Morning Bid: Wall St eyes election-strewn June, jobs week
June kicks off with a series of big election results around the world - with big landslides unfolding for favoured candidates in Mexico and India - while Wall Street has perked up in a key week for the U.S. labour market.
On the other side of the world, Indian shares set record highs, the rupee gained and bond yields dropped as exit polls indicated a decisive mandate and a third term for Prime Minister Narendra Modi. The polls showed Modi's Bharatiya Janata Party set to increase its 303 seats in the 543-member lower house and likely get a two-thirds majority - also enough to initiate amendments to the constitution.
The release of the Fed's favoured PCE inflation gauge was broadly as expected - even though economists argued over which slice of the numbers to focus on. In the meantime, the Atlanta Fed's real-time"GDPNow" estimate for U.S. growth this quarter slipped back almost a full percentage point over the week to 2.66%.
The gap between French and German 10-year government bond yields narrowed slightly even after Standard & Poor's cut its rating on France's sovereign debt late Friday - a move market participants said had been widely expected. Online fashion firm Shein is preparing to file a prospectus with Britain's Financial Conduct Authority for approval ahead of a potential London float which could value the Chinese-founded firm around 50 billion pounds , Sky News reported on Sunday.
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