Morning Economic Report 6-6-25

Although yesterday's US initial jobless claims were higher, continuing claims lower, trade deficit collapsed due to previous 'front loading' by US importers, with a Xi/Trump phone call too, all was/is overshadowed by Trump/Musk online farce and 15% dive in Tesla stocks that pulled all US bourses lower at the Wall St close. How international markets were supposed to react is beyond them and the opening was sedentary as even hawkish overtures from central bankers either side of the pond is ignored. EU GDP, Retail Sales were adjusted higher or beat expectation, but reaction is muted with eyes mainly US NFP today its call being +130k. DAX -0.14%, CAC -0.07%, FTSE +0.36%, Euro STOXX600 +0.01%. USD still backfooted after disappointing ADP employment and Services PMI, with attention on NFP, DXY 98.98. Gold 3356. BTC $103,764.