US Futures Dip On Last Day Of April, First Down period Of 2024

US equity futures dropped, and European markets were mixed on the last day of the period amid deals the Fed may stick to its hackish messaging at its gathering on Wednesday. As of 7:40am, S&P 500 and Nasdaq futures were down 0.1% while Europe’s Stoxx 600 index retrieved 0.4%, while Asian stocks gained on Japan’s return from holiday. The Bloomberg Dollar place Index clipped and 10-year Treasury yields were prepared at 4.62%. The yen summarized its decline even as a Bloomberg analysis found that Japan almost absolutely conducted its first currency intervention since 2022 to prop up the year on Monday. Commodities were mixed with metals down and oil rebounding from its biggest drop in almost 2 weeks amid discretions on a possible cut-fire in the mediate East. Macro data present includes Q1 employment cost index, Case Shiller home prices, April MONI Chicago PMI, consumer assurance and Dallas Fed services activity. Bitcoin tumbled after activity on Hong Kong’s fresh crypto ETFs came in far below results.

In premarket trading, HSBC Holdings climbed more than 3% after solid arrivals and the surprise departure of CEO Noel Quinn, which any analysts said could pave the way for the next phase in the bank’s growth plans. Chegg shares fell 13% after the online educational platform company forecast full net return for the second 4th that missed the average estimate. Here are any another notable premarket moves:

• Blend Labs shares jump 20% after it reported a $150 million investment by Haveli Investments in the form of convert preferred stock with a zero percent coupon.
• Coursera’s share drop 14%, putting them on track for a one-year low, after the online educational companies cut full-year return and adapted-Ebitda forecasts, promoting analysts to lower their price targets on the stock.
• NXP Semiconductors shares rose 3.6% after the chipmaker reported better-than-expected 1Q updated earnings per share and forecast 2Q updated EPS and retrieve large adequate above average analyses.
• Paramount Global analysts note that investors are more focused on the Skydance deal seller than results this quarter. The media company replaced CEO Bob Bakish as the board negotiations a possible change in control of the company. Shares in the company fell about 0.4% in premarket trading.

US stocks are on the edge of closing out the first monthly retreat of 2024, with the S&P 500 down 2.6% in April. Amazon.com, McDonald’s and Coca-Cola are due to study later today, but all eyes are on Fed Chair Powell who will likelybolster expectations curious rates will stay higher for longer after Wednesday’s rates cancellation.

“Sentiment is affirmative but reserved,” said Peter Rosenstreich, head of investment products at Swissquote. “There has been plenty of hype around rates, earnings and the macro environment — now markets want to see the results.”

Meanwhile, as we reported first last night, Goldman’s desk calculated that minute traders are modeled to buy equity over the next week, respectless of marketplace direction. Commodity trading advisors — funds that usage systematic strategies to trade futures contracts — are exposed to about $106 billion in long positions after the drawdown in April, Cullen Morgan, an equity Derivatives and Flows specialist at the bank, gate in a note. That’s set to support a bounce in global equities after a through month.

European stocks besides fall, led by declines in autos as Volkswagen and Mercedes Benz shares fall post-earnings which offset better-than-exected European economical data. Here are the biggest moves Tuesday:

• Logitech shares soar as much as 10%, the most in six months, after the Swiss maker of computer accessories reported better-than-expected FY25 sales guide
• Cargotec Jumps as much as 17% to a fresh advanced after the Finnish crane and cargo-handling equipment companies reports “record” first-quarter arrivals boosted by its Marine division
• HSBC shares advanced as much as 3.6% after the lender announced a large buyback than expected and reported arrivals that analyses Saw as solid
• OMV shares jump as much as 5.3%, largest intraday emergence since November, after Austrian refiner reported 1Q clean CCS operating profit beat
• Clariant shares gain as much as 4.8%, to the highest level in more than six months after the Swiss specialty chemicals companies’s margins beat consensus despite any challenges
• Rotork shares rose 3.9% after the valve maker reported a solid start to the year. Sales and orders both grey, while it books-to-bill ratio besides improved
• European automakers share fall as 1Q numbers from Stellantis, Volkswagen and Mercedes disappointed the market, making the SXAP car index the worst performing subsector
• Straumann shares drop as much as 10%, the most since Oct. 26, after a soft performance in North America overshadowed the Swiss final equipment company’s 1Q return beat
• SES depository receivers drop as much as 12% after the satellite companies agreed to buy Intelsat for $3.1 billion, in a deal to be funded by cash on hand and fresh debit
• Air France-KLM falls as much as 4.7% after carrier reports a widget operating failure than expected in the first quarter. Bernstein says one-off costs weighed on professionalism
• Santander shares drop as much as 2.9% after forecast-beating net interest income and feels in the first 4th we were offset by a cost economy at the Spanish lender
• Adidas shares fell as much as 1.6% as 1Q results broadcastly confirmed a fresh pre-release, and the sportswear maker’s guidance was seen by any as reserved

Earlier in the session, Asian stocks advanced for a 3rd day, led by a rally in nipponese shares as the yen stabilized following chaotic swings in the erstwhile session. The MSCI Asia Pacific Index rose as much as 1.1%, led by industrial shares specified as Hitachi and Toyota Motor. Japan’s Topix Index jumped more than 2% as the marketplace reopened from a holiday. Traders regain on alert for harp yen moves after the currency’s rebound from a 34-year low sparked specification of intervention.

“While we regain constructive on the Japan equity marketplace over the average term, we besides believe that near-term FX movement is likely to see any profit taking from investors in the broad nipponese equity market,” said Ricky Tang, head of client portfolio management at Value Partners Group.

In FX, the dollar gained against all its major peers on display of a Hawkish message from the national Reserve on Wednesday. The euro outperformed and the region's government bonds after data shown the largest economies of the bloc were strongr than expected in the first quarter. The yen weakens towards 157 against the dollar. The Aussie underperforms, Falling 0.5% after retail sales missed estimates.

In rates, treaties are lightly inexpensive across the curve, paring a condition of Monday’s gain, amid stealer declines for buns after first estimation of 1Q euro-zone growth rate topped estimates. U.S. yields cheerleader by 0.5bp to 1.5bp across the curve with looses led by mediates, steepening 2s10s spread by 1bp on the day; 10-year years around 4.63% with funds underperforming by 1.5bp in the sector. Also during London morning, an array of regional inflation readings lifted mediate German yields by ~3bp. Bunds are in the red, with German 10-year years riding 2bps to 2.55%. S&P 500 futures are down 0.1%.

In comforts, oil prices advanced, with WTI rising 0.2% to trade close $82.80. place gold falls 0.8%.

Looking at today's calendar, we have the 1Q employment cost index (8:30am), February FHFA home price index, S&P CoreLogic home prices (9am), April MNI Chicago PMI (9:45am, 3 minutes earlier for subscriptions), consumer assurance (10am) and Dallas Fed services activity (10:30am). Fed members are in self-imposed quiet period head of May 1 policy announcement.

Market Snapshot

• S&P 500 futures down 0.1% is 5.139.50
• STOXX Europe 600 down 0.2% is 507.25
• MXAP up 0.7% is 174.73
• MXAPJ small changed at 540.41
• Nikkei up 1.2% is 38.405.66
• Topix up 2.1% is 2.743.17
• Hang Seng Index small changed at 17,763.03
• Shanghai Composite down 0.3% is 3,104.82
• Sensex up 0.5% is 75.063.11
• Australia S&P/ASX 200 up 0.3% is 7.664.08
• Kospi up 0.2% is 2.692.06
• German 10Y young small changed at 2.54%
• Euro down 0.2% is $1.0700
• Brent Futures small changed at $88.47/bbl
• Gold place down 0.9% is $2,314.21
• US Dollar Index up 0.31% is 105.90

Top Overnight News

• China’s NBS PMIs for April are mixed, with manufacturing about inline at 50.4 (vs. the Street 50.3 and down from 50.8 in Mar) while non-manufacturing fell short at 51.2 (vs. the Street 52.3 and down from 53 in Mar). China’s Caixin manufacturing PMI came in at 51.4, lightly ahead of the Street’s 51 forecast. WSJ
• China’s rulining Communist organization has moved to research fresh means to tray a protracted housing crisis, which recalls the biggest drag on the nation’s economy, and hinted at possible rate cuts ahead. BBG
• HSBC’s chief executive Noel Quinn is to quit unexpectedly after 5 years, setting off a hunt for a successor at the UK-based bank. Quinn, 62, has overhauled the lender since taking charge in 2019, selling off parts of its global operations to increase its focus on Asia, where it makes the lion’s share of its profits. FT
• BOJ accounts suggests Japan probely intervened in the FX marketplace yesterday, buying around 5.5 trillion yen. Officials have declined to say whother they stepped in. BBG
• The chief executive of Ericsson said a focus on regulation was “driving Europe to irrelevance” as he was worth that the region’s competitiveness was being undermined and called for changes to antitrust policy. FT
• EU’s Apr CPI was inline with the Street on a header base at +2.4% (unchanged vs. Mar) and a bit firmer on core (+2.7% vs. the Street +2.6% and vs. +2.9% in Mar). BBG
• ECB’s Knot says it is “realistic” to anticipate a cut in June and expresses assurance in inflation coming back to 2%, although he does’t attend rates return to their pandemic/pre-pandemic lows. Nikkei
• Tensions grow between Trump and Lake in Arizona race for Senate. The erstwhile president Fears that GOP candidate Kari Lake might not win and will drag down his own prospects in the battleground state. WaPo
• Apple has poached dozens of authoritative intelligence experts from Google and has created a secret European laboratory in Zurich, as the tech giant builds a squad to conflict rivers in developing fresh AI models and products. FT
• Caterpillar Caterpillar announced a voluntary delisting from Euronext Paris and the Six Swiss Exchange; cities low trading volumes and advanced administrative costs. CAT will sololy trade on NYSE thereafter. (Newswires)
• Tesla (TSLA) CEO Musk is reportedly planning more layoffs as 2 elder executives department, while more than 500 people will be laid off in supercharger group, according to The Information. (The Information)
• WSJ’s Timiraos article "Fed to Signal It Has tummy to Keep Rates advanced for Longer" & "Firmer price presses could lead long-term rates to emergence as investors proceed pairing back expectations of cuts"

Earnings

• NXP Semiconductors NV (NXPI) Shares climb 3.4% pre-market on top- and bottom-line beats, and guidance. Q1 adj. EPS 3.24 (exp. 3.16), Q1 gross USD 3.13bln (exp. 3.13bln). Q1 gross margin 58.2% (exp. 58%), Q1 operating margin 34.5% (exp. 34%). car gross -1% Y/Y, Industrial/IoT +14%, Mobile +34%, Communications Infrastructure -25% Y/Y. Exec said early views into H2 underpin a cautious optimal. Sees Q2 gross of 3.125bln (exp. 3.11bln), Q2 EPS of 3.20 (exp. 3.12).
• Paramount Global (PARA) Q1 Adj. EPS 0.62 (exp. 0.36), Q1 revue USD 7.69bln (exp. 7.73bln); Q1 Paramount+ net additions +3.7mln (exp. +2.2mln); Q1 EBITDA USD 0.987bln (exp. 0.756bln), Q1 FCF USD 209mln (exp. -62mln). president and CEO Bob Bakish stepped down, as many press reports suggested he would do over the weekend. Establishes a management committee; George Cheeks, Chris McCarthy, and Brian Robbins will work with CFO Naveen Chopra to get growth, streamline operations, and optimize streaming strategy; Chair Shari Redstone (of National Amusements) has expressed assurance in their leadership.
• Adidas (ADS GY) Q1 (EUR): gross 5.45bln (exp. 5.46bln, Prev. 5.27bln Y/Y). Currence-neutral sales +8% driven by growth in all regions but in North America, where gross fell by 4% is 1.12bln. Europe: +14%.
• Stellantis (STLAM IM/STLAP FP) Q1 (EUR): gross 41.7bln (exp. 43.92bln), -12% Y/Y due to "volume, mix and abroad exchange headswinds, partially offset by net pricing companies".
• Volkswagen (VOW3 KY) Q1 (EUR): Operating Profit 4.59bln (exp. 4.51bln). gross 75.5bln (exp. 74.193bln). Operating Margin 6.1% (prev. 7.5% Y/Y); outlook confirmed.
• Mercedes-Benz Group (MBG GY) Q1 (EUR): Adj. EBIT 3.60bln (exp. 3.71bln). Sales 35.87bln (exp. 35.58bln). Cars Adj. EBIT 2.32bln (2.57bln); Outlook maintained.
• HSBC (5 HK/ HSBA LN) Q1 (USD): gross 20.75bln (exp. 21.03bln). Pretax profit 12.65bln (exp. 12.61bln). CET1 ratio 15.2% (exp. 15.4%). CEO Quinn is unexpectedly retiring.

A more detailed look at markets courses of Newsquawk

APAC stocks were mostly higher but with gains capped heading into month-end a sled of data and arrivals. ASX 200 was led by strength in the mining sector but with upside limited after a surprise contrast in Retail Sales. Nikkei 225 outperformed on return from the long weekend and as participants diggested a sled of earlys releases. Hang Seng and Shanghai Comp. were diverse in which the form made another briefing foray into bull marketplace territory, while the mainland lagged ahead of the Labour Day holidays and as partners reflected on mixed Chinese PMI data in which the authoritative NBS Manufacturing and Caixin Manufacturing PMIs topped forecasts but Non-Manufacturing PMI disappointed hazard recalling in expansion territory.

Top Asian News

• PBOC injected CNY 440bln via 7-day reverse answer with the rate at 1.80%.
• PBOC reportedly wants to halt the Bond-buying spree and not join in on it, with the central bank requested about Bond marketplace bubbles and economical globe, according to Bloomberg.
• Japan’s top currency Diplomat Kanda said no comment on FX intervention and noted that a weak yen has affirmative and negative impacts, while he added the currency has a bigger impact on import prices now and that utmost FX moves could impact regular lives. Kanda said they needed to take appropriate actions on FX and reiterated them are ready to take action 24 hours a day and will proceed taking appropriate actions erstwhile needed.
• BoJ keep monthly Bond purchases plan for May unchanged from April
• China’s Communist organization Central Committee is to hold a 3rd plenary during July, via State Media; Politburo undertook a gathering on Tuesday.
• Former nipponese top FX Diplomat Furusawa says it is highly likely the nipponese government intervened on Monday to prop up the JPY

European bourses, Stoxx600 (-0.3%) are mixed, with a light negative bias. Indices initially opened around flat, though tilted lower as the morning progressed, with small driving the shift in sentiment. European sectors hold small bias, with the breadth of the marketplace reasonably narrow, with the explanation of Autos, dragged down by mediocre results from Mercedes (-3.4%), Stellantis (-2.4%) and Volkswagen (-2.1%). Real property tops the pile, propped up by post-earning gain in Vonovia (+5.5%). US Equity Futures (ES -0.2%), NQ -0.2%), RTY -0.3%) are modernly softwarer, in fitting with the broadcast price action seen in European trade. Earnings include: McDonald’s, AMD, Amazon and Starbucks.

Top European News

• The ECB’s Knot said he is increasingly liable inflation is falling goods the 2% mark but the ECB must be cautious beyond a June rate cut.

FX

• USD is attempting to claw back any of yesterday’s JPY-induced looses which conviction the index down to a low of 105.46. For now, the DXY has topped out at 105.96 and incapable to retrieve 106 status, 106.18 was the advanced from yesterday. percent EUR strength in the wake of the EZ date has led the index back down to the unchanged mark.
• EUR is lightly firmer vs. the broadcast flat USD in the wake of a sled of EZ data with EUR being proposed up by firmer than expected growth metrics. Inflation data was in-line on a header base and mixed from a core perspective.
• JPY is software vs. the USD after yearday’s chaotic (touted intervention led) session which Saw USD/JPY Swing from a 160.20 highest to a 154.51 low; presently trades towards the top end of a 156.08-99 range.
• Antipodeans are giving back day’s gain and then any as the USD regains any poise. AUD/USD Had advanced to a highest of 0.6586 yesterday (highest since April 12th) before pulling back as low as 0.6514 with soft retail sales besides acting as a drag.

Fixed Income

• Bunds began on the backfoot after hotter than expected French inflation and a sticky Services metric, with additional force coming from better-than-forecast GDP prints by France & Germany ahead of the EZ figures. EZ HICP header Y/Y was in-line with the core metrics mixed against expected, which led to a Hawkish reaction; Bunds presently sit at session lows around 130.40 given the strong GDP numbers and powerfully mixed core.
• USTS are moving in tandem with EGBs which leaves the benchmark a contact softer but any way from Monday’s 107-18+ base. Specifics light thus far into Wednesday’s FOMC and Quarterly Refunding.
• Gilts are one more time following EGB/UST Impetus. A communicative that is improbable to change significatively in the near-term given a sparse UK docket before next week’s BoE; though, we are attentive to anything from the EZ/US, partially around the Fed, which provides insight into the Central Bank diverence narative.
• UK Sells GBP 4bln 4.125% 2029 Gilt: b/c 3.21x, average yield 4.251%, tail 0.8bps.

Commodities

• Crude futures are chocolate and now in modern affirmative territory after earlier subdued trade. Prices are on standby ahead of key macro hazard events including the FOMC and US jobs date on Friday; Brent July likewise found an intraday base at USD 86.64/bbl.
• Sofa trade across precious metals amid yesterday’s geopolitical unwind coupled with a rebound in the Dollar Today. Spot silver sits as the laggard after yearday’s outperformance; XAU fell under yesterday’s low (USD 2,319.84/oz) to a current base at USD 2,310.96/oz.
• Losses seen across base metals amid the aforementionioned Dollar rebound coupled with a pullback in sentiment. 3M LME copper topped USD 10,200/t earlier to scope a USD 10,217.00/t intraday peak.

Geopolitics

• "IDF finalizes Rafah plans, invasion possible if no deal in 72 hours", according to Times of Israel.
• "Israeli delegation will not head to Cairo until Hamas gives its response, according to Israel official", according to Walla's Elster.
• Hamas is expected to respond to the exchange deal proposal "tomorrow evening", Al Arabiya reports
• Hamas delegation left Cairo and will return with a written consequence to the casefire proposal, according to Egypt’s Al Qahera News.
• An Israeli delegation plans to travel to Cairo to resume casefire talks if Hamas agreements to attend, according to NYT.
• Israel p.m. Netanyahu asked US president Biden to aid prevent the ICC from issuing arrest wars against Israel officials, according to Axios.
• Yemen’s Houthis said they targeted the 'Cyclades’ vessel and 2 US Destroyers in the Red Sea, while it besides targeted 'Israeli ship MSC Orion' in the Indian Ocean, according to Reuters. US CENTCOM later confirmed that Iranian-backed Houthis fire 3 anti-ship ballistic missions and 3 UAVs from Yemen into the Red Sea towards MV Cyclades but added there were no injuries or damages reported by US, coalition or Merchant ventures.
• Chinese Coast defender expelled a Philippines Coast defender ship and vessels from waters adjacent to the Scarborough Shoal.
• Shanghai Maritime Safety Administration said military activities will be carried out in a part of the East China Sea from 07:00 AM on May 1st to 09:00 AM on May 9th local time and holidays unrelated to the activity are protected from entering the area.

US Event Calendar

• 08:30: 1Q employment Cost Index, est. 1.0%, prior 0.9%
• 09:00: Feb. FHFA home Price Index MoM, est. 0.2%, prior -0.1%
• 09:00: Feb. S&P CS Composite-20 YoY, est. 6.70%, prior 6.59%
  • Feb. S&P/CS 20 City MoM SA, est. 0.10%, prior 0.14%
  • Feb. S&P/Case-Shiller US HPI YoY, est. 6.38%, prior 6.03%
• 09:45: April MNI Chicago PMI, est. 45.0, prior 41.4
• 10:00: April Conf. Board Consumer Confidenc, est. 104.0, prior 104.7
  • April Conf. Board Present Situation, prior 151.0
  • April Conf. Board Expectations, prior 73.8
• 10:30: April Dallas Fed Services Activity, prior -5.5

DB’s Jim Reid deals the overnight wrap

Markets got the week off to a decent start yearday, with the S&P 500 (+0.32%) building on last week’s advance as we avoid the Fed’s decision next day and an array of learnings releases. respective factors helped to boost sentiment, including a remarkable advance for Tesla (+15.31%) as outlets including Bloomberg and the Wall Street diary reported that Chinese government officials had given the companies in-priciple adoption for its driver-assistance system. In addition, investors were reassured after there was nothing alarming in the flash CPI releases from respective European countries, which cemented results that the ECB would remove a rate cut in June. And alongside that, concern about a geopolitical escape continued to ebb, with Brent crude oil prices down -1.23% is $88.40/bbl. So there were respective affirmative catalysts helping to boost sentiment. The Yen’s scope of around 160.25 – 154.5 was a constant side show all day, with dense specification that the government had intervened in very thought vacation trading. As we kind this morning the Yen is trading down lightly at 156.75 from 156.35 as the US closed last night, which continues to leave it as the worst performing G10 currency year-to-date, down -10% against the US dollar. The intervention hasn’t been officially confirmed but top currency authoritative Kanda has commented that the authorizations are watching the Yen 24 hours a day and suggested they were looking more for the size of moves alternatively than circumstantial levels.

Staying in Asia, China’s mill activity restored in expansion territory for the second constructive period in April but the package of expansion slow as the authoritative manufacturing PMI came in at 50.4 (v/s 50.3 expected) as again a reading of 50.8 in March. Meanwhile, the decline in non-manufacturing activity was more proven as the authoritative PMI moderated to 51.2 (v/s 52.3 expected) down from a reading of 53.0. At the same time, the Caixin manufacturing PMI advanced to 51.4 in April (v/s 51.0 expected), branding the fastest pace since February 2023 and combined to an expansion of 51.1 seen in March. Our Chinese economist reviews the details within today’s PMIs in a note just out here.

Going into more details now on the main events of the last 24 hours. These European inflation numbers were crucial from the marketplace open, as they helped to allay experiences about a European inflation revolt of the kind happening in the US. We’ll gotta wait for the Euro Area-wide number today, but ahead of that, Spanish inflation came in at +3.4% on the EU-harmonised measure, in line with expectations. Then in Germany, harmony inflation ticked up to +2.4% in April (vs. +2.3% expected), while in Ireland it fell a tenth to +1.6%, the lowest since June 2021. So given fresh ECB commentary about a possible June cut, those numbers keep that on track, and marketplace pricing raised the chance to a 91% reliability by the close, up from 88% on Friday. Estonia’s Muller besides backed up that sentiment, as he said that in June “we’ll probe have reached the point where it’s already possible to start leaching central-bank interest rates”.

The catch of any bad news on inflation supported government bonds on both sides of the Atlantic, with any added support from the fall in energy prices. For instance in Europe, yields on 10yr bunds (–4.3bps), OATs (–6.2bps) and BTPs (–6.6bps) all Saw decent declines. And over in the US, years on 10yr Treasures were besides down -5.0bps to 4.61% and are a further -1bps lower overnight at 4.60% as we go to print.

US Treasures had sold off by a couple of bass points later in the US session following the later borrowing estimates from the US Treasury. These Saw the expected Q2 issue emergence from $202bn to $243bn, “largely due to lower cash receptions”. This was lightly puzzleling given what had been reasonably strong taxation receipts in the last April taxation period. Still, while the Q2 estimation was revised lightly higher, the Q3 number (excluding TGA movement) was in line with results, so our rates strategists don't see meansful alteration to the fiscal outlook. Indeed, the negative reaction in Treasures did not be with yields closing not far above their intra-day lows.

For equities, it was besides a solid day, with the S&P 500 (+0.32%) up to its highest level in a couple of weeks, and Europe's STOXX 600 (+0.07%) inching up to a 3-week high. The advance was a broad-based one, with the small-cap Russell 2000 (+0.70%) and the equal-weighted S&P 500 (+0.70%) posting Larry gain. But there was any concern in continental Europe, where the CAC 40 (-0.29%), the DAX (-0.24%) and the IBEX 35 (-0.48%) all lost ground.

Asian equity markets are mostly higher again this morning with the Nikkei leading gain (11.38%) after returning from a public vacation with the KOSPI (+0.70%) besides notably higher after index heavyweight Samsung Electronics topped arrivals estimates estimates for the Jan-March 4th after its semiconductor division returned to profitability. Meanwhile, the Hang Seng (+0.25%) and the S&P/ASX 200 (+0.24%) are besides moving higher. Elsewhere, mainland Chinese stocks are trading lightly lower with both the CSI (-0.18%) and the Shanghai Composite (-0.12%) seeing insignificant failure following the patch of mixed PMI readings for April. S&P 500 (-0.11%) and NASDAQ 100 (+0.0%) futures are quiet.

Retail sales in Australia unexpectedly slumped -0.4% m/m in March (v/s +0.2% expected) as above a revised +0.2% increase the erstwhile period thus dampening effects that the next decision in interesting rates might be up. This was a very low number comparative to the last respective decisions of data so it does put into double the RBA’s view that the consumer is holding up.

In the political place, Spanish Prime Minister Sánchez confirmed that he would regain as PM, which follows his decision to cancel engagements last week following allegations against his wife. Separatley in the UK though, the Scottish First Minister Humza Yousaf announced his resignation. That comes after last week’s collapse of an agreement between his Scottish National organization and the Greens, meaning that the SNP no longer had a majority in the Scottish Parliament. We’ve got got lots more UK political events this week, as local elections are taking place on Thursday, which are the final electrical test for the political parts before the next general election, which should be held by January at the latest.

To the day ahead now, and data releases include the Euro Area flash CPI release for April, along with Q1 GDP. In the US, we’ll besides get the employment Cost Index for Q1, the FHFA home price index for February, the Conference Board’s consumer assurance for April, and the MNI Chicago PMI for April. meantime in the UK, there are mortgage applications for March. Finally, today’s earlys release includes Amazon, Eli Lilly, Coca-Cola, McDonald’s and Starbucks.