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Commentary for 6/2/2020

Daily Comments 06.02.20

Seen as a negotiating stance, China has paused soy and pork purchases from the U.S. that were part of the phase 1 trade deal. Asian markets were higher. The Nikkei 225 was up +1.19% and the Shanghai Composite added +0.20%.
The FTSE gained +0.87% to 6,220, the DAX was stronger by +3.75% to 12,021 and the Stoxx 600 was up +1.57% to 557. 10-yr Bunds yield -0.398%.
May Motor Vehicle Sales were of course all lower vs. 1-year ago. CNBC reports “Auto research firms expect new vehicle sales to be slightly less than 1.1M vehicles, down -32 to- 33%, actually better than expected. Fleet sales to rental car agencies were hit hard.
10-Year Notes yield 0.684%. The June US$ Index slid to 97.700. June gold fell to $1,724.40. July crude gained to close at $36.92.
Riots and urban warfare continued last night in major U.S. cities, with untold amounts of economic and psychological damage, along with injury and loss of human life. Even NY Governor Cuomo seems appalled, vocalizing his frustration with NYC Mayor de Blasio, saying he could displace him. President Trump is vowing to use the military to stifle the riots. Regardless, stock bulls continue their charge upwards, with no bears around.

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