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Rise and shine everyone and Happy Friday.
The big news this morning is obviously the Debt Ceiling being passed by Congress.
But, it’s also Jobs Friday and we get the unemployment report at 8:30am ET. The last few jobs related reports have come in hot, i.e., with strong employment numbers particularly in the services sector.
US Equity Futures are trading higher this morning along with Oil, Commodities and Bitcoin. Bonds and the US Dollar are pulling back.
Asia and Australia
Asian equities ended higher Friday as sentiment improved following the passage of debt-ceiling legislation in the US. Region led higher by the Hang Seng, up more than 4%, mainland benchmarks also higher with the rally leading to weekly gains.
South Korea consumer prices rose 3.3% y/y in May versus April's 3.7%, slowing for fourth straight month.
Australian minimum wage to rise by 5.75%, economists revise up RBA peak rate forecasts.
China Evergrande Unit Misses Payments on Wealth Management Products.
China is considering a new range of stimulus packages to bolster their real estate sector.
Japan equity inflows reinforce renewed foreign interest; TSE data showed foreigners were net buyers for a ninth straight week.
Europe, Middle East, Africa
European equity markets higher. Basic Resources and real estate stocks leading gains.
All eyes are on the OPEC+ meeting due to take place on Sunday in Vienna.
Attention is on French debt sustainability with S&P to provide a ratings update on France after the close. The rating agency is due to issue its credit rating on Friday evening, a month after a first warning from its competitor Fitch. A further downgrading for France would cast doubt on the government's ability to reform in a tense social climate.
Automakers have been pushing for a delay in post-Brexit trade rules, which could result in new levies from next year.
UK pension lifeboat fund will cut exposure to equities by one-third due to high inflation
The Americas
Fed’s Harker says official should at least skip June hike
Debt ceiling deal eliminates possibility of Biden campaign promises like tax increases on the wealthy and corporations
ISM report suggests companies may be "hoarding" workers in anticipation of a 2H pickup
Companies may be correcting overpaying wages in recent years with reductions in force
Calendar
(news taken from Reuters, FT, Bloomberg; Calendars from Benzinga Pro)
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