A bit of a reminder that London is out today (and also tomorrow) amid the spring bank holiday and Platinum Jubilee holiday. The former typically falls on the final Monday of May but has been moved to stick with the Platinum Jubilee holiday, which will take place tomorrow. With UK markets closed, that may make for thinner and quieter trading in the session ahead.
However, a return to the familiar may see markets act up a little more before we get to US trading later. For now, trading tones are more muted with little change being observed in equities, bonds, and FX.
Oil is a notable mover though, down 2% to just below $113 currently after Saudi Arabia said that they may increase output to make up for Russia’s shortfall amid sanctions. That will keep things interesting going into the OPEC+ meeting later today.
In terms of economic data, there won’t be much in Europe to really shake things up. As such, expect markets to continue to sort out their feet in the new month with the recognisable storm clouds looming large still.
0630 GMT – Switzerland May CPI figures
0900 GMT – Eurozone April PPI figures
1130 GMT – US May Challenger job cuts, layoffs
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.