Weekly oil and gas drilling data from Baker Hughes – Prior was 859 – Natural gas rigs 197 vs 198 prior – Total rigs 1060 vs 1059 The drilling continues.
Letter to be delivered today North Korean officials will hand-deliver a letter to the White House today that “expresses the North Korean leader’s interest in meeting without making any significant concessions or threats,” according to .
Stops hit in EUR/USD The euro ripped through stops below the 1.1650/40 in a quick move to a session low of 1.1617. The wobble came after Conte was sworn in as Prime Minister. That sent the MIB down about 1% in a quick move, even through it was entirely expected.
S&P 500 rebounds from tariff worries It’s a new month, so flows are always dominant but I’m shocked that the market is so sanguine about tariffs. The EU, Canada and Mexico have announced retaliation or the intention to retaliate. The US has promised to retaliate to the retaliation.
May ISM manufacturing – Prior was 57.3 – Highest since March – Employment 56.3 vs 54.2 prior – Prices paid 79.5 vs 79.3 prior – New orders 63.7 vs 61.2 Sold numbers with this series remaining near the cycle highs.
April US construction spending data – Prior was -1.7% – Best number since Jan 2016 Expect to see higher revisions to Q2 GDP on the heels of these numbers but there’s no change in trend here. It’s just a rebound after a very weak number in March.
ArticleBody As is usual for a Monday morning, market liquidity is very thin indeed:Price guide, indications … not too much change, just a lil bit, from late Friday levels to open the week:
WTI consolidates above support The Baker Hughes rig count data at the top of the hour will likely show the continued march higher in US oil production. OPEC is also talking about raising quotas, although I’m skeptical they have much idle production given that they’ve failed to meet current quotas for months.
Trump tips off a strong jobs report, the market front-runs it You know who loses out in leaks? Retail traders. Now in this case, you can argue that everyone got to see Trump’s tweet at the same time and it’s fair. Fine. But the problem here is that the executive gets to see the numbers…
WSJ report “U.S. and Chinese trade negotiators are haggling over how to get Beijing to keep recent promises to purchase more American farm and energy products, with Washington pushing for long-term contracts that Chinese officials are reluctant to commit to.”