June E-mini S&Ps (ESM13 -0.48%) this morning are down -0.47% and European stocks are down -0.72%. Asian stocks closed mixed: Japan
+1.37%, Hong Kong -0.41%, China -1.06%, Taiwan +0.14%, Australia -0.08%, Singapore -0.74%, South Korea +0.10%, India -2.25%. An unexpected -0.4% m/m decline in German Apr retail sales
along with an increase in the Eurozone Apr unemployment rate to a record 12.2%
suggests the Eurozone recession deepened and is weighing on European and U.S.
stocks. Commodity prices are mostly lower. July WTI crude oil (CLN13
-0.73%) is down -0.49 % after Saudi Arabian Oil Minister Ali
al-Naimi said that prices are reasonable and he's "comfortable" with OPEC's
current output target, which suggests OPEC will keep its production limits
unchanged as the cartel meets in Vienna. July gasoline (RBN13
-0.29%) is down -0.26%, July natural gas (NGN13
-0.22%) is up +0.27%, June gold (GCM13
+0.02%) is down -0.07% and July copper
(HGN13
-0.63%) is down -0.63%. Agriculture prices are mixed. The
dollar index (DXY00 +0.24%) is up +0.25%.
EUR/USD (^EURUSD) is down -0.44%. USD/JPY (^USDJPY) is down -0.24%. June 10-year T-note futures prices
(ZNM13
+0.25%) are up +9.5 ticks as the slide in equities prompts a flight into
Treasuries.
The Eurozone Apr unemployment rate rose +0.1 to a record high 12.2%, right on expectations.
The Eurozone May CPI estimate increased +1.4% y/y, right on expectations, although the May CPI core increased at a +1.2% y/y pace, stronger than expectations of +1.1% y/y.
German Apr retail sales unexpectedly fell -0.4% m/m, weaker than expectations of a +0.2% m/m gain, although sales rose +1.8% y/y, stronger than expectations of +1.1% y/y.
The UK May GfK consumer confidence survey climbed +5 points to -22, stronger than expectations of +1 to -26.
Japan Apr overall household spending rose +1.5% y/y, weaker than expectations of +3.0% y/y.
The Apr Japan jobless rate held steady at 4.1%, right on expectations, while the Apr job-to-applicant ratio rose +0.03 to 0.89, better than expectations of +0.01 to 0.87, and the most in 4-3/4 years.
Japan Apr industrial production rose +1.7% m/m and fell -2.3% y/y, better than expectations of +0.6% m/m and -3.4% y/y.
The Eurozone Apr unemployment rate rose +0.1 to a record high 12.2%, right on expectations.
The Eurozone May CPI estimate increased +1.4% y/y, right on expectations, although the May CPI core increased at a +1.2% y/y pace, stronger than expectations of +1.1% y/y.
German Apr retail sales unexpectedly fell -0.4% m/m, weaker than expectations of a +0.2% m/m gain, although sales rose +1.8% y/y, stronger than expectations of +1.1% y/y.
The UK May GfK consumer confidence survey climbed +5 points to -22, stronger than expectations of +1 to -26.
Japan Apr overall household spending rose +1.5% y/y, weaker than expectations of +3.0% y/y.
The Apr Japan jobless rate held steady at 4.1%, right on expectations, while the Apr job-to-applicant ratio rose +0.03 to 0.89, better than expectations of +0.01 to 0.87, and the most in 4-3/4 years.
Japan Apr industrial production rose +1.7% m/m and fell -2.3% y/y, better than expectations of +0.6% m/m and -3.4% y/y.
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