Despite ongoing discussions between President Biden and House Speaker McCarthy, an agreement to prevent a US default is still pending. The deadline is June 1st, as outlined by Treasury Secretary Janet Yellen. US debt is experiencing a higher and further increasing premium. As the deadline nears, investors may become increasingly nervous and could gravitate towards safer havens.
Yields on four-week Treasury bills have increased by more than 60 basis points since early May, while two-year Treasury yields rose 4 basis points.
Asian-Pacific stocks index experienced its first decline in four days, largely due to semiconductor-related stocks falling in response to Japan's impending tighter export controls.
China's slow post-pandemic recovery is causing concern and impacting commodity prices such as iron ore and copper.
Speculations on the Federal Reserve's rate path persist. St. Louis Fed President Bullard is considering two more rate hikes for this year, while Minneapolis Fed President Kashkari believes a pause next month should still indicate tightening isn't over.
April 2023 saw Germany's HCOB Manufacturing PMI being slightly adjusted to 44.5 from an initial 44, marking the worst performance since May 2020 and a tenth month of consecutive contraction due to record high supplier delivery times. However, the Services PMI and Composite PMI for May showed an improvement to 57.80 and 54.30 respectively from April's figures.
France's HCOB Manufacturing PMI experienced an increase to 46.1 in May 2023, nearly aligning with market expectations. However, the Services PMI and Composite PMI for the same month saw a dip to 52.8 and 51.4 respectively, falling short of market forecasts.
Key Earnings Reports:
Palo Alto Networks (PANW)
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