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Germany's GfK Consumer Sentiment index for June improved significantly, rising from -24.0 to -20.9 and surpassing expectations of -22.5. This marks the fourth consecutive month of improved sentiment. ....
Risk aversion is the prevailing theme in the global markets today, with major European indexes trading in the red and US futures pointing to a lower open. Australian Dollar reversed its earlier post-CPI gains and is currently the worst performer of the day, followed by New Zealand Dollar and Canadian Dollar. In contrast, Swiss Franc is the strongest, followed by Euro and the US Dollar, while Japanese Yen and British Pound are positioned in the middle. ....
Risk sentiment took a sharp downturn following the release of US Q1 GDP data, which revealed weaker-than-expected economic growth alongside an acceleration in both headline and core PCE price indexes. This combination suggests that the US economy may be caught in a challenging cycle where high interest rates are dampening economic activity without effectively curbing inflationary pressures. In response, DOW futures plummeted by over -300 pts at the time of writing, signaling a steep market open, while 10-year Treasury yield is making moves to break 4.7% mark. ....