- Macro: Equity markets had a positive day yesterday with the S&P +0.83% and the Nasdaq +1.02%, as a stronger than expected U.S. jobs report fuelled confidence despite reducing odds of a near-term Fed rate cut. Europe was up +0.47%. Economic releases today include Eurozone May PPI at 10:00, and UK Construction PMI at 9:30. From the central bankers, the ECB’s Elderson and Villeroy, and the BoE’s Taylor speak today.
- Stock: We have an update on Apple. (see page 2)
- Debt: Treasuries underperformed sharply due to the passage of Trump’s One Big Beautiful Bill and stronger Non-Farm Payroll data. European yields remained resilient in the face of firmer US payrolls and ISM data with core yields closing lower.
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