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US CLOSING REPORT: WEDNESDAY – 6TH – JUNE – 2018 June 06, 2018 at 09:00PM

US CLOSING REPORT: WEDNESDAY – 6TH – JUNE – 2018

 

US CLOSING REPORT

WEDNESDAY – 6TH – JUNE – 2018

US cash equity markets rose to new intraday highs this afternoon (DJIA +1.4%, S&P +0.8%, NASDAQ +0.6%). This was enough to produce a second consecutive record close for the NASDAQ while outperformance in the DJIA
has been led by financials. US government bond yields have also risen with the 10-year up 5 basis points to 2.98%. The same cannot be said for the Greenback however with the Dollar Index still languishing in negative territory for the day. Elsewhere in FX,
the Canadian Dollar has given back earlier gains after White House Economic Advisor Kudlow said reports that Treasury Secretary Mnuchin asked for Canada to be exempt from tariffs are false. The Euro remains the outperformer meanwhile, boosted by hawkish central
bank impulses. Elsewhere, oil prices held higher with US crude futures settling at $64.73 (-$0.79) after a the DoE reported a surprise inventory build.

Key Headlines/Data:

*   Canadian PM Trudeau rejected the idea of NAFTA negotiations on a bilateral basis, adding that trilateral negotiations are better. He also said he expects difficult conversations with Trump at the G7.

*  Canadian Foreign Minister Freeland said Canada has had no formal or informal notification of any additional US tariffs.

*  White House Economic Advisor Kudlow said reports that Treasury Secretary Mnuchin asked for Canada to be exempt from tariffs are false. He also said no decisions had been made on ZTE.

*  US President trump said from an economic standpoint, the US is the strongest it has ever been.

*  US crude futures settled at $64.73 (-$0.79)

*  Iraqi Oil Minister said the market is stable and prices are good, adding that there is no need for a production increases.

 

Read More: US CLOSING REPORT: WEDNESDAY – 6TH – JUNE – 2018

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