Morning Recap Monday 7 June 2021

Global Markets Update                                                                                                   

  • U.S. equity markets closed higher on Friday, with the S&P 500 up +0.9%, Dow Jones up +0.5% and NASDAQ closing +1.5% higher, amid upbeat economic data which revealed U.S. job growth picked up in May with payrolls increasing by 559,000 after a revised 278,000 gain in April, along with worker pay, and the unemployment rate fell to 5.8% from 6.1% in the prior month, signaling firms are making some progress filling a record number of openings as the economy powers up. U.S. cases and deaths continues to plunge and are back to the levels just after states began imposing restrictions in March 2020, despite the still-decreasing pace of vaccinations.
  • Long-dated U.S. treasury yields were lower, with the 2-Yr yield at 0.145% and the 10-Yr yield at 1.553%.
  • European markets. European equity markets closed higher on Friday, with both the Stoxx Europe 600 and German DAX up +0.4% and U.K. FTSE 100 gaining +0.1%, as an increase in U.S. hiring boosted optimism over the economic recovery and assuaged concerns about the rollback in monetary stimulus. Finance ministers from the Group of Seven nations closed in on a deal to jointly support a minimum corporate tax rate of at least 15%.
  • Asian markets. Asian equity markets closed mostly lower on Friday, amid inflation worries, with the Shanghai Composite up +0.2%, both Hang Seng and KOSPI down -0.2% and Nikkei 225 closing -0.4% lower. Japanese household spending jumped by double-digits in April, increasing +13% yoy, as consumers got a temporary reprieve from virus restrictions and the data got boosted by comparison with 2020’s pandemic-hit figures.
  • WTI oil is trading at US$69.62 a barrel. Iron ore price is at US$207.28 per ton. Spot gold is trading at US$1,892 per oz.

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