A couple of takes on the..............>

US DATA REACT: A couple of takes on the disappointing jobless claims figures:

- Wells Fargo: "the smaller than expected [init claims] decline likely simply

reflects some moderation in the pace of re-opening, with the easiest re-openings

behind us...jobless claims did not do a good job of anticipating May's

surprisingly large jump in nonfarm payrolls. Rehiring from temporary layoffs

likely differs greatly from cyclical layoffs."

- ING: Data suggest "the reopening story may not be generating as much momentum

for job creation as the surprise May payrolls number had suggested...while

recent activity data, particularly surrounding the consumer sector, has been

very encouraging we are a long way from returning to 'normality'."