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BlogsEND OF DAY REPORT JUNT 5th

US ISM N-Mfg Price Paid Idx (May) 56.2 (Prev. 59.6)MORNING MINUTE JUNE 6th

Darren Krett

Monday 5 June 2023

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END OF DAY REPORT JUNT 5th

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closing report

HIGHLIGHTS

ECB's Nagel says several more rate hikes are needed; not certain that rate hikes will peak this summer Peak rate must be held until there is no doubt that inflation is returning to 2% in the near-future. Underlying price pressures are too high and show no signs of abating. Cautiously optimistic over German growth prospects this year.

ECB's Lagarde says rate hikes are being transmitted forcefully to financing conditions for firms and households The full effects of our monetary policy measures are starting to materialise. Effects of monetary policy tightening on real activity and inflation can be expected to strengthen in the coming years. Price pressures remain strong. No clear evidence that underlying inflation has peaked

Poland looks for UK air defense systems to prevent Russian missiles and drones from entering its airspace after several recent incursions

Apple (AAPL) WWDC: Announces new M2 Ultra chip, which features in new Mac Studio and Mac Pro MacBook Air

White House says US is seeing increasing level of aggressiveness by China's military; US is prepared to address growing aggressiveness US wants to see Beijing justify what it is doing with increased military

SUMMARY

A quiet session as we gear up to see what the Fed will do with rates. Not much in the way of new clues today and there are no economic releases tomorrow or even this week, so we will probably have to wait till next week's CPI before they make their decision next week.

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