European prices crashed yesterday
European gas prices crashed yesterday, both on the spot and the curve, extending their previous session’s sharp losses. The market ignored the drop in Norwegian…
The Fed’s preferred measure of inflation accelerated to +3.1% yoy in April, but equities advanced further and the 10y bond yield fell below 1.6%. Markets still consider those tensions will remain transitory. The Chinese PMIs were solid in May, confirming the strengthening in domestic activity. By contrast, Japan looks closer to recession after weak retail sales and disappointing industrial output figures. The EUR/USD exchange rate remains rather stable near 1.22.
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