📆 Tuesday, June 04
► European markets are opening lower as concerns about a weakening US economy also weighs on sentiment in Europe despite increased expectations for Fed rate cuts later this year. The Stoxx 600 index fell by over 0.6%. Energy stocks, particularly BP and TotalEnergies, also fell on worries about crude oil oversupply. The ECB is expected to make a first rate cut on Thursday. Meanwhile in Germany, unemployment rate remained steady at 5.9%.
► US stock futures inched lower after a downbeat manufacturing PMI report on Monday, yet another report that shows rising weakness in the US economy which sparked anxieties about the outlook of the US economy. Investors are closely following upcoming economic data releases, including the JOLTS Job Openings (due later at 14:00), ISM Services PMI (due June 5), and the non-farm payroll report (due June 7). These reports will be crucial for gauging the Fed's policy trajectory in the coming months. A strong jobs report could bolster the case for the Fed to maintain its current policy stance but would also show that the US economy is robust, while a weaker report could reignite expectations for a rate cut later this year.
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