7-6

 Chinese Yuan Trading below 200 D MA for first time since March currently @ 7.0171, next up 7 handle let us see if support or a speed bump

 Shanghai Stocks Closed higher +5.7%,CSi 300 +5.67% (+14%, in 5 day)NKy Closed +1.8% Kospi +1.65%.Cover of China’s Security journal on Monday said “that fostering a healthy bull market after the pandemic is now more important to the economy more than ever”-BBG A subtle hint   to the public to buy stocks

RISK ON:

  Spoos +1.2% nas +1.1%,Stoxx 50 +1.86% Dax +1.7% Ibex (Spain) +2.28%Mib +1.9% Dollar -.45%,Euro +.6% ,EURJPY +.6%, weaker dollar not helping commodities too much Oil and gold Steady  but copper up a touch. Bunds steady treasury yields a bit higher and Tesla +6% trading $1228/ Why fight the trend but stocks .markets not concerned with Virus

News:

  • Eurozone’s retail trade rose by a record 17.8% in May, recovering from two consecutive months of record falls and compared to market expectations of a 15% surge, as several countries across the region lifted coronavirus-induced restrictions. Among the bloc’s largest economies, sales were particularly higher in France, with a 25.6% jump, followed by Spain and Germany

  • FT Source: 2 officials told the FT that BUBA will formally decide later this month to take the lead of Ger Fin Min & Parliament &  keep buying sovereign bonds from next month, defusing an explosive ruling by GCC that threatened the ECB’s AP scheme https://on.ft.com/2NYtj5w
  • BoJ:  increased purchases of 5-10 JGB’s to JPY 420b from JPY 400b
  • Australia: closed borders between New South wales & Victoria
  • (Reuters) – The final days of the best quarter for the benchmark S&P 500 since 1998 were not enough to keep investors from pulling $4.6 billion out of U.S.-based stock funds in the week that ended Wednesday, according to Lipper data released on Thursday.
  • TRUMP CONSIDERING SEVERAL EXECUTIVE ORDERS INCLUDING ON CHINA, MANUFACTURING, IMMIGRATION -CHIEF OF STAFF MEADOWS

Weather rallies prices coming out of the Fourth… Corn futures are 4 to 6 cents higher, with trade taking note of heat and dryness across the Midwest. That has soybeans marking their highest levels in four months, with futures up 7 to 10 cents. Winter wheat futures are up 1 to 4 cents, with the HRW market leading gains. Spring wheat futures are also 1 to 5 cents higher. The U.S. dollar index is under pressure, and crude oil futures are just under unchanged. (pro farmer)

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