Daily Report

5 de Junho de 2024
Financial Markets | daily report 05.06.2024
  • Sovereign bond yields fell for a second consecutive day on both sides of the Atlantic as softer-than-expected job openings data in the US reinforced expectations the Fed will lower rates this year. In the euro area, markets await the ECB tomorrow, which is widely expected to lower interest rates by 25 bp.
  • Equities were mixed globally. In the euro area, the financial sector (Eurostoxx 600 banks -2.5%), weighed down by the expectation of lower interest rates, dragged down most indicies. Instead, US equities edged higher supported by lower bond yields. Elsewhere, oil prices extended their sell-off following OPEC+'s accouncement to curb production cuts.
  • Today's attention will be on the release of US ISM services data for May, expected to rise from 49.4 last month to 51.0, with the prices paid component expected to slighlty cool. In the euro area, the main focus will be the ECB's meeting tomorrow, but data released today on industrial production for France and Spain will also be key.