During yesterday's session, global markets adopted a stance of cautious optimism, navigating a landscape shaped by mixed
economic data and ongoing geopolitical developments. Presidents Trump and Xi reportedly made headway in trade
discussions during a phone call, particularly regarding tariffs and a potential accord on critical minerals and rare earths
In Europe, the ECB delivered a widely anticipated 25 basis point rate cut, bringing the deposit rate to 2%. However,
policymakers signaled a possible pause in the current easing cycle, citing inflation’s return to the 2% target as justificati on.
European equities responded positively, while in the US stocks regained after the commercial dialogue. Sovereign yields rose
across the board, especially in the front end curve. Meanwhile, the euro strengthened against the dollar, climbing to $1.15
Today, the focus will be on the U.S. non farm payrolls report. Markets are bracing for a slowdown in job creation to 126,000
in May, down from April’s 177,000, while the unemployment rate is forecast to hold steady at 4.2%