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Andy Burnham Vows to Continue Labour Policy if Elected Leader
Greater Manchester Mayor Andy Burnham stated during Monday’s European session that his leadership plans would align with Labour’s 2024 policy platform.
JOLTS Job Openings Expected to Dip Slightly in May as Fed Aims to Cool Inflation
The US Bureau of Labor Statistics is set to release the Job Openings and Labor Turnover Survey (JOLTS) for May on Tuesday, with economists forecasting a slight decline in openings as the Federal Reserve continues its inflation-fighting stance.
UK Presumptive Next PM Andy Burnham to Choose Chancellor
Andy Burnham, widely expected to be Britain's next prime minister, is selecting his chancellor. The choice will define his economic agenda and become a focal point for accountability.
Iran Central Bank Denies Role in Bank Tech Provider Selection
Iran's central bank stated it had no role in selecting technology service providers for four banks affected by recent disruptions, rejecting claims it directed any specific company.
Brent Oil Falls as Strait of Hormuz Traffic Increases, Easing Inflation Concerns – Deutsche Bank
Deutsche Bank Research notes Brent crude dropped sharply last week as rising traffic through the Strait of Hormuz reduced conflict risk, alleviating inflation and rate-hike fears.
ECB Sintra Signals Suggest Sticky Hike Premium – Commerzbank
Commerzbank strategist Guntermann highlights the Sintra forum as a pivotal event for ECB communication, with Lagarde's opening speech and a policy panel expected to reinforce a persistent rate hike premium.
Putin Questions Western Claims of Ukraine's Progress
Russian President Vladimir Putin argued that if Ukraine were truly winning, Western leaders could just wait for Russia's strategic defeat to happen on its own.
ECB's Kazaks: No Need for Hasty Multiple Rate Hikes
ECB Governing Council member Martins Kazaks said there is currently no need for multiple interest rate hikes in a rushed manner, as the probability of negative scenarios has fallen significantly.
South Korea Unveils $520 Billion Semiconductor Mega-Cluster
South Korea announced a $520 billion plan to build the world's largest chipmaking hub, partnering with Samsung and SK Hynix to boost AI, memory, and logic chip production.
WTI Falls Below $70 on US-Iran Ceasefire Talks Uncertainty
West Texas Intermediate crude oil slipped under $70 during early European trading as uncertainty around US-Iran ceasefire negotiations weighed on sentiment.
Oil Edges Higher Despite US-Iran Escalation in Gulf
Oil prices posted modest gains on Monday, shrugging off renewed tensions between the US and Iran over the weekend. Analysts suggest the market may be overly optimistic about the timeline for a recovery in the Persian Gulf.
Kevin Warsh's Fed Chair Role May Upend Gold Market Strategy
The appointment of Kevin Warsh as Fed Chair could dismantle traditional forward guidance and predictable rate paths, signaling a major regime change for macro markets and gold.
Commodities Still Deserve Place in Portfolio After Strait of Hormuz Reminder
The Strait of Hormuz disruption is fading from market focus, but the episode underscores the enduring value of commodities in a diversified portfolio, especially when traditional assets falter.
China's M2 Money Supply Hits Record 240% of GDP, Highest Among Major Economies
China's M2 money supply has reached approximately 240% of GDP, the highest ratio among major economies, surging 100 percentage points since 2008.
Silver Slides Below $59 on Renewed Hormuz Tensions
XAG/USD fell during Asian hours on Monday as fresh military clashes between the US and Iran in the Strait of Hormuz drove oil higher, fueling risk aversion. The metal traded around $58.80, reversing two days of gains.
RBA's Kent: Central Bank Better Prepared for Next Crisis
Reserve Bank of Australia Assistant Governor Chris Kent stated that the central bank will be better equipped to handle future crises, citing a review of alternative monetary policy tools.
Iran Warns of Tension in Strait of Hormuz Amid US Talks Reports
Iran's Foreign Minister Araghchi stated that Tehran has sole responsibility for the Strait of Hormuz, warning that any bypass attempts would cause escalation, as reported by Al Jazeera.
Fear & Greed Index Drops to 24.8, Signaling Extreme Fear
The Fear & Greed Index has fallen to 24.8, its lowest since early April, breaching the 30-point threshold to indicate 'Extreme Fear' among investors. This occurs even as the S&P 500 sits just 3.7% below its all-time high.
Japan's Nikkei Falls 1.1% on Cautious Sentiment
Japan's Nikkei share average dropped 1.1% to 68,623.71 as investors remained cautious amid global uncertainty and weaker regional cues.
UK's Burnham to unveil plan to shift power from London
Andy Burnham, the former Greater Manchester mayor and Labour lawmaker, will outline his vision for the UK on Monday, aiming to decentralize power away from London.
Australia's ACCC Warns Fuel Excise Reduction to Push Petrol Prices Higher from July
The Australian Competition and Consumer Commission (ACCC) warns that the partial restoration of the fuel excise could raise retail petrol and diesel prices from July. The excise discount will be halved to 16 cents per litre between July 1 and August 2.
Asia-Pacific Equities Mixed on Month-End Rebalancing, US-Iran Ceasefire Hopes
Asia-Pacific stocks traded mixed as month-end portfolio rebalancing and reports of a potential US-Iran ceasefire influenced sentiment, though caution persisted ahead of clearer economic signals.
WTI Falls Below $70 on US-Iran Talks and Strike Pause
WTI crude oil dropped below $70 during early Asian trading after reports that the US and Iran agreed to pause attacks and will hold talks in Qatar.
RBA's Kent Signals More Decisive Response to Disinflation, Eyes Earlier Policy Easing
RBA official Kent indicated the central bank would respond more aggressively to future disinflation, potentially using policy tools earlier and front-loading support, with less tolerance for inflation below target.