US EARLY MORNING: US index futures are a little lower ahead of today's key jobs data

US PRE-MARKETS: US equity futures are lower, bond yields are narrowing (short-end outperforms slightly), while the Dollar Index is flat. Today's main event is the US jobs data, where analysts expect to see a cooling in the headline rate of payroll additions, but the hot ADP and JOLTs data released Thursday suggest that there could be upside risks, according to some analysts. Currently, money markets are pricing a July rate hike, and expect the terminal rate to be at around 5.45% in November (vs the cirrent 5.00-5.25% level), one hike fewer than where the Fed's dot plot for this year sits.

PREVIEW – US JOBS REPORT (13:30BST/08:30EDT): Labour market proxies were mixed in June: initial jobless claims spiked in the comparable survey week, with the four-week moving average higher heading into the June data; within S&P Global’s flash PMI data, the employment sub-indices eased, though remain above the 50-mark, which separates expansion and contraction; the ISM manufacturing data saw employment fall into contraction, but the services gauge saw the employment index rise into expansion; ADP’s gauge of payrolls growth spiked higher in the month, while Challenger Layoff numbers tumbled lower. Currently, markets are expecting the Fed to lift rates in July, and it is assumed that only a very significant miss along with weakness in other metrics will derail that plan; meanwhile some of the strong data released this week has seen expectations of the Fed terminal rate rise, to 5.45% in November 2023. (Newsquawk) 

WEEKLY FLOWS: BofA's weekly flow report noted USD 29bln into cash, USD 13bln into equities, USD 9.8bln inflows into bonds, USD 0.6bln outflows gold fund in the latest week. The bank said money market funds experienced their first inflow in four weeks, raising total cash AUM to USD 7.8tln. Investment-grade bonds saw their largest inflow in five months at USD 9.0bln, and high-yield bonds had their first inflow in four weeks at USD 0.5bln, showing no concerns over corporate bonds. For the first time since November 2022, inflows into Developed Markets (USD 31bln in the last 8 weeks) exceeded those into Emerging Markets (USD 14bln), the report said. Japanese stocks have seen inflows over the past five weeks (USD 8.9bln), and US large-cap funds witnessed their largest inflow in nearly eight months (USD 12.9bln). BofA's Bull & Bear indicator was unchanged at 3.2. 

TODAY’S AGENDA:

EQUITY NEWS:

TECH:

COMMUNICATIONS:

CONSUMER:

ENERGY:

INDUSTRIALS:

HEALTHCARE:

FINANCIALS:

07 Jul 2023 - 09:30- EquitiesData- Source: Newsquawk

USDUnited StatesFederal ReserveChairmanDataMETAFirst Solar IncGermanyInflationPresidentABBVAbbVie IncStarbucks CorpUBERSPSC.USAlibabaSSNLF.USFSLR.USSSNC.USDIS.USTSLA.USAMZN.USBABA.USCOST.USSBUX.USSTZ.USCZR.USCWH.USSU.USMRCY.USABBV.USBIIB.USESALY.USBX.USCBOE.USChinaFacebook IncDASHNew York & Co IncWagesTSLAWells Fargo & CoSPS Commerce IncCJapanZSCOOMediaGoldTwitter IncDISEquitiesAMZNiRobot CorpCOSTInstitute for Supply ManagementSBUXABNBConstellation Brands IncSTZMemberCZRCaesars Entertainment CorpRestaurant Group PLC/TheSHELSUSuncor Energy IncITLMTMercury Systems IncPurchasing Manager IndexMoving AverageBIIBFDABXCBOEInitial Jobless ClaimsBitcoinECBIndustrial OutputBaker Hughes IncTECHBullFSLRAustraliaEU SessionAsian SessionImportantResearch SheetKRWChadUnited KingdomCanadaCNY

Subscribe Now to Newsquawk

Click here for a 1 week free trial

Newsquawk provides audio news and commentary for over 15,000professional traders and brokers worldwide. Services include: