Financial Markets Daily Report 03 June 2022
A risk-on session across financial markets on Thursday, with sentiment boosted by the recent decision by the OPEC to ramp up plans to increase its oil supply (+650k barrels a day in both July and August) and solid economic data (eg the decline in new weekly jobless claims in the US).
- A risk-on session across financial markets on Thursday, with sentiment boosted by the recent decision by the OPEC to ramp up plans to increase its oil supply (+650k barrels a day in both July and August) and solid economic data (eg the decline in new weekly jobless claims in the US).
- In the eurozone, data showed PPI rose by 37% y/y in April, signaling inflationary pressures are likely to persist for longer. In the US, Fed VP Lael Brainard noted the central bank could keep the current pace of monetary policy tightening in September, if needed.
- In this context, equity prices rebounded in the US and were mixed across Europe, while the EUR appreciated against the USD. Sovereign bond yields also went up, more intensively across the eurozone periphery countries.
- Today the key focus will be in the US employment report for May.