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USDCAD TECHS

Stronger In a Range

AUDUSD TECHS

Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

EURJPY TECHS

Bearish Risk Growing

USDJPY TECHS

Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

Fed Balance Sheet Tracker - Jun 11, 2021

Apart from constant speculation over the timing of a potential Fed asset purchase taper, there are a few other items on the monetary policy agenda that bear watching, starting at the June FOMC and through the summer.

MARKET NEWS TOP STORIES

MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C June14

Issuance volumes in the week ahead will largely depend on the size of the inaugural NGEU issue (we pencil in E14bln). On top of this we see Germany, Finland, Spain and France holding auctions for an estimated E29.0bln. Overall, therefore, we look for E43.0bln of net nominal issuance next week.

MNI SOURCES: Higher Chance EU Debt Rules Significantly Eased

Taking more time to overhaul the European Union's Stability and Growth Pact raises the chances of a major overhaul, sources say.

Political Risk

NBC To Air Interview w/President Putin, First On US TV In Three Years

NBC has announced that it will broadcast an exclusive interview with Russian President Vladimir Putin, his first on US television in over three years.

  • A preview will air on NBC Nightly News at 1830ET (2330BST, 0030CET).
  • The full one-on-one interview, hosted by Keir Simmons, will air on Monday 14 June on NBC News' TODAY, throughout the day on MSNBC, and on NBC Nightly News at 1830ET.

Blinken, Yang Hold Testy Phone Call With G7 Ongoing

Following a phone call earlier today between US Secretary of State Anthony Blinken - who is in the UK for the G7 summit - and senior Chinese diplomat Yang Jiechi, the former tweets: "Constructive discussion today with the People's Republic of China Director Yang Jiechi on pressing global issues. We will continue to conduct practical, results-oriented diplomacy with Beijing on global challenges."

  • Wires reporting that the two discussed cooperation on denuclearisation, as well as policies towards North Korea. State Dep't also says Blinken encouraged China to stop 'pressure campaign' on Taiwan.
  • Official - harshly worded - Chinese report on the call says that "China urges the United States to respect facts and science, refrain from politicizing COVID-19 origin tracing and concentrate on international anti-pandemic cooperation," in a clear effort to try to dissuade the US gov't from pressing an investigation into the origins of the COVID-19 pandemic. There has been rising (as yet unproven) speculation among certain Western outlets and politicians that the virus did not emerge from a Wuhan wet market, but in fact due to a leak at Wuhan Institute of Virology.
  • Chinese readout also states that "Yang said the US side should fix the serious human rights violations on its own territory, instead of willfully interfering in the internal affairs of other countries under the pretext of so-called human rights."

EU Leaders Will Raise China Issue With Biden: Elysee

Comments from social media/wires from the French presidency confirming that EU leaders intend to raise the issue of relations with China with US President Joe Biden at the G7 summit that runs from today until Sunday 13 June.

  • Remains to be seen the direction EU seeks to take on China. US and UK remain hawkish, but EU is officially in the state of waiting for ratification of a Comprehensive Agreement on Investment with China (despite the process being suspended in May).
  • Some signs that a less combative US administration under Joe Biden is reaping rewards in EU, with US-EU partnership on tech and trade to counter China set to be unveiled next week.

Johnson-Draghi To Hold First G7 Bilat At 1315BST

Tom Netwon Dunn at Times Radio tweets: "Down here at the G7 summit... the EU's presidents Ursula von der Leyen and Charles Michel are meeting now with Macron, Merkel and Draghi to coordinate their approaches. I hear the Northern Ireland Protocol is on their agenda, so there will be more skirmishes over it in Cornwall. PM Mario Draghi has a bilat at 1.15pm today with Boris Johnson, the first of the EU leaders here at the G7 to sit down with him. I understand Draghi will also bring up the protocol with the PM then."

MARKET NEWS REAL-TIME COVERAGE

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