Uncertainty over G7 summit weights on the equity markets
Japanese yen gains on the risk-off attitude
CAD traders await labour market report release
With almost empty macroeconomic calendar Friday’s early trading has been dominated by declines across Asian and European equity markets. As the risk-on attitude waned the JPY gained to trade as a top performer from the G10. On the other hand we got the Australian dollar and the Swedish krone. Gold trades subtly higher while declines are observed on the oil market. In the early afternoon (1:30 pm BST) labour market report from Canada will be released.
Two the German companies, Deutsche Bank and Allianz, have partnered with car exchange Auto1 and set up a company called “Auto1 Fintech”. The Auto1 exchange buys used cars from individuals and resells them to the car dealers.The aim of new entity is to offer car financing through blockchain technology.
Investors have been recently equipped with some reasons to be more wary of buying riskier assets among these reasons one may single out the G7 summit kicking off today in Canada as well as the trade data from China which, again, wreaked havoc across the board.
Asian trading is bringing quite massive falls across equity markets even as Wall Street closed yesterday little changed while there is more talk about a possible RRR cut in China. However, the trade data from China was in the spotlight, and even as a trade surplus declined in May in general, all eyes were turned to a balance with the US, and it even widened.
Friday looks quite poorly in terms of macroeconomic readings, and the sole one being worth looking at is the Canadian jobs report for May. On top of that, the G7 summit in Canada starts today.