreads Yes Educational Service Yes Trading Signals Yes Email Alerts Yes Trailing SP/TP No Automated Trading Yes API Trading Yes Has VPS Services Yes

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Read Other Reviews of the Best MT4 Brokers to Trade Forex

                  [/vc_column_text][vc_separator color=”orange” border_width=”2″][vc_column_text]Best Mt4 Broker | Resources and Industry Relevant Sites[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/3″][vc_column_text]

Home of the Metatrader 4 Platform

Metatrader 4 on Google Play

Metatrader 4 on Itunes

What is written on Wikipedia About MT4

Beginners guide to MT4

if you want to trade Metatrader 5

the Best brokers to Trade Litecoin

Top Dash Broker | for Trading Dash Online

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Ethereum Broker review | for Trading Ethereum Online

Forex Broker Demo Accounts

Trade Ripple Online

Forex Islamic Accounts for Halal Trading

Best Forex Trading signals

CFD Trading for those that are into coffee

Financial Media and exposure possibilities

The best Expert Advisors

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Trade Coffee Online | CFD Trading

Best Forex demo accounts for trading

best FX Broker Regulated Trading IN US

CryptoCurrencies Trading explained

Bitcoin Brokers List for Bitcoin Education and explanations

Top Bitcoin Broker for online Trading

the latest news about the Fore industry, Brokers, News & updates

Bitcoin Brokers Review | Where should you Trade Bitcoin

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Trading Forex, Stocks and CFDs carries risk and could result in the loss of your deposit, please trade wisely.[/vc_column_text][/vc_column][/vc_row]

[melindarowens]

Global Stocks Rise As Oil Rebounds; Yuan Soars

S&P futures are little changed this morning, while Asian shares rise and European stocks (+0.5%) are poised to snap a five-day losing streak amid a broad-based rally. The pound declined as better-than-expected manufacturing data failed to offset political risk before the impending election, while crude oil gained.

Across Europe, all 19 industry groups on the Stoxx Europe 600 Index advanced (the index itself was up 0.5% in early trading), helped by media companies amid strength in the auto sector after Barclays said fears for the used car market have been overdone. Bank shares underperformed rising European stocks, after JPM and BofA warned on Wednesday that low market volatility would crimp trading revenue. Energy shares also rose as oil bounced in the wake of data pointing to a bigger-than-expected drop in U.S. stockpiles. The euro fell after two days of gains while the dollar edged higher. European manufacturing activity grew at its fastest rate in more than six years in May, according to the final eurozone PMI index.

The final Markit Eurozone Manufacturing PMI rose to a 73-month high of 57.0 in May, up from 56.7 in April and unchanged from the earlier flash estimate. The PMI has signalled expansion in each of the past 47 months.

Germany 59.5 (flash: 59.4) 73-month high

Austria 58.0 2-month low

Netherlands 57.6 4-month low

Ireland 55.9 22-month high

Spain 55.4 4-month high

Italy 55.1 3-month low

France 53.8 (flash: 54.0) 2-month low

Greece 49.6 9-month high

Commenting on the final Manufacturing PMI data, Chris Williamson, Chief Business Economist at IHS Markit said: “The eurozone upturn is developing deeper roots as factories enjoy a spring growth spurt. Demand for goods is growing at the steepest rate for six years, encouraging manufacturers to step up production and take on extra staff at a rate not previously seen in the two-decade history of the PMI survey.“

Asian shares, as measured by MSCI’s main index of Asia-Pacific shares, excluding Japan rose 0.1% to 498.39, though gains were limited by data showing Chinese factory activity contracted in May for the first time in 11 months. The MSCI Asia Pacific Index rose 0.3 percent, after capping its fifth straight monthly gain for the longest winning streak since 2013. Japan’s Topix rallied 1.1 percent as capital spending topped estimates. The Shanghai Composite fell 0.5% after the a private survey of the manufacturing sector. The findings contrasted with official data on Wednesday which suggested growth remained steady. The poor Chinese data hit the Australian dollar, often seen as a proxy for the health of the world’s second-biggest economy.

As reported earlier, following ongoing fireworks, China’s onshore yuan shrugged off poor PMI data and headed for the biggest four-day advance in almost 12 years, rising to a seven month high amid speculation policy makers are trying to discourage bets against the currency. The Yuan strengthened beyond 6.8 per dollar for the first time since Nov. 11 after the central bank pushed its reference rate, around which the spot rate can fluctuate, 0.8 percent higher in the second-largest single-day appreciation of the currency since it was de-pegged from the dollar in 2005.

“The PBOC has let the yuan bulls loose in the China shop,” said Stephen Innes, senior trader at OANDA in Australia, referring to the People’s Bank of China.

Britain’s pound, on a rollercoaster ride this week as polls have sent conflicting signals about the outcome of next week’s election, fell 0.1 percent to $ 1.2874 after another poll showed the Prime Minister Theresa May’s Conservatives just 3 percentage points ahead of the Labour opposition. There was little reaction to Britain’s manufacturing PMI beating forecasts. “This data point is clearly a positive for the UK economy however GBP traders are putting macro releases on the back burner at present, with the twists and turns in the race for upcoming election having a greater impact on the market of late,” David Cheetham, markets analyst at broker XTB, said.

In commodities, Brent rose off Wednesday’s three-week lows in anticipation of the United States quitting the Paris accord. President Donald Trump is expected to announce his decision later on Thursday. West Texas Intermediate crude oil advanced 1.3 percent to $ 48.96 a barrel, rebounding from a 2.7 percent drop in the previous session.

“If he actually withdraws the U.S from the climate accord, this would signal his intention to further roll-back emission regulations that would favor the use and demand of fossil fuels, thus giving a much needed boost to oil prices,” Jonathan Chan, investment analyst at Phillip Futures in Singapore, told Reuters.

Gold dropped 0.2 percent to $ 1,266.99 an ounce, giving back some of Wednesday’s 0.5 percent gain.

There was little acticity in rates, where the yield on 10-year Treasuries rose one basis point to 2.21 percent, after falling a similar amount on Wednesday.

Today markets will look ahead to jobless claims and ISM data, while Lululemon, Dollar General and Tech Data are among companies expected to release earnings. U.S.

Market Snapshot

S&P 500 futures up 0.1% to 2,413.25

STOXX Europe 600 up 0.5% to 391.83

MXAP up 0.3% to 153.14

MXAPJ up 0.1% to 498.39

Nikkei up 1.1% to 19,860.03

Topix up 1.1% to 1,586.14

Hang Seng Index up 0.6% to 25,809.22

Shanghai Composite down 0.5% to 3,102.62

Sensex up 0.06% to 31,162.95

Australia S&P/ASX 200 up 0.2% to 5,738.13

Kospi down 0.1% to 2,344.61

German 10Y yield unchanged at 0.303%

Euro down 0.2% to 1.1225 per US$

Italian 10Y yield fell 8.9 bps to 1.908%

Spanish 10Y yield rose 1.2 bps to 1.565%

Brent Futures up 1.2% to $ 51.37/bbl

Gold spot down 0.2% to $ 1,266.43

U.S. Dollar Index up 0.2% to 97.11

Top Overnight News

Trump’s Biggest Goals at Risk as Kushner Is Sucked Into Probe

If Trump Dumps the Climate Accord, the U.S. Is the Loser

China, EU Recommit to Climate Pact With Trump Support in Doubt

Goldman Sachs Says OPEC Should Be More Like the Federal Reserve

Buy Utility, Real Estate ETF Straddles Before FOMC: Goldman

Perennial Said to Be Chosen for Final United Engineers Talks

Intelsat Bondholders Said to Reject Merger Terms With OneWeb

Google Submits New Plan for London King’s Cross Headquarters

Europe Carmakers Lobby Raises 2017 Market Growth Forecast to 2%

VW Weighs U.S. Factory Plans as Trump Ponders Trade Barriers

Autoliv Repurchased 870,972 Shares in May

Air Transport Prices 3.8m Shrs From Existing Stockholder

Next IPhone Sale Likely to Start in Nov.: Hua Nan Securities

Asian stock markets traded mixed following a subdued lead from Wall St. where financials suffered after revenue warnings by BofA and JPMorgan, while the region also digested a miss on Chinese Caixin Manufacturing PMI. A deluge of data was the main driver in Asia with Nikkei 225 (+1.1%) the outperformer following encouraging Japanese Capex, Company Profits and PMI figures, while a softer JPY also underpinned exporter sentiment. Conversely, ASX 200 (+0.1%) traded choppy and was briefly pressured alongside weakness in the Shanghai Comp. (-0.4%) after the disappointing Chinese PMI data which fell into contraction territory for the 1st time in 11 months. 10yr JGBs were relatively flat with demand lacking amid strength in Japanese stocks, while slightly weaker 10yr auction results added to the lacklustre price action with both b/c and accepted prices lower than prior. Chinese Caixin Manufacturing PMI (May) 49.6 vs. Exp. 50.1

Top Asia News

China Crushes Yuan Bears, Snubs Moody’s as Currency Takes Off

China Stocks Decline From Four-Week High as Factory Data Misses

Citi Assigns 40 Percent Probability of India Rate Cut in June

Pakistan’s MSCI Dream Becomes Dull Reality as Stocks Hold Losses

Prada Falls as Much as 4.9% After Michael Kors Sales Plummet

Bharti Said to Sound Out Banks to Fund $ 8 Billion Indus Deal

Kaisa Said to Plan New Bonds to Exchange Debt From Workout

European equity markets trade in modest positive territory, as energy outperforms, following the higher than expected draw in yesterday’s API report (-8670k), with the earlier miss in the Chinese Caixin Manufacturing PMI unfazing European markets. Manufacturing has been the theme of the morning, with Manufacturing PMI figures being seen across the continent with slight beats in the UK and Germany assisting in maintaining the marginal positive territory in European bourses. Politics continue to dictate, with the overnight selling pressure in GBP, following the latest UK election from Times/YouGov and SurveyMonkey showing Labour gaining on the Conservative lead, finding a bounce, with GBP/USD seeing support around the 1.285 level. Risk sentiment has been unaffected by the marginal morning buying seen in USD/JPY, looking towards the 112.00 handle, with the subdued trade evident in fixed income markets, with the French OAT auction being the highlight, currently trading marginally lower on the day alongside the German Bund.

Top European News

Spring Boom Fuels Hiring at European Factories as ECB Looks On

U.K. Domestic Demand Helps Manufacturing Sustain Growth Momentum

Banco Popular Shares Fall to Record Low on Solvency Concerns

ECB’s Villeroy Warns Against ‘Dangerous Hesitations’ by U.S.

Satellite Companies Fly; Softbank’s OneWeb Deal Said to Collapse

Iron Ore Sell-Off Deepens as New Month Opens With Same Old Pain

Deutsche Bank Plans Asia Wealth Expansion With 50 New Hires

Italy’s Growth Pace Revised Up, Boosting Prospects for 2017

In currenices, we have seen some modest adjustments in some of the major pairings, with some of the crosses playing a key part over the last 24 hours. These have moderated in the last 12 hours or so, but the focus turns back to the USD as the US data schedule starts in earnest today. First up is the ADP private jobs survey, with the manufacturing ISM release later on this afternoon. A very small comeback seen in US Treasury yields after the weakness seen this week, and this has lifted USD/JPY back above 111.00 in what is a very tentative move based on the price action alone. EURUSD maintains better levels but continues to struggle, in what is a clear sign that we have risen a little too fast in the time frame achieved, but we see little prospect of a major pullback here as the ECB meeting next week will be fraught with taper-talk risk. Tight ranges set to play out here as a result.

In commocidites, the big news overnight was the Caixin manufacturing PMI released in Asia, falling short of expectation and below the pivotal 50.0 mark. We would have expected a little more of a reaction were it not for the losses already suffered in the metals market, and with China demand having been a concern for some time, this was effectively priced in. Even so, minor losses seen across the board, but Copper is in the upper half of its USD2.50-2.60 range. Nickel is still underperforming though, and this is largely on the technical backdrop, having fallen back under the key 9000 mark. Oil prices have stabilised after another strong report from APIs showing a near 8.5mln barrel draw down in Crude, but higher US production levels have tempered some of this. Gold is still at better levels as safe haven flow dictates as well as recent USD weakness. Silver is well propped-up above UD17.00.

Looking at the day ahead, we’ve got a fairly packed calendar. Along with the final manufacturing PMI revision we will also receive the ISM manufacturing print for May which is expected to nudge down a modest 0.1pts to 54.7. The other important data concerns the ADP report which comes a day before tomorrow’s payrolls. The  ADP consensus is currently sitting at 180k. Also due out today is April construction spending, initial jobless claims and the May vehicle sales data. Away from the data we’re due to hear from the Fed’s Powell this afternoon at 1pm when he speaks on the ‘Normalization of Monetary Policy’. The ECB’s Villeroy is due to speak this morning. China Premier Li Keqiang is also due to meet the EU’s Tusk and Juncker at the China-EU summit in Brussels.

US Event Calendar:

7:30am: Challenger Job Cuts YoY, prior -42.9%

8:15am: ADP Employment Change, est. 180,000, prior 177,000

8:30am: Initial Jobless Claims, est. 238,000, prior 234,000; Continuing Claims, est. 1.92m, prior 1.92m

9:45am: Markit US Manufacturing PMI, est. 52.5, prior 52.5

9:45am: Bloomberg Consumer Comfort, prior 50.9

10am: ISM Manufacturing, est. 54.7, prior 54.8; Prices Paid, est. 67, prior 68.5; New Orders, prior 57.5; Employment, prior 52

10am: Construction Spending MoM, est. 0.5%, prior -0.2%

Wards Total Vehicle Sales, est. 16.9m, prior 16.8m

Wards Domestic Vehicle Sales, est. 13.2m, prior 13.1m

DB’s Jim Reid concludes the overnight wrap

While politics continues to bubble a little under the surface, yesterday US banks cast a shadow over markets with Q2 trading outlooks disappointing. Indeed JP Morgan’s CFO said at a conference yesterday that revenues from its trading business are down 15% in Q2 so far relative to this time last year, driven predominantly by the fixed income business. She also added that she doesn’t see any reason why this trend will change in June. Similar comments were made by BofA’s CEO who said revenues are 10-12% lower while Wells Fargo’s CFO said that the Bank has taken its foot off the gas in lending lately. Morgan Stanley’s CEO later said that the estimates from his two rivals “are reflecting reality and I don’t think we’re very different”.

That sent shares prices for US Banks lower with the sector ending the day down -1.68%. That weighed on the broader index however a late bounce back into the close meant the S&P 500 only finished down a tiny -0.05%. It’s worth noting that yesterday DB’s Binky Chadha published his latest asset allocation report in which he argues for a broader-based more sustainable move up for the S&P on an imminent turn up in growth and a positive data surprise phase. You can find more in his report. Note that it’s global PMI/ISM day so we’ll see the latest on activity sentiment as the day progresses.

Closer to home European bourses were also a little weaker at the margin (Stoxx 600 -0.13%) following a late dip into the close although the bigger underperformer was the energy sector after Oil prices dipped lower. WTI Oil tumbled -2.70% and closed back below $ 48.50/bbl seemingly just on scepticism around the recently extended production cut deal. It has bounced back a little this morning (+0.60%) after the weekly API data reported a drop in crude inventories last week. Meanwhile bond markets were a bit of mixed bag yesterday with month-end flows seemingly distorting any obvious trends. Treasuries ended little changed while yields in Europe ranged from a 5bp rally in Portugal (following the strongest quarterly GDP print since 2013) to a 5bp move higher for Gilts (as the market dissected that shock YouGov/Times poll).

Staying with politics, the EU-China summit is scheduled to kick off today however the FT, amongst other news outlets, is reporting that both have agreed to forging an alliance on combating climate change, in stark contrast to the suggestions that President Trump is to withdraw the US from the Paris climate act (the President has tweeted that he will announce his decision at 3pm EDT today). It’s expected that the alliance will be revealed on Friday at the EU leaders’ summit. Meanwhile the Washington Post is reporting that former FBI Director James Comey is preparing to testify to Congress as early as next week  concerning the conversations with President Trump prior to his dismissal.

This morning in Asia it’s been another mixed start for risk assets. Leading the way is the Nikkei (+0.97%) with the rally coinciding somewhat with a weaker Yen after the BoJ’s Harada said that “monetary easing measures have been effective and warnings of the dangers of these measures make little sense”. He did however go on to say that these measures have not achieved an increase in prices, but that a tightening labour market should lead to wage growth. “Hyperinflation” and the collapse of the Yen are unlikely to happen when the BoJ exits easy policy, Harada also said. Nice to know!! The Hang Seng (+0.39%) and ASX (+0.15%) are also a little firmer this morning however the Shanghai Comp (-0.28%) and Kospi (-0.14%) are in the red. China’s Caixin manufacturing PMI for May printed at 49.6 (lowest since June 2016) and down from 50.3, resulting in a bit of divergence from the official data. Sterling has also weakened a bit more in the early going this morning (although remains above where it was prior to that shock poll this time yesterday) after another YouGov/Times poll late last night showed the Conservative lead shrinking to just 3% over Labour at 42% to 39%. That’s down from 7% on May 27th.

Moving on. As suggested by some softer country-level inflation reports leading into it, yesterday’s Euro area headline CPI print missed to the downside after coming in at +1.4% yoy for May (vs. +1.5% expected) and down five-tenths from April largely on base effects. The core also dropped a bit more than expected (+0.9% yoy vs. +1.0% expected) and was down three-tenths from the month prior. That level matches where core inflation was from December through to February. Prior to this in France headline inflation was confirmed as being flat in May versus expectations for a small +0.1% mom rise. In Germany there were no surprises to come from the latest unemployment data with the 5.7% rate for May down one-tenth from April. Meanwhile in the UK mortgage approvals edged lower for a third consecutive month in April (64.6k vs. 66.0k expected).

Across the pond, the highlight of the data yesterday was the May Chicago PMI which rose 1.1pts from April to 59.4 (vs. 57.0 expected) making it the strongest reading since November 2014. Pending home sales were confirmed as falling -1.3% mom in April after expectations were for a small rise. Away from that the main take away from the Fed’s Beige Book was some districts reporting that positive optimism was waning somewhat, while labour markets also continue to tighten and most districts reported shortages across a broadening range of occupations and regions. The Dallas Fed’s Kaplan also spoke yesterday and reiterated his call for two more rate hikes this year, despite highlighting concern about the recent decline in core inflation. He added that he expects an increasingly tight labour market will help create building inflation pressures in the months ahead.

Looking at the day ahead, this morning in Europe we will receive the final revisions to the May manufacturing PMIs which also includes a first look at the data for the UK and periphery. As a reminder, with strong data for Germany and France, readings in the periphery are expected to be a little softer. This afternoon in the US we’ve got a fairly packed calendar. Along with the final manufacturing PMI revision we will also receive the ISM manufacturing print for May which is expected to nudge down a modest 0.1pts to 54.7. The other important data concerns the ADP report which comes a day before tomorrow’s payrolls. The  ADP consensus is currently sitting at 180k. Also due out today is April construction spending, initial jobless claims and the May vehicle sales data. Away from the data we’re due to hear from the Fed’s Powell this afternoon at 1pm when he speaks on the ‘Normalization of Monetary Policy’. The ECB’s Villeroy is due to speak this morning. China Premier Li Keqiang is also due to meet the EU’s Tusk and Juncker at the China-EU summit in Brussels.

source http://capitalisthq.com/global-stocks-rise-as-oil-rebounds-yuan-soars/ from CapitalistHQ http://capitalisthq.blogspot.com/2017/06/global-stocks-rise-as-oil-rebounds-yuan.html

[everettwilkinson]

Global Stocks Rise As Oil Rebounds; Yuan Soars

S&P futures are little changed this morning, while Asian shares rise and European stocks (+0.5%) are poised to snap a five-day losing streak amid a broad-based rally. The pound declined as better-than-expected manufacturing data failed to offset political risk before the impending election, while crude oil gained.

Across Europe, all 19 industry groups on the Stoxx Europe 600 Index advanced (the index itself was up 0.5% in early trading), helped by media companies amid strength in the auto sector after Barclays said fears for the used car market have been overdone. Bank shares underperformed rising European stocks, after JPM and BofA warned on Wednesday that low market volatility would crimp trading revenue. Energy shares also rose as oil bounced in the wake of data pointing to a bigger-than-expected drop in U.S. stockpiles. The euro fell after two days of gains while the dollar edged higher. European manufacturing activity grew at its fastest rate in more than six years in May, according to the final eurozone PMI index.

The final Markit Eurozone Manufacturing PMI rose to a 73-month high of 57.0 in May, up from 56.7 in April and unchanged from the earlier flash estimate. The PMI has signalled expansion in each of the past 47 months.

Germany 59.5 (flash: 59.4) 73-month high

Austria 58.0 2-month low

Netherlands 57.6 4-month low

Ireland 55.9 22-month high

Spain 55.4 4-month high

Italy 55.1 3-month low

France 53.8 (flash: 54.0) 2-month low

Greece 49.6 9-month high

Commenting on the final Manufacturing PMI data, Chris Williamson, Chief Business Economist at IHS Markit said: “The eurozone upturn is developing deeper roots as factories enjoy a spring growth spurt. Demand for goods is growing at the steepest rate for six years, encouraging manufacturers to step up production and take on extra staff at a rate not previously seen in the two-decade history of the PMI survey.“

Asian shares, as measured by MSCI’s main index of Asia-Pacific shares, excluding Japan rose 0.1% to 498.39, though gains were limited by data showing Chinese factory activity contracted in May for the first time in 11 months. The MSCI Asia Pacific Index rose 0.3 percent, after capping its fifth straight monthly gain for the longest winning streak since 2013. Japan’s Topix rallied 1.1 percent as capital spending topped estimates. The Shanghai Composite fell 0.5% after the a private survey of the manufacturing sector. The findings contrasted with official data on Wednesday which suggested growth remained steady. The poor Chinese data hit the Australian dollar, often seen as a proxy for the health of the world’s second-biggest economy.

As reported earlier, following ongoing fireworks, China’s onshore yuan shrugged off poor PMI data and headed for the biggest four-day advance in almost 12 years, rising to a seven month high amid speculation policy makers are trying to discourage bets against the currency. The Yuan strengthened beyond 6.8 per dollar for the first time since Nov. 11 after the central bank pushed its reference rate, around which the spot rate can fluctuate, 0.8 percent higher in the second-largest single-day appreciation of the currency since it was de-pegged from the dollar in 2005.

“The PBOC has let the yuan bulls loose in the China shop,” said Stephen Innes, senior trader at OANDA in Australia, referring to the People’s Bank of China.

Britain’s pound, on a rollercoaster ride this week as polls have sent conflicting signals about the outcome of next week’s election, fell 0.1 percent to $ 1.2874 after another poll showed the Prime Minister Theresa May’s Conservatives just 3 percentage points ahead of the Labour opposition. There was little reaction to Britain’s manufacturing PMI beating forecasts. “This data point is clearly a positive for the UK economy however GBP traders are putting macro releases on the back burner at present, with the twists and turns in the race for upcoming election having a greater impact on the market of late,” David Cheetham, markets analyst at broker XTB, said.

In commodities, Brent rose off Wednesday’s three-week lows in anticipation of the United States quitting the Paris accord. President Donald Trump is expected to announce his decision later on Thursday. West Texas Intermediate crude oil advanced 1.3 percent to $ 48.96 a barrel, rebounding from a 2.7 percent drop in the previous session.

“If he actually withdraws the U.S from the climate accord, this would signal his intention to further roll-back emission regulations that would favor the use and demand of fossil fuels, thus giving a much needed boost to oil prices,” Jonathan Chan, investment analyst at Phillip Futures in Singapore, told Reuters.

Gold dropped 0.2 percent to $ 1,266.99 an ounce, giving back some of Wednesday’s 0.5 percent gain.

There was little acticity in rates, where the yield on 10-year Treasuries rose one basis point to 2.21 percent, after falling a similar amount on Wednesday.

Today markets will look ahead to jobless claims and ISM data, while Lululemon, Dollar General and Tech Data are among companies expected to release earnings. U.S.

Market Snapshot

S&P 500 futures up 0.1% to 2,413.25

STOXX Europe 600 up 0.5% to 391.83

MXAP up 0.3% to 153.14

MXAPJ up 0.1% to 498.39

Nikkei up 1.1% to 19,860.03

Topix up 1.1% to 1,586.14

Hang Seng Index up 0.6% to 25,809.22

Shanghai Composite down 0.5% to 3,102.62

Sensex up 0.06% to 31,162.95

Australia S&P/ASX 200 up 0.2% to 5,738.13

Kospi down 0.1% to 2,344.61

German 10Y yield unchanged at 0.303%

Euro down 0.2% to 1.1225 per US$

Italian 10Y yield fell 8.9 bps to 1.908%

Spanish 10Y yield rose 1.2 bps to 1.565%

Brent Futures up 1.2% to $ 51.37/bbl

Gold spot down 0.2% to $ 1,266.43

U.S. Dollar Index up 0.2% to 97.11

Top Overnight News

Trump’s Biggest Goals at Risk as Kushner Is Sucked Into Probe

If Trump Dumps the Climate Accord, the U.S. Is the Loser

China, EU Recommit to Climate Pact With Trump Support in Doubt

Goldman Sachs Says OPEC Should Be More Like the Federal Reserve

Buy Utility, Real Estate ETF Straddles Before FOMC: Goldman

Perennial Said to Be Chosen for Final United Engineers Talks

Intelsat Bondholders Said to Reject Merger Terms With OneWeb

Google Submits New Plan for London King’s Cross Headquarters

Europe Carmakers Lobby Raises 2017 Market Growth Forecast to 2%

VW Weighs U.S. Factory Plans as Trump Ponders Trade Barriers

Autoliv Repurchased 870,972 Shares in May

Air Transport Prices 3.8m Shrs From Existing Stockholder

Next IPhone Sale Likely to Start in Nov.: Hua Nan Securities

Asian stock markets traded mixed following a subdued lead from Wall St. where financials suffered after revenue warnings by BofA and JPMorgan, while the region also digested a miss on Chinese Caixin Manufacturing PMI. A deluge of data was the main driver in Asia with Nikkei 225 (+1.1%) the outperformer following encouraging Japanese Capex, Company Profits and PMI figures, while a softer JPY also underpinned exporter sentiment. Conversely, ASX 200 (+0.1%) traded choppy and was briefly pressured alongside weakness in the Shanghai Comp. (-0.4%) after the disappointing Chinese PMI data which fell into contraction territory for the 1st time in 11 months. 10yr JGBs were relatively flat with demand lacking amid strength in Japanese stocks, while slightly weaker 10yr auction results added to the lacklustre price action with both b/c and accepted prices lower than prior. Chinese Caixin Manufacturing PMI (May) 49.6 vs. Exp. 50.1

Top Asia News

China Crushes Yuan Bears, Snubs Moody’s as Currency Takes Off

China Stocks Decline From Four-Week High as Factory Data Misses

Citi Assigns 40 Percent Probability of India Rate Cut in June

Pakistan’s MSCI Dream Becomes Dull Reality as Stocks Hold Losses

Prada Falls as Much as 4.9% After Michael Kors Sales Plummet

Bharti Said to Sound Out Banks to Fund $ 8 Billion Indus Deal

Kaisa Said to Plan New Bonds to Exchange Debt From Workout

European equity markets trade in modest positive territory, as energy outperforms, following the higher than expected draw in yesterday’s API report (-8670k), with the earlier miss in the Chinese Caixin Manufacturing PMI unfazing European markets. Manufacturing has been the theme of the morning, with Manufacturing PMI figures being seen across the continent with slight beats in the UK and Germany assisting in maintaining the marginal positive territory in European bourses. Politics continue to dictate, with the overnight selling pressure in GBP, following the latest UK election from Times/YouGov and SurveyMonkey showing Labour gaining on the Conservative lead, finding a bounce, with GBP/USD seeing support around the 1.285 level. Risk sentiment has been unaffected by the marginal morning buying seen in USD/JPY, looking towards the 112.00 handle, with the subdued trade evident in fixed income markets, with the French OAT auction being the highlight, currently trading marginally lower on the day alongside the German Bund.

Top European News

Spring Boom Fuels Hiring at European Factories as ECB Looks On

U.K. Domestic Demand Helps Manufacturing Sustain Growth Momentum

Banco Popular Shares Fall to Record Low on Solvency Concerns

ECB’s Villeroy Warns Against ‘Dangerous Hesitations’ by U.S.

Satellite Companies Fly; Softbank’s OneWeb Deal Said to Collapse

Iron Ore Sell-Off Deepens as New Month Opens With Same Old Pain

Deutsche Bank Plans Asia Wealth Expansion With 50 New Hires

Italy’s Growth Pace Revised Up, Boosting Prospects for 2017

In currenices, we have seen some modest adjustments in some of the major pairings, with some of the crosses playing a key part over the last 24 hours. These have moderated in the last 12 hours or so, but the focus turns back to the USD as the US data schedule starts in earnest today. First up is the ADP private jobs survey, with the manufacturing ISM release later on this afternoon. A very small comeback seen in US Treasury yields after the weakness seen this week, and this has lifted USD/JPY back above 111.00 in what is a very tentative move based on the price action alone. EURUSD maintains better levels but continues to struggle, in what is a clear sign that we have risen a little too fast in the time frame achieved, but we see little prospect of a major pullback here as the ECB meeting next week will be fraught with taper-talk risk. Tight ranges set to play out here as a result.

In commocidites, the big news overnight was the Caixin manufacturing PMI released in Asia, falling short of expectation and below the pivotal 50.0 mark. We would have expected a little more of a reaction were it not for the losses already suffered in the metals market, and with China demand having been a concern for some time, this was effectively priced in. Even so, minor losses seen across the board, but Copper is in the upper half of its USD2.50-2.60 range. Nickel is still underperforming though, and this is largely on the technical backdrop, having fallen back under the key 9000 mark. Oil prices have stabilised after another strong report from APIs showing a near 8.5mln barrel draw down in Crude, but higher US production levels have tempered some of this. Gold is still at better levels as safe haven flow dictates as well as recent USD weakness. Silver is well propped-up above UD17.00.

Looking at the day ahead, we’ve got a fairly packed calendar. Along with the final manufacturing PMI revision we will also receive the ISM manufacturing print for May which is expected to nudge down a modest 0.1pts to 54.7. The other important data concerns the ADP report which comes a day before tomorrow’s payrolls. The  ADP consensus is currently sitting at 180k. Also due out today is April construction spending, initial jobless claims and the May vehicle sales data. Away from the data we’re due to hear from the Fed’s Powell this afternoon at 1pm when he speaks on the ‘Normalization of Monetary Policy’. The ECB’s Villeroy is due to speak this morning. China Premier Li Keqiang is also due to meet the EU’s Tusk and Juncker at the China-EU summit in Brussels.

US Event Calendar:

7:30am: Challenger Job Cuts YoY, prior -42.9%

8:15am: ADP Employment Change, est. 180,000, prior 177,000

8:30am: Initial Jobless Claims, est. 238,000, prior 234,000; Continuing Claims, est. 1.92m, prior 1.92m

9:45am: Markit US Manufacturing PMI, est. 52.5, prior 52.5

9:45am: Bloomberg Consumer Comfort, prior 50.9

10am: ISM Manufacturing, est. 54.7, prior 54.8; Prices Paid, est. 67, prior 68.5; New Orders, prior 57.5; Employment, prior 52

10am: Construction Spending MoM, est. 0.5%, prior -0.2%

Wards Total Vehicle Sales, est. 16.9m, prior 16.8m

Wards Domestic Vehicle Sales, est. 13.2m, prior 13.1m

DB’s Jim Reid concludes the overnight wrap

While politics continues to bubble a little under the surface, yesterday US banks cast a shadow over markets with Q2 trading outlooks disappointing. Indeed JP Morgan’s CFO said at a conference yesterday that revenues from its trading business are down 15% in Q2 so far relative to this time last year, driven predominantly by the fixed income business. She also added that she doesn’t see any reason why this trend will change in June. Similar comments were made by BofA’s CEO who said revenues are 10-12% lower while Wells Fargo’s CFO said that the Bank has taken its foot off the gas in lending lately. Morgan Stanley’s CEO later said that the estimates from his two rivals “are reflecting reality and I don’t think we’re very different”.

That sent shares prices for US Banks lower with the sector ending the day down -1.68%. That weighed on the broader index however a late bounce back into the close meant the S&P 500 only finished down a tiny -0.05%. It’s worth noting that yesterday DB’s Binky Chadha published his latest asset allocation report in which he argues for a broader-based more sustainable move up for the S&P on an imminent turn up in growth and a positive data surprise phase. You can find more in his report. Note that it’s global PMI/ISM day so we’ll see the latest on activity sentiment as the day progresses.

Closer to home European bourses were also a little weaker at the margin (Stoxx 600 -0.13%) following a late dip into the close although the bigger underperformer was the energy sector after Oil prices dipped lower. WTI Oil tumbled -2.70% and closed back below $ 48.50/bbl seemingly just on scepticism around the recently extended production cut deal. It has bounced back a little this morning (+0.60%) after the weekly API data reported a drop in crude inventories last week. Meanwhile bond markets were a bit of mixed bag yesterday with month-end flows seemingly distorting any obvious trends. Treasuries ended little changed while yields in Europe ranged from a 5bp rally in Portugal (following the strongest quarterly GDP print since 2013) to a 5bp move higher for Gilts (as the market dissected that shock YouGov/Times poll).

Staying with politics, the EU-China summit is scheduled to kick off today however the FT, amongst other news outlets, is reporting that both have agreed to forging an alliance on combating climate change, in stark contrast to the suggestions that President Trump is to withdraw the US from the Paris climate act (the President has tweeted that he will announce his decision at 3pm EDT today). It’s expected that the alliance will be revealed on Friday at the EU leaders’ summit. Meanwhile the Washington Post is reporting that former FBI Director James Comey is preparing to testify to Congress as early as next week  concerning the conversations with President Trump prior to his dismissal.

This morning in Asia it’s been another mixed start for risk assets. Leading the way is the Nikkei (+0.97%) with the rally coinciding somewhat with a weaker Yen after the BoJ’s Harada said that “monetary easing measures have been effective and warnings of the dangers of these measures make little sense”. He did however go on to say that these measures have not achieved an increase in prices, but that a tightening labour market should lead to wage growth. “Hyperinflation” and the collapse of the Yen are unlikely to happen when the BoJ exits easy policy, Harada also said. Nice to know!! The Hang Seng (+0.39%) and ASX (+0.15%) are also a little firmer this morning however the Shanghai Comp (-0.28%) and Kospi (-0.14%) are in the red. China’s Caixin manufacturing PMI for May printed at 49.6 (lowest since June 2016) and down from 50.3, resulting in a bit of divergence from the official data. Sterling has also weakened a bit more in the early going this morning (although remains above where it was prior to that shock poll this time yesterday) after another YouGov/Times poll late last night showed the Conservative lead shrinking to just 3% over Labour at 42% to 39%. That’s down from 7% on May 27th.

Moving on. As suggested by some softer country-level inflation reports leading into it, yesterday’s Euro area headline CPI print missed to the downside after coming in at +1.4% yoy for May (vs. +1.5% expected) and down five-tenths from April largely on base effects. The core also dropped a bit more than expected (+0.9% yoy vs. +1.0% expected) and was down three-tenths from the month prior. That level matches where core inflation was from December through to February. Prior to this in France headline inflation was confirmed as being flat in May versus expectations for a small +0.1% mom rise. In Germany there were no surprises to come from the latest unemployment data with the 5.7% rate for May down one-tenth from April. Meanwhile in the UK mortgage approvals edged lower for a third consecutive month in April (64.6k vs. 66.0k expected).

Across the pond, the highlight of the data yesterday was the May Chicago PMI which rose 1.1pts from April to 59.4 (vs. 57.0 expected) making it the strongest reading since November 2014. Pending home sales were confirmed as falling -1.3% mom in April after expectations were for a small rise. Away from that the main take away from the Fed’s Beige Book was some districts reporting that positive optimism was waning somewhat, while labour markets also continue to tighten and most districts reported shortages across a broadening range of occupations and regions. The Dallas Fed’s Kaplan also spoke yesterday and reiterated his call for two more rate hikes this year, despite highlighting concern about the recent decline in core inflation. He added that he expects an increasingly tight labour market will help create building inflation pressures in the months ahead.

Looking at the day ahead, this morning in Europe we will receive the final revisions to the May manufacturing PMIs which also includes a first look at the data for the UK and periphery. As a reminder, with strong data for Germany and France, readings in the periphery are expected to be a little softer. This afternoon in the US we’ve got a fairly packed calendar. Along with the final manufacturing PMI revision we will also receive the ISM manufacturing print for May which is expected to nudge down a modest 0.1pts to 54.7. The other important data concerns the ADP report which comes a day before tomorrow’s payrolls. The  ADP consensus is currently sitting at 180k. Also due out today is April construction spending, initial jobless claims and the May vehicle sales data. Away from the data we’re due to hear from the Fed’s Powell this afternoon at 1pm when he speaks on the ‘Normalization of Monetary Policy’. The ECB’s Villeroy is due to speak this morning. China Premier Li Keqiang is also due to meet the EU’s Tusk and Juncker at the China-EU summit in Brussels.

from CapitalistHQ.com http://capitalisthq.com/global-stocks-rise-as-oil-rebounds-yuan-soars/