Financial Markets Daily Report02 June 2022
In yesterday's session investors traded cautiously amid mixed economic data and hawkish comments by Federal Reserve members. US manufacturing PMI and ISM moved in opposite directions, both remaining comfortably above the 50-threshold, and US job openings in April confirmed that the labor market remains tight.
- In yesterday's session investors traded cautiously amid mixed economic data and hawkish comments by Federal Reserve members. US manufacturing PMI and ISM moved in opposite directions, both remaining comfortably above the 50-threshold, and US job openings in April confirmed that the labor market remains tight.
- In this context of a resilient economy, elevated inflationary pressures and tight labor market, San Francisco Fed President Mary Daly explained that the Fed should move to 2.5% as quickly as possible.
- Sovereign yields rose in both sides of the Atlantic, with the German Bund nearing 1.20%, a level not seen since mid-2014. Stock indices declined across the board and the US dollar strengthened against most advanced and emerging economies' currencies.
- The focus today will be on the OPEC+ meeting, which is expected to increase modestly oil production.