Anton Schubert on LinkedIn: 04 June 2024 AM Source(s): Bloomberg News / Barron's /Dow Jones/… (2024)

05 June2024 AMSource(s): Bloomberg News / Barron's /Dow Jones/ FTUS equities were poised for further gains on Wednesday amid hopes that fresh jobs data will confirm recent signs of a cooling economy and allow the Federal Reserve to start interest-rate cuts this year.S&P 500 futures rose 0.2%, while tech-heavy Nasdaq 100 contracts climbed 0.4% as of 6:00 a.m. in New York.___Global & U.S. Market Preview:* S&P 500 futures up 0.1% to 5,310.00* Brent Futures up 0.3% to $77.73* Gold spot up 0.3% to $2,333.82* STOXX Europe 600 up 0.5% to 519.53* German 10Y yield @ 2.54%* Euro-US$ @ $1.0877___U.S. Central Bank:* Nothing major scheduled___Economic Data Today:07:00: May MBA Mortgage Applications08:15: May ADP Employment Change, est. 175,00009:45: May S&P Global US Composite PMI, est. 54.209:45: May S&P Global US Services PMI, est. 54.810:00: May ISM Services New Orders, est. 53.210:00: May ISM Services Employment, est. 47.210:00: May ISM Services Prices Paid, est. 59.010:00: May ISM Services Index, est. 51.0___U.S. Treasury A.M.Yield Indications - (6:00 am)1 Yr-T-bill @ 5.084%2yr Note @ 4.785%10yr Note @ 4.345%30yr Bond @ 4.487%___U.S. Treasury Auctions: June 5: $60 billion 17-week billsJune 6: $70 billion 4-week bills, $70 billion 8-week bills____ECB Rate-Cut Expectations Start to Unravel Before First Move Strong wage growth risks slowing return of inflation to 2%Governing Council to lower rates by quarter-point on Thursday-- Strong economic data and vocal European Central Bank hawks are pushing some analysts and investors to waver in their expectations for interest-rate cuts this year.While most economists still foresee quarterly reductions following this week’s initial move, some reckon sticky inflation, rapid wage growth and surprisingly robust euro-zone output will constrain monetary loosening.___Global Economic Data:* Argentina industrial production* Australia GDP* Brazil industrial production* Canada rate decision* China Caixin services PMI* Eurozone S&P Global Services PMI, PPI* France industrial production* Poland rate decision* Russia unemployment* Singapore retail sales* South Korea GDP___Global Events:* Bloomberg Live event “Wealth Creation in a Wild World” in Hong Kong.* Bank of Canada and Polish central bank rate decisions.* Norges Bank isssues financial infrastructure report.___Overnight Headline News:* ECB’s Inflation Challenge Looks More and More Like the Fed’s* Economists Expect Canada To Lower Key Rate -- WSJ* Fitch Lowers 2024 China New Home Sales Forecasts* China Grapples With Overcapacity -- WSJ* Stellantis May Quit Some Suppliers to Cut EV Costs, CEO Says* Intel to Sell 49% of Irish Venture to Apollo for $11 Billion * German rise in unemployment 3 times worse than expected* Saudi Starts 1B Riyal Fund to Invest in Semiconductors* Bitcoin Posts Longest Winning Run Since March* * Ford's U.S. vehicle sales rose 11% in May*****

04 June 2024 PMSource(s): Bloomberg News/ WSJ / Dow Jones/FTMajor US stock averages ended up on Tuesday as investors took in the latest signs of a cooling economy and bet on the increased likelihood of rate hikes later this year.____Economic Data Today:1) US job openings fell in April to the lowest level in more than three years. U.S. released JOLTs Job Openings report for April. The report indicated that JOLTs Job Openings declined from 8.49 million in March to 8.06 million in April, compared to analyst consensus of 8.34 million.2) Factory Orders report for April indicated that Orders increased by 0.7% month-over-month in April, compared to analyst consensus of +0.6%. Factory Orders ex Transportation increased by 0.7%.3) Atlanta Fed GDP Index Falls Below Consensus for 2Q - Estimate now just +1.85% - down from +2.66%_____Treasuries: 10-year notes climbed for a fourth day as the labor market continued to cool* 3mo T-bill yield fell 0.5bps @ 5.378%* 6mo T-bill yield fell 0.6bps @ 5.355%____* 1-year yield fell 1.3bps to 5.121%* 2-year yield fell 4.1bps to 4.770%* 10-year yield fell 5.9bps to 4.331%* 30-year yield fell 6.1bps to 4.474%Today's Auctions:04 June: 42-day T-bill $60 billion @ 5.275 Previous 5.275%Treasury Secretary * Treasury's Yellen Says Treasury Never Tries to Time the Market in Debt Management, At the Senate Appropriations Subcommittee Testimony* Yellen Says Short Term Bill Issuance Is in Line with Recommendations from Treasury Borrowing Advisory Committee_____ Financial Times - Global central banks plan to increase U.S. dollar reserves. A net 18% of global central banks plan to increase their allocation to the dollar over the next 1 to 2 years in response to US interest rates remaining high, according to the Official Monetary and Financial Institutions Forum. They surveyed 73 such institutions managing a total of $5.4tn of international reserves._____Stocks: The Standard & Poor's 500 rose for the third day, climbing 0.2%, or 7.94 to 5,291.34.Nvidia Corp. contributed the most to the index gain, increasing 1.3%. Carnival Corp. had the largest increase, rising 5.8%.Today, 230 of 503 shares rose, while 273 fell; 6 of 11 sectors were higher, led by information technology stocks.* Dow - Up 140.26 (+0.36%)* S&P 500 - Up 7.94 (+0.15%)* NASDAQ - Up 28.38 (+0.17%)____Oil: fell to the lowest in about four months after OPEC+’s plan to loosen its production curbs this year deepened the market’s bearish sentiment. WTI Dn $0.87 to settle @ US$73.35Gold: prices retreat amid risk-off sentiment, falling US yields. Today = $2,326.43 - Up $24.20Crypto: - Bullish momentums returned Bitcoin climbed above 70k early on Tuesday hitting an intraday peak of 71,031 - BTC = 70,447.70 Up 1,656.70 (Up 2.41%)AI: Cisco Systems Inc. plans to invest $1 billion in startups that are working on what it calls “secure and reliable” AI services, part of a push to be a bigger player in AI technology.******

03 June 2024 PMSource(s): Bloomberg News/ WSJ / Dow JonesU.S. stocks end mixed, recovering from steep early losses, as Nvidia again lifts the technology sector, while the blue-chip index underperforms. Economic data hint at a slowing U.S. economy, sending Treasury yields lower.__Economic Data Today:1) The ISM Manufacturing PMI Index fell to 48.7% in May, a 0.5 percentage point decrease from April’s 49.2%, failing to meet economists’ forecast of 49.7%.* New Orders Index stayed in contraction at 45.4%, which is 3.7 percentage points lower than April's 49.1%.* The Prices Index was 57%, a reduction of 3.9 percentage points from April’s 60.9%.* Separately, S&P Global said its US manufacturing purchasing managers' index increased to 51.3 in May from 50 in April, as new orders returned to growth.2) April US Construction Spending Declines Unexpectedly, Residential Building Up - US construction spending fell by 0.1% in April, compared with a 0.2% increase expected.__Treasuries: Bond Yield Lower on Weak Data* 3mo T-bill yield unchanged @ 5.391%* 6mo T-bill yield fell 0.5bps to 5.367%___* 1-year yield fell 3.6bps to 5.153%* 2-year yield fell 4.9bps to 4.821%* 10-year yield fell 9.4bps to 4.406%* 30-year yield fell 9.7bps to 4.553%Today's Auctions:03 June - 3mo T-bill $70 billion @ 5.25% vs previous 5.255%03 June - 6mo T-bill $70 billion @ 5.155% vs previous 5.17%Foot Note: T-bills, which mature in a year or less, comprised 21.8% of marketable Treasury debt as of April 30, exceeding for a seventh straight month the 15% to 20% threshold recommended by the investors, dealers and other market participants who make up the Treasury Borrowing Advisory Committee.Government and prime money-market funds accounted for $2.1 trillion, or 35%, of the bill investor base as of March, up 19 percentage points from a year earlier.__Stocks:* Dow - Dn 115.29 (-0.30%)* S&P 500 - Up 5.89 (+0.11%)* NASDAQ - Up 93.65 (+0.56%)S&P 500 - Today, 172 of 503 shares rose, while 328 fell; 4 of 11 sectors were higher, led by information technology stocks.___Oil: prices slipped after Saudi-led OPEC and its Russian-led allies said Sunday they would maintain output levels but begin to restore production from October, even as questions about a spike in US stockpiles cause investors to fret over demand. WTI Dn $2.93 to settle @ US$74.07Gold: moved higher as markets focus on the strong pullback in Treasury yields & the U.S. Dollar losing ground against a broad basket of currencies, providing additional support Today = $2,345.71 - Up $18.33Crypto: Bitcoin long-term holders have resumed accumulating, signaling a shift in market dynamics, according to the latest “Bitfinex Alpha” report. BTC = 69,107.40 Up 1,371.90 (Up 2.03%)AI : Nvidia Corp. and Advanced Micro Devices Inc.’s chiefs showcased new generations of the chips powering the global boom in AI development, deepening a rivalry that’s shaping the future of AI design and adoption.****

03 June2024 AMSource(s): Bloomberg News / Barron's /Dow Jones/ FTStocks are poised for a muted open on Monday, ahead of a week of jobs-heavy economic data releases, and an expected rate cut by the European Central Bank.Markets will look ahead to the BLS release of May jobs report on Friday and unemployment rate. Economists expect an increase of 180,000 in nonfarm payrolls, 5,000 more than in April and for the unemployment rate to stay at 3.9%.____Will the ECB cut rates?(Financial Times) -- The European Central Bank has pledged to take a data-dependent approach to monetary policy. Yet on Thursday it seems almost certain to brush off the recent upturn in Eurozone inflation and start cutting rates anyway.______Global & U.S. Market Preview:* S&P 500 futures up 0.2% to 5,306.75* Brent Futures up 0.1% to $81.22/bbl* Gold spot up 0.0% to $2,328.29* STOXX Europe 600 up 0.6% to 521.13* German 10Y yield @ 2.63%* Euro-US$ @ $1.0838______U.S. Central Bank:* Nothing major scheduled______Economic Data Today:May Wards Total Vehicle Sales, est. 15.8m09:45: May S&P Global US Manufacturing PM, est. 50.910:00: May ISM Employment10:00: April Construction Spending MoM, est. 0.2%10:00: May ISM New Orders10:00: May ISM Prices Paid, est. 59.510:00: May ISM Manufacturing, est. 49.6______U.S. Treasury A.M.Yield Indications - (6:00 am)1 Yr-T-bill @ 5.171%2yr Note @ 4.868%10yr Note @ 4.475%30yr Bond @ 4.618%_____U.S. Treasury Auctions:June 3: $70 billion 3-month bills, $70 billion 6-month billsJune 4: $60 billion 42-day billsJune 5: TBA 17-week billsJune 6: TBA 4-week bills, TBA 8-week bills______Global Economic Data:* China Caixin manufacturing PMI* Eurozone S&P Global Manufacturing PMI* France S&P Global Manufacturing PMI* Germany S&P Global / BME Manufacturing PMI* India S&P Global Manufacturing PMI* Indonesia CPI* Japan capital spending* Pakistan trade, CPI* UK S&P Global / CIPS Manufacturing PMIGlobal Events:* International Atomic Energy Agency board meets in Vienna. Inspectors have verified that Iran’s stockpile of bomb-grade uranium rose over the last three months._____Overnight Headline News :* Opec+ agrees to extend deep production cuts into 2025 -FT* Key Engines of US Consumer Spending Are Losing Steam* Mexican Peso Slides as Ruling Party Landslide Spooks Investors* GameStop Shares Double as Gill Post Shows $116 Million Bet* Nvidia, AMD Gain as CEOs Outline AI Pipeline* Qatar Airways Closes In on Major Boeing, Airbus Widebody Order* Japan automakers including Toyota hit by testing scandal* Google Tweaks AI Search Summaries After Odd Results -- WSJ* Nvidia Announces Next-Generation Rubin AI Platform for 2026* Saudi Aramco’s $12 Billion Stock Offer Sells Out in Hours* Real-Estate Slump Jolts Government Pension Plans -- WSJ* Google Can’t Pay to Avoid Digital Ad Monopoly Suit, DOJ Says* Samuel Adams Maker In Talks to Sell Itself -- WSJ********

01 June 2024 Source(s) : Bloomberg News/ WSJ U.S. WEEK AHEAD: Economic Highlight May’s nonfarm payroll report due for release on Friday - 07 June @ 8:30 am EST is expected to help clarify the debate as to the current policy approach within the FOMC: Markets will attempt to glean for any evidence that 'official interest rates policy' is sufficiently restrictive. However, with the close of business for May on Friday the debate still raged. In the past week, New York Fed President John Williams said he sees ample evidence rates are restrictive. But Dallas Fed President Lorie Logan said rates may not be as “restrictive as believed.” *********************Saturday, June 1ECONOMIC DATA:* Macau casino revenue* South Korea tradeEVENTS: * India wraps up general election. Indian stocks need Prime Minister Narendra Modi’s party to win more than 303 seats to extend record rally, Bloomberg survey shows.* South Africa is expected to announce results of its May 29 election.* Iceland’s presidential election. Voters will choose a successor to incumbent Gudni Th Johannesson, who’s not running. Three candidates are polling neck-and-neck.* The IISS Shangri-La Dialogue, Asia’s premier defense summit, continues in Singapore through June 2.* UEFA Champions League football final at Wembley Stadium in London, pits Real Madrid against Borussia Dortmund.* US Women’s Open golf continues at Lancaster Country Club in Pennsylvania, with $12 million on the line in the year’s second major. Through Sunday.* The French Open continues at Roland-Garros in Paris through June 9.Sunday, June 2EVENTS:* Mexican presidential election. The ruling Morena party is seeking to capitalize on support for frontrunner Claudia Sheinbaum and gain a congressional supermajority. Pre-election political violence has been higher than during the 2021 vote.* OPEC+ meeting will discuss production policy for the second half of the year. Session will be held online. Ministers are expected to extend voluntary output cuts.* International Air Transport Association annual general meeting and World Air Transport Summit in Dubai through June 4. ********

31 May 2024 PMSource(s): Bloomberg News/ WSJ / Dow JonesOn the final trading day of May 2024, the Dow staged a late day surge to finish the day up 574.84 - Up 1.51%The Dow's 575-point Friday surge puts finishing touch on year's best months.The positive finish was supported by this week's economic data showing US consumer spending weakened more than expected in April as outlays on goods fell into contraction territory. The Federal Reserve's preferred core inflation measure printed 'in-line' with expectations.___Economic Data Today:1) The U.S. Bureau of Economic Analysis on Friday released the April Personal Consumption Expenditure (PCE) Index, the Federal Reserve's preferred inflation measure. The index rose by 2.7% annualized last month, matching expectations and unchanged from March. Core PCE, excluding volatile items, rose 0.2% from March and down from 0.3% a month earlier.___Treasuries: Yields on 2-year notes, more sensitive than longer maturities to changes in Fed policy, fell below 4.89% to the lowest level in more than a week.* 3mo T-bill yield unchanged @ 5.399%* 6mo T-bill yield unchanged @ 5.376%____* 1-year yield fell 1.1bps to 5.175%* 2-year yield fell 7.3bps to 4.883%* 10-year yield fell 5.1bps to 4.504%* 30-year yield fell 3.9bps to 4.648%Today's Auctions:None___Stocks: S&P 500, NASDAQ 100 both snap 5-week winning streak* Dow - Up 574.84 (+2.51%)* S&P 500 - Up 42.03 (+0.80%)* NASDAQ - Dn 2.06(-0.01%)___NASDAQ Composite Rises 6.88% This Month to 16,735.02--Largest one-month point and percentage gain since Nov. 2023--Up 6 of the past 7 months--This week it is down 185.78 points or 1.10%___The Dow Jones Industrial Average is up 870.40 points or 2.30% this month to 38,686.32--Largest one-month point and percentage gain since Dec. 2023--Up 6 of the past 7 months--This week it is down 383.27 points or 0.98%--Down for 2 consecutive weeks___Late Friday:Standard & Poor's Global Review Lowers France long-term rating to 'AA-'; outlook stable.* France's 2023 budget deficit was significantly higher than we previously forecast, reaching 5.5% of GDP.* S&P projects France's general government debt will increase to about 112% of GDP by 2027 from about 109% in 2023.__Oil: Crude futures go into the weekend with eyes on Sunday's virtual meeting of OPEC and allies, including Russia, where a decision on the future of output cuts beyond 2Q is awaited. WTI Dn $0.83 to settle @ US$77.08Gold: traded lower midafternoon on Friday even as the dollar and yields sagged following fresh U.S. inflation data. Today = $2,321.45 - Up $21.65Crypto: Bitcoin continues to trade in a very tight range over the last 2 weeks. Bears are waiting for a drop below 60k and bulls are waiting for a break-out above 70k - BTC = 67,457.80 Dn 880.70 AI : (Reuters) -Dell Technologies shares tumbled about 18% on Friday, as the PC and server maker expects sizeable AI investments to dent its quarterly profit.******

31 May 2024 AMSource(s): Bloomberg News / Barron's /Dow Jones/ FTU.S. Stocks posted small moves in pre-market as focus remains on key inflation data in Europe and the Federal Reserve’s preferred price-growth measure for hints on the scope and timing of policy easing. ___Global & U.S. Market Preview :* S&P 500 futures little changed at 5,247.75* Brent Futures down 0.2% to $81.72* Gold spot down 0.1% to $2,341.85* STOXX Europe 600 little changed at 516.97* German 10Y yield @ 2.67%* Euro-US$ @ $1.0843___U.S. Central Bank :18:15: Atlanta Fed President Raphael Bostic gives commencement speech to Augusta__Economic Data Today :08:30: April PCE Deflator MoM, est. 0.3%08:30: April Personal Income, est. 0.3%08:30: April PCE Core Deflator YoY, est. 2.8%08:30: April PCE Core Deflator MoM, est. 0.2%08:30: April Real Personal Spending, est. 0.1%08:30: April Personal Spending, est. 0.3% 9:45: May MNI Chicago PMI, est. 41.5Oil Falls After U.S. Gasoline Inventories Build, Disappointing China Data ___Government Agenda11 a.m.: Treasury Secretary Janet Yellen meets with Belgium’s Prime Minister __U.S. Treasury A.M.Yield Indications - (6:00 am)1 Yr-T-bill @ 5.186%2yr Note @ 4.943%10yr Note @ 4.554%30yr Bond @ 4.681%____U.S. Treasury Auctions: None * This week the U.S. Treasury auctioned $616 billion in securities of which $405 billion (65.7%) were in maturities of 1 year or less.* Yesterday's auction of 4- & 8-week T-bills saw strong demand for the reduced size auctions. * US Year-to-Date Sovereign Bond Sales $11.2 trillion US sold $11.2 trillion worth of bonds this year as of May 23. Issuance was up 55% compared to the same period last year.___Global Economic Data :* Canada quarterly GDP* Chile industrial production* China official manufacturing and non-manufacturing PMI* Colombia unemployment* Czech Republic GDP* Eurozone CPI* Finland GDP* France GDP, CPI* Hong Kong retail sales* India GDP* Italy CPI, GDP* Japan unemployment, Tokyo CPI, industrial production, retail sales* South Africa trade balance* South Korea industrial production* Turkey GDPGlobal Events :* The IISS Shangri-La Dialogue is Asia’s premier defense summit, June 2. Chinese Defense Minister is expected to attend._____Overnight Headline News:* US Is Slowing AI Chip Exports to Middle East by Nvidia, AMD* Euro-Zone Inflation Up More Than Expected Before ECB Cut * ECB Seen Making Fewer Rate Cuts in Fight to Curb Inflation Risks* Oil Extends Decline With Supply in Focus Before OPEC+ Meeting* Nvidia’s Founder Leads Parade of CEOs to Summit on Future of AI* AI Content Deals Face Antitrust Spotlight -DOJ* China Will Impose Export Controls on Technology -- WSJ* Dell Falls After AI Server Sales Fail to Impress Investors* Apple Plans Siri AI Revamp to Let Users Better Control Apps* Saudi fund invests in China to create rival to OpenAI -FT* China Mat Mfg. PMI Contracts to Three-Month Low -MNI********

30 May 2024 PMSource(s): Bloomberg News/ WSJ / Dow JonesEquity Markets Remain uneasy ahead of tomorrow's release of the PCE Inflation Data. A big decline in Salesforce shares helped drag stock indexes lower Thursday, masking a broad rally outside of the tech sector. Salesforce alone subtracted 352 points from the Dow.Despite gains in nine out of its 11 sectors, the S&P 500 fell 0.6%. The Dow Jones Industrial Average dropped 0.9%, while the tech-heavy Nasdaq Composite lost 1.1%.__Economic Data Today:1) First-Quarter Economic Growth Revised LowerThe US economy grew at a slower pace than initially forecast for Q1 amid a downward revision to consumer spending, while inflationary pressures eased. Real gross domestic product rose at a 1.3% annualized rate in the March quarter, down from a 1.6% pace previously. In Q4, real GDP increased 3.4%.2) Jobless claims ticked up at the end of May, though the level remains low. With hiring intentions from regional Fed surveys remaining negative.__Fed Speak Today:Fed’s Williams Sees ‘Ample Evidence’ That Policy Is Restrictive* Expects inflation will resume easing in second half of 2024Fed Bank of NY President John Williams said he expects inflation to continue falling in the second half of this year, adding that elevated borrowing costs are restraining the economy.__Treasuries:* 3mo T-bill yield fell 0.1bps @ 5.399%* 6mo T-bill yield fell 0.3bps to 5.376%____* 1-year yield fell 0.3bps to 5.193%* 2-year yield fell 3.3bps to 4.927%* 10-year yield fell 4.1bps to 4.552%* 30-year yield fell 4.8bps to 4.684%Today's Auctions:30 May - 4wk T-bill $70 billion @ 5.27% vs previous 5.27%30 May - 8wk T-bill $70 billion @ 5.275% vs previous 5.275%(* $10 billion reduction in both 4wk & 8wk from previous auction)After reaching 23% this past March, the T-bills proportion of total debt fell back to 22.2% in April, the biggest monthly drop since March 2023.__Stocks:* Dow - Dn 330.06 (-0.86%)* S&P 500 - Dn 31.47 (-0.60%)* NASDAQ - Dn 183.50 (-1.08%)__Investment Company Institute* Fixed Income Mutual Fund Inflows Rise to $3.99B in 4th Week of Gains* Mutual Fund Outflows Narrow to $8.65B in 9th Week of Losses* Muni Mutual Fund Inflows Rise to $573M, Most Since March 20* Equity Mutual Fund Outflows Increase to $11.4 Billion* Money Market Assets rose by $3.80 billion to $6.07 trillion__Oil: OPEC+ Works on Output Cut Accord That May Stretch Into 2025, officials said. WTI Dn $1.32 to settle @ US$77.91Gold: gain modest ground as traders focus on U.S. dollar’s pullback and falling Treasury yields. Today = $2,342.50 - Up $4.38Crypto: Bitcoin moved higher in sympathy with a strengthening US Dollar and easing bond yields. BTC = 69,378.50 Up 1,809.10 (Up 2.68%)AI : OpenAI said on Thursday that it had identified and disrupted 5 online campaigns that used its generative AI technologies to deceptively manipulate public opinion around the world and influence geopolitics.***

30 May 2024 AMSource(s): Bloomberg News / Barron's /Dow Jones/ FTUS Stock Futures Drop as High Yields Sour Mood* Markets are watching US GDP data Thursday, inflation Friday___Fed’s Bostic Says Many Inflation Measures Moving to Target Range* Says Fed may be in a position to cut rates in fourth quarter__Global & U.S. Market Preview:* S&P 500 futures down 0.5% to 5,260.00* Brent Futures down 0.3% to $83.36* Gold spot down 0.2% to $2,333.60* STOXX Europe 600 up 0.2% to 514.64* German 10Y yield @ 2.66%* Euro-US$ @ $1.0815___U.S. Central Bank:12:05 New York Fed President John Williams speaks at the Economic Club of New York.17:00: Dallas Fed President Lorie Logan speaks at in El Paso, Texas.___Economic Data Today:08:30: 1Q Core PCE Price Index QoQ, est. 3.7%08:30: 1Q Personal Consumption, est. 2.2%08:30: 1Q GDP Price Index, est. 3.1%08:30: May Continuing Claims, est. 1.8m08:30: April Retail Inventories MoM, est. 0.3%08:30: April Advance Goods Trade Balance08:30: April Wholesale Inventories MoM, est. 0.1%08:30: 1Q GDP Annualized QoQ, est. 1.3%08:30: May Initial Jobless Claims, est. 217,00010:00: April Pending Home Sales YoY, est. -2.0%___U.S. Treasury A.M.Yield Indications - (6:00 am)1 Yr-T-bill @ 5.196%2yr Note @ 4.964%10yr Note @ 4.594%30yr Bond @ 4.716%___U.S. Treasury Auctions:May 30: $70 billion* 4-week bills, $70 billion* 8-week bills* $10 billion reduction from previous auction__Global Economic Data:* Australia building approvals* Chile unemployment* Eurozone economic confidence, unemployment, consumer confidence* Italy unemployment* Mexico unemployment* South Africa rate decision* Spain CPI* Sweden GDP* Switzerland GDP* Taiwan GDPGlobal Events:* Reserve Bank of Australia Assistant Governor speaks at Australasian Investor Relations Association conference.* BOE Governor has speech and fireside chat at Irish Association of Investment Managers annual dinner in Dublin.* Swiss National Bank President speaks at Bank of Korea International Conference in Seoul.* Bank of England policy maker on panel at Financial Markets Group, London School of Economics.* Informal meeting of NATO foreign ministers in Prague___Overnight Headline News:* Rising Bond Yields Weigh On Stocks -- WSJ* Saudi Arabia Set to Launch $10 Billion Aramco Offer Sunday* Europe Bond Sales Exceed €1 Trillion in Record Time* Google, Amazon Win EU Court Backing in Italian Rule Dispute* Pressure mounts on Beijing to allow renminbi to weaken -FT* Google to Invest $2 Billion in Malaysia, Build Data Center* Jeep Maker Plans $25,000 Electric Model -- WSJ* Apple Signals That It’s Working on TV+ App for Android Phones* ConocoPhillips to Acquire Marathon Oil in $17 Billion Deal* U.S. Issues Guidelines for Buying Carbon Offsets -- WSJ* Germany to Fast Track Hydrogen Projects to Cut Carbon Emissions* Meta Takes Down Fake Accounts -- WSJ* Toyota Sales and Output Fall on Prius Recall, Dip in China***