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US Open Preview – Investors look for safe havens ahead of G7 summit
June 8, 2018 12:26 pmVideo
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Here are the latest developments in global markets:
Day Ahead: Trade developments take the front seat; Canadian jobs figures on the agenda
With the only major release on the economic agenda being Canada’s employment report on Friday, investors’ focus would turn also on comments or statements coming from the G7 gathering.
The G7 summit in Quebec, Canada will take place today and will conclude tomorrow. Investors have started to price in the uncertainty surrounding the summit, as the US has already decided to levy tariffs on steel and aluminium imports from countries that were previously exempt. Germany and France have stated that they will not sign any agreement before progress is made on the Paris Climate Accord, the Iranian deal, and tariffs. Meanwhile, US President Donald Trump has decided to leave the two-day summit earlier than anticipated right after Saturday’s morning session on June 9, to head to Singapore where he will hold a meeting with the North Korean leader Kim Jong-un three days after. Before the summit kicks off though, the US President already engaged in a war of words, expressing his willingness to clean up any “unfair trade deals” at the meeting.
Out of Canada, housing starts for the month of May will become public at 1215 GMT, but the main release of the day is the employment report scheduled at 1330 GMT. The unemployment rate is forecast to have held steady at its four-decade low of 5.8% for the fourth consecutive month, while the net change in employment is anticipated to have rebounded, following a sharp decline previously. The net change in employment is expected to show that the economy added 17.5k jobs during the month of May after losing 1.1k in April. Upside surprises would likely be encouraging news for the Bank of Canada,which is looking to hike rates in July.
The day continues with the US wholesale sales for the month of April at 1400 GMT, while in energy markets, investors will keep a close eye on the US oil rigs count issued by the Baker Hughes company at 1700 GMT.
Overnight, China will announce CPI and PPI data for May. Predictions are for the CPI figure to remain on hold to 1.8% y/y, while the PPI rate is forecasted to have ticked up to 3.8% y/y versus 3.4% in the preceding month.
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