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USD month end selling 
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See here for global coronavirus case data

Global Markets:

• Asian Stock Markets : Nikkei down 0.18%, Shanghai Composite up 0.22%, Hang Seng down 0.75%, ASX down 1.63%
• Commodities : Gold at $1716.80 (+0.20%), Silver at $17.92 (-0.27%), Brent Oil at $35.16 (-2.41%), WTI Oil at $32.71 (-2.97%)
• Rates : US 10-year yield at 0.671, UK 10-year yield at 0.192, Germany 10-year yield at -0.433

News & Data:

• (USD) Pending Home Sales m/m -21.80% vs -15.00% expected
• (USD) Unemployment Claims 2123K vs 2100K expected
• (USD) Durable Goods Orders m/m -17.20% vs -19.00% expected
• (USD) Core Durable Goods Orders m/m -7.40% vs -14.80% expected
• (USD) Prelim GDP q/q -5.00% vs -4.80% expected
• German Foreign Minister: Long Way Off On Agreeing About EU Recovery Fund

Markets Update:

Asian stock markets are lower on Friday as worries about rising U.S.-China tensions more than offset optimism about a recovery in growth as more economies reopen.

China approved a controversial national security law for Hong Kong on Thursday, triggering concerns that the new law will end the city’s autonomy. In response, U.S. President Donald Trump said he plans to hold a news conference about China later today.

The Nikkei 225 declined 0.2% on the day, as opposed to the 0.9% shed by the Topix. Australia’s ASX 200 declined 1.6% as shares of major banks such as Commonwealth Bank of Australia and Westpac dropped. Mainland Chinese stocks edged higher on the day, with the Shenzhen component up 0.9% while the Shanghai composite gained 0.2%. Hong Kong’s Hang Seng index dipped 0.8%.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 98.238 after an earlier high of 98.547. The euro was headed for its best month since December as the European Union’s 750-billion-euro coronavirus recovery fund fuelled optimism about the bloc and its political future.

Upcoming Events:

• 12:30 PM GMT – (CAD) GDP m/m
• 12:30 PM GMT – (CAD) RMPI m/m
• 12:30 PM GMT – (USD) Core PCE Price Index m/m
• 12:30 PM GMT – (USD) Personal Spending m/m
• 01:45 PM GMT – (USD) Chicago PMI
• 02:00 PM GMT – (USD) Revised UoM Consumer Sentiment
• 03:00 PM GMT – (USD) Fed Chair Powell Speaks

Remarks by German foreign minister, Heiko Maas
“I think the past has shown that it is, above all, important to have a dialogue with China in which the EU very cohesively brings both issues and principles to the fore and then we will see where this dialogue leads.”
The “we will see” part is a very EU

Latest data released by the ECB – 29 May 2020
– +7.5%
See here for global coronavirus case data

Latest data released by Istat – 29 May 2020
– Q1 final GDP -5.4% vs -4.8% y/y prelim
The preliminary report can be found .
here
See here for global coronavirus case data

Twitter fires another shot at Trump
We have placed a public interest notice on this Tweet from @realDonaldTrump.
This Tweet violates our policies regarding the glorification of violence based on the historical context of the last line, its connection to violence, and the risk it could inspire similar actions today. We’ve taken action in the interest of

Comments by the Chinese foreign ministry
– Says that China opposes US actions, calls it ‘pure nonsense’
– Urges US to stop frivolous political manoeuvres
See here for global coronavirus case data

Latest data released by KOF Swiss Economic Institute – 29 May 2020
– Prior 63.5; revised to 59.7
The data here measures the future trends of overall economic activity in the Swiss economy.

Latest data released by INSEE – 29 May 2020
– Q1 final GDP -5.0% vs -5.4% y/y prelim
The preliminary report can be found . Despite the better revision to initial estimates, the figures are still awful and will be surpassed by the slump in economic activity in Q2.

Latest data released by INSEE – 29 May 2020
– -17.9%; revised to -16.9%
– Consumer spending -34.1% vs -32.2% y/y expected
– Prior -18.1%; revised to -17.0%
See here for global coronavirus case data

Latest data released by INSEE – 29 May 2020
– +0.3%
– HICP % vs +0.3% y/y expected
– Prior +0.4%
See here for global coronavirus case data