Morning Brief: U.S. Employment Report, ECB Traders Expect Historic Half-Point Rate Hike in December
Americas
Economic Indicators and Prospects
Hotels: Occupancy Rate Up 3.2% Compared to Same Week in 2019 https://t.co/v9mtilEeXY
— Bill McBride (@calculatedrisk) June 2, 2022
This was the first increase in the occupancy rate compared to the same week in 2019. This was partly due to the timing of Memorial Day … pic.twitter.com/8PS0BjiMoL
🇺🇸 ADP, ISM Manufacturing employment component, Initial Jobless Claims, Homebase data and comments from White House press secretary suggest that Change in NFP could surprise downward.
— Christophe Barraud🛢🐳 (@C_Barraud) June 3, 2022
*Bloomberg consensus:
+320Ke v +428K priorhttps://t.co/5FLsQWhvx4
US President Biden will speak on Friday after the jobs reporthttps://t.co/0IorLGGK3I
— ForexLive (@ForexLive) June 3, 2022
Housing
🇺🇸 #Housing | Month-over-month #rent growth accelerates with 1.2% increase; up 15.3% year-over-year – Apartment List
— Christophe Barraud🛢🐳 (@C_Barraud) June 3, 2022
*Our national rent index increased by 1.2 percent month-over-month in May, the largest monthly increase of the year.
*Link: https://t.co/hWopyqFRFM pic.twitter.com/kP2kkBv9f2
Rent Increases Up Sharply Year-over-year, Pace is slowing https://t.co/6IB8SdrLSh pic.twitter.com/ek3QC2SS6W
— Bill McBride (@calculatedrisk) June 2, 2022
Home listings increased for the first time since June 2019, according to https://t.co/CXacQKlZhh data, suggesting the US housing supply hit a turning point last month https://t.co/gVQQCJqS84
— Bloomberg Wealth (@wealth) June 2, 2022
Monetary Policy
Cleveland Fed President Loretta Mester says she favors raising rates by 50 basis points this month and next, but cautioned that pace could speed up or slow down from September https://t.co/fr0QztpJiX
— Bloomberg Economics (@economics) June 2, 2022
ICYMI – Federal Reserve vice chair Brainard pushed back on a September rate hike pausehttps://t.co/j1vtEpmtJ9
— ForexLive (@ForexLive) June 2, 2022
Fed Vice Chair Lael Brainard says it's 'very hard to see the case' for the Fed pausing rate hikes https://t.co/xSDT3zpRbG
— Lorie Konish (@LorieKonish) June 2, 2022
Federal Reserve Vice Chair Lael Brainard is to speak Fridayhttps://t.co/E1UuQaonof
— ForexLive (@ForexLive) June 2, 2022
Trade, Supply Chain and Geopolitics
🇺🇸 🇨🇳 All options on table in #China tariff review, U.S. trade official says – Reutershttps://t.co/p4hTF4x0pO
— Christophe Barraud🛢🐳 (@C_Barraud) June 3, 2022
Asia
Economic Indicators and Prospects
Japan's service sector activity grows at fastest pace in 6 months – PMI https://t.co/kV0J00zM8b pic.twitter.com/axWz5axi0k
— Reuters (@Reuters) June 3, 2022
South Korea’s inflation accelerated further from a previous 2008 high in May, cementing the case for the central bank to pursue more interest-rate increases to fight inflationary pressures https://t.co/M8RhlsyBrU
— Bloomberg Economics (@economics) June 3, 2022
Monetary Policy
🇯🇵 *KURODA: PEOPLE'S PERCEPTION OF PRICE GAINS CAN COOL SPENDING – BBG
— Christophe Barraud🛢🐳 (@C_Barraud) June 3, 2022
*KURODA: MONITORING HOW PEOPLE ARE FEELING ABOUT PRICE GAINS
*KURODA: IMPORTANT TO CREATE MACRO ENVIRONMENT FOR WAGE GAINS
*KURODA: #BOJ SEEKS NOT JUST INFLATION; WAGES SHOULD ALSO RISE
Fiscal Policy
🇨🇳 Chinese Officials Vow to Carry Out Plans for Growth Stimulus – Bloomberg
— Christophe Barraud🛢🐳 (@C_Barraud) June 3, 2022
*Finance ministry promises that it will accelerate VAT refunds
*Link: https://t.co/9kPhX2YmtZ pic.twitter.com/erOqazaPrh
Energy
Beijing will offer subsidies to consumers who buy new energy vehicles to replace older cars as the city seeks to stabilize the economy https://t.co/ttfvhj2qL3
— Bloomberg Economics (@economics) June 3, 2022
Trade, Supply Chain and Geopolitics
🇨🇳 #China Nears Launch of Advanced Aircraft Carrier, Satellite Images Show – WSJhttps://t.co/ig54RTEXZU
— Christophe Barraud🛢🐳 (@C_Barraud) June 3, 2022
Europe
Economic Indicators and Prospects
French industrial production unexpectedly fell in April https://t.co/hqLfZtHf8p via @WHorobin pic.twitter.com/X9TgmFPlYf
— Zoe Schneeweiss (@ZSchneeweiss) June 3, 2022
Eurozone Retail Sales – Full Report https://t.co/xnHT9nBy25 pic.twitter.com/7xsrYLvRTr
— LiveSquawk (@LiveSquawk) June 3, 2022
Eurozone S&P Global Service PMI – Full Report https://t.co/L7qetkl5LI
— LiveSquawk (@LiveSquawk) June 3, 2022
🇪🇺 Euro-Zone #Inflation Is Diverging by an Unprecedented Amount – Bloomberg
— Christophe Barraud🛢🐳 (@C_Barraud) June 3, 2022
*Link: https://t.co/UUHa6EBBwb pic.twitter.com/GCplyvD9fV
Monetary Policy
🇪🇺 #ECB Traders See Historic Half-Point Rate Hike in December – Bloomberghttps://t.co/6jUVjMpmSG
— Christophe Barraud🛢🐳 (@C_Barraud) June 3, 2022
Geopolitics
Ukraine's #Zelenskiy eyes 'inflection point' in war as #Russia tightens grip on key target https://t.co/g073xzjpVT
— Matt Spetalnick (@mattspetalnick) June 2, 2022
Other Areas And Global Economy
Devil in the details: OPEC+'s output increase– per usual– is divided up proportionally between members. So countries that are unable to raise production (Nigeria, Angola, Russia) will still be allocated a higher quota, so likely means that the actual supply boost is smaller.
— annmarie hordern (@annmarie) June 2, 2022
🌎 Musk says Tesla needs to cut staff by 10%, pauses all hiring – Reuters https://t.co/0TgqOru1Y2
— Christophe Barraud🛢🐳 (@C_Barraud) June 3, 2022
🌎 Number of Companies Pulling Financing Plans Soar to 200 Globally – Bloomberg
— Christophe Barraud🛢🐳 (@C_Barraud) June 3, 2022
*Link: https://t.co/uH1MafAMvd pic.twitter.com/wO7oDH41kw