Daily European Opening News - 7th May 2020.

5/07/2020 11:27:00 AM (GMT+6)
  • Asian equities traded mixed following the uninspiring handover from US where risk appetite was sapped by US-China tensions and a decline in energy prices.
  • Chinese Caixin Services and Commodity PMI figures remain in contraction, with trade surpluses surpassing forecasts and exports jumping.
  • US President Trump says he will be able to report within a week or two on whether China is complying with the Phase One trade agreement.
  • The DXY held above 100.00 amid the risk averse tone and following the weakness in its major counterparts.
  • Looking ahead, highlights include BoE rate decision, minutes & MPR, German industrial output, EZ construction PMI, Norges Bank rate decision, US initial jobless claims, ECB's de Guindos, Norge's Olsen, BoE's Bailey, Fed's Harker, supply from France and Spain.
  • US Secretary of State Pompeo said he knew China had not acted too quickly on the virus, adding that the United States was in "active discussions" with China about the origin of the virus and reiterated that he had proved the virus came from a Chinese lab.
  • Members of the ECB's four governing councils have strongly stated that the ECB should not react directly to the GCC's decision in the PSPP, with a majority opposing a response.
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