Morning Juice – US Session Prep (16th June)

Sentiment
Global equities were little changed after a strong three-day rally, with investors shifting their attention to this week’s central bank meetings. S&P 500 futures were flat after the index gained around 2% since Thursday, while European and Asian stocks posted modest gains. Treasuries edged higher and the dollar was little changed. The main focus is Wednesday’s Fed decision, the first under Warsh, with rates expected to stay unchanged but markets closely watching the press conference and any signals on inflation and the policy outlook.

Brent fell 2.6% to around $81 a barrel as major banks cut their oil price forecasts, with Goldman now expecting Persian Gulf exports to return to pre-war levels by the end of July. The drop in oil has largely erased the conflict-driven gains from earlier in the year, easing inflation pressure and potentially giving policymakers more flexibility. SpaceX rose 11% in early trading and is now up more than 50% since listing, while the BoE and SNB are also expected to hold rates this week after last week’s ECB hike.

Docket
08:30 ET
US Housing Starts for May
Forecast: 1.43M | Prior: 1.465M | Range: 1.482M / 1.37M

13:00 ET
US sells $13 bln 20-Year Bonds
Prior High Yield: 5.122%
Prior Bid-to-cover: 2.550

Speakers
09:10 ET
ECB’s Lane speaks in London.

15:05 ET
ECB’s Sleijpen speaks at the Centre for European Reform.

Good luck!