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Livesquawk - US Briefing - Monday 07.06
US Briefing - Monday 07.06
Headlines
  • US’s Yellen: Higher Interest Rates Would Be ‘Plus’ For US, Fed
  • US Pres Biden Rejects Another Senate GOP Infrastructure Offer
  • Biden Raises Pressure On UK PM To Solve The N.Ireland Impasse
  • EZ June Sentix Investor Confidence Beats; Highest Since Feb 2018
  • German April Factory Orders See Surprise 0.2% Drop (est: +0.5%)
  • Merkel’s Heir Bolsters Bid For Chancellorship With State Victory
  • Swiss May CPI Beats Y/Y; Spanish Apr. Industrial Production Beats
  • UK Businesses Raise Fears Of Future Lockdowns As Cases Rise
  • UK’s Hancock: June 21 Covid Easing In Balance Before Key Week
  • UK May Annual Halifax House Prices Rise Most In Nearly 7 Years
  • China's May Imports Increase At The Fastest Pace In A Decade
  • S&P Raises Australia AAA Rating Outlook To Stable Vs. Negative
  • Bitcoin Drops On Weibo Crypto Suspensions, Goldman CIO Survey
  • Oil Slides After Topping $70 as Investors Assess Demand Outlook
  • Tesla Cancels Longer-Range Plaid+ Version Of Model S Sedan
  • Handelsblatt: Daimler May Fetch USD1.2 Bln In Showroom Sale
  • Covid-19 Outbreak At Taiwan Factory May Worsen Chip Shortage
Commentary
Merkel’s Heir Bolsters Bid For Chancellorship With State Victory

Armin Laschet boosted his chances of succeeding Angela Merkel as German chancellor by securing a decisive victory in the country’s poorest state. In the final electoral contest before the national vote in September, the 60-year-old party leader showed he can successfully guide the Christian Democrats in a tight campaign. The outcome will help ease doubts about his suitability to lead Germany’s conservatives.

 

The CDU halted its slide in recent elections on Sunday, winning 37% of the ballots in Saxony-Anhalt to improve on its last result, according to projections from public broadcaster ARD. The far-right Alternative for Germany, which was pushing for the lead in recent polls, slumped to a distant second in the former communist region with 22%. “The national CDU under Armin Laschet now has the momentum on its side,” said Holger Schmieding, the London-based chief economist at Berenberg. “The concern that Laschet maybe a hindrance rather than a help should be deflated.”

(Bloomberg – Continue Reading)

Investor Confidence In Germany Set To Trend Higher

The opinions of financial market experts on Europe’s largest economy are expected to improve yet again even though the last measurement of their optimism about the next six months soared to a 21-year high in May. Economists said they expect the forward-looking economic sentiment reading from this month’s poll by Germany’s ZEW thinktank to rise to 85.3 from 84.4, which was the highest mark since February 2000. The current conditions measure is forecast at -28.0, a major jump from last month’s print of -40.1. The ZEW’s May survey also showed significantly more optimism about the Eurozone economy among investors and analysts.

 

German pollster Sentix is scheduled to release the results of its June survey on Monday at 08:30 GMT, and the German readings could – as they often do – signal the likely direction of the ZEW data for this month. Dankse Bank said the June ZEW poll “may show some stabilisation in the expectations amid signs of a peak in manufacturing, but overall should still paint an upbeat picture. The current economic situation assessment still has some catch-up to do.”

(LiveSquawk – Continue Reading)

China: Exports Slow But Imports Jump

Exports in May grew 27.9%YoY, which is slower than the consensus expectation of 32% growth. The main reason for the shortfall is that all export items related to semiconductor chips have slowed. Auto processing products and parts, the biggest export item, fell 4%YoY in terms of export value. This is most likely the result of the semiconductor chip shortage. In contrast, imports grew 45.53%YoY in May. This was largely the effect of higher commodity prices from last year as import volumes actually decreased on a monthly basis.

 

Since the end of May, there have been around 10 Covid cases daily in Guangdong, where most electronics factories are located. Shipments from the port in Shenzhen that process most of the electronic throughput have been affected by Covid. Port workers now have to have Covid tests and port operations have been disrupted. (ING – Continue Reading)

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