EU Daily Market Wrap - 3rd June 2019

EU Daily Market Wrap - 3rd June 2019

Today's Highlights

  • CNY Caixing Manufacturing PMI above 50

  • US Manufacturing PMI lower than expected

  • Trump starts his 3-day visit in the UK

Macro Review

US Stocks rebound after two weeks of consecutive losses as ahead of a busy week on the calendar. European traders woke up to the May release of the Chinese Manufacturing PMI which rebounded from contraction territory 50.2 vs 50 expected. The main highlight for the afternoon saw the release of the US Manufacturing PMI which fell to 52.1 - its lowest level since September 2009 - disappointing expectations of 53. The rest of the session was relatively uneventful with President Trump away from his twitter account while in a state visit in the UK. 

US Equities traded range bound after an initial rebound that died out after the US cash open. After global growth concern, investors now switch their focus to the US domestic economy status, as data highlight maybe the start of a downturn with the FED July cut now being priced-in at 50%. SP500 was contained by the 2764.50 level to the upside as major tech giants came under pressure after the Government considered an antitrust probe into Google.

The FX space traded mix led by a softer US Dollar. EUR reclaimed and broke above the 1.1200 level ahead of key ECB meeting on Thursday. GBP remained around amid lack of development on the Brexit front. AUD remained below the key 0.6970 resistance after the overnight rebound ahead of the RBA Interest Rate Decision tonight. 

Wti Crude Oil traded flat after a quiet session. Interesting market that quickly shifted from accumulation  to liquidation.

Gold touched new highs amid USD weakness and risk-off appetite.

EU Close

If you missed the morning briefing from the desk click HERE

Hope you enjoyed the session.

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