📆 Thursday, June 20
► European stocks open higher with the Stoxx 600 index rising by 0.35%, recovering from previous losses. Today’s key events in Europe include Switzerland’s rate decision, with economists divided on the outcome, and expected rate held by Norges Bank and the Bank of England. In France, the Treasury prepares to auction up to €10.5 billion in bonds following President Macron's snap election call, providing a test for market sentiment on yield levels. The EUR edged lower after the SNB rate cut, although the CHF was stronger (negatively) affected by the rate cut.
► US markets resume trading today after the Juneteenth holiday. The S&P 500 is up 0.4% at record levels, while the Nasdaq advanced also to a record high, up by 0.7%. Anticipation builds for the Bank of England’s policy decision and upcoming US economic data releases, including housing starts, building permits, and initial jobless claims. Wall Street continues to benefit from the AI-driven / tech rally and resilient economic growth, although there are concerns about the market’s underlying strength and breadth. The USD edged higher, and 10-year Treasury yields increased by 3-4 basis points.
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