Market Pulse - Commodities
OPEC+ rubber stamps crude oil output quota increase for August
The world's largest grouping of crude oil exporting countries went ahead with plans to raise its permitted output ceiling, as expected.
US current account deficit hits record high in first quarter of 2022
America's current account deficit reached a fresh record high equivalent to 4. 8% of the country's gross domestic product over the first three months of 2022.
Opportunity knocks, BofA says
Financial markets have reached a critical juncture with positioning across asset classes as bearish as at any time seen since August 2002, July 2008, 11 September, September 2015, January 2016 and March 2020, but opportunity might be about to knock on investors' door, said strategists at Bank of America.
Euro area CPI rises at record pace in June, energy and food prices pace gains
Euro area consumer prices rose at a record clip last, revised data confirmed, pushed higher energy and food prices in particular.
Fed is 'acutely' focused on returning inflation to 2.0 per cent, Powell says
Policymakers at the US central bank are "acutely" focused on maintaining price stability as well as financial stability, with the latter of key importance for meeting the Federal Reserve's mandate of achieving 2. 0% inflation and full employment, Jerome Powell said.
Record number of fund managers now expect slower growth globally, BofA says
A record proportion of fund managers globally now expect slower economic growth over the next 12 months, especially in Europe, although their expectations for China's economy brightened, the results of a closely-followed survey revealed.
Citi says Glencore is a crowded trade but for 'all the right reasons'
Analysts at Citi reiterated their 'buy' recommendation (Target price: 700. 0p) for shares of Glencore despite the fact that consensus longs often go wrong.
US foreign trade deficit collapses in April as exports jump
America's shortfall on trade with the rest of the world registered an outsized drop in April and some economists believed that it was set to stop being a drag on economic growth over the remainder of 2022.
Sector movers: Miners gain on news of easing in China lockdowns, talk of trade tariff reductions
Shares in Industrial Metals & Mining names were among the best performers on the FTSE 350 at the start of June as UK investors reacted to news that Chinese authorities were easing Covid-19 restrictions.