Morning Juice – US Session Prep (4th June)

Sentiment
US stock futures rose further as investors awaited more data on the labour market, which has fared better than expected despite the Trump administration’s trade battle.

S&P 500 futures increased after the US benchmark notched consecutive gains for the first time since mid-May.
MSCI’s global equities index reached an all-time high following increases in European and Asian markets.
The Stoxx 600 index climbed, putting it on course for its largest gain in more than a week.
The Dollar and US Treasuries were largely unchanged.

While some analysts predict a significant decline in US employment in the coming months as a result of tariffs, the data has yet to reflect this.
The limited impact has boosted optimism and served to mitigate fears about Trump’s trade policy, which experts say could lead to an economic slowdown.

While global stock markets have recovered from their April lows, variations in the rate of recovery are appearing, with Europe and Asia outperforming the US.

Trump stated in a late-night social media post that Chinese President Xi was difficult to deal with, casting doubt on the viability of the world’s two largest economies’ fragile economic truce.

Docket
08:15 ET
US ADP Employment Change for May
Forecast: 114k | Prior: 62k | Range: 180k / 85k

09:45 ET
Bank of Canada Rate Decision
Median forecast sees rates staying unchanged at 2.75%

Bank of Canada Rate Statement

US S&P Services PMI May Final
Forecast: 52.3  | Prior: 52.3 | Range: 53 / 52.1

10:00 ET
US ISM Services PMI for May
Forecast: 52 | Prior: 51.6 | Range: 53 / 49.1

10:30 ET
US Weekly EIA Crude Oil Inventories
Forecast: -3.128M | Prior: -2.795M | Range: 1M / -3.5M

Speakers
08:30 ET
Fed’s Bostic & Cook moderate a roundtable conversation with leaders from the public, private, and nonprofit sectors at a Fed Listens event.
Bostic will give welcoming and closing remarks.
Text is expected, but no Q&A.

08:45 ET
EU’s Economy Commissioner Dombrovskis speaks on BBTV.

10:30 ET
BoC Press Conference with Governor Macklem following the Canadian rate decision.#

14:00 ET
Trump Budget Director Vought speaks at the House Budget hearing.

15:00 ET
Trump Signs Proclamations.

19:00 ET
Trump participates in a Summer Soirée.

Good luck!