In recent days, the London Metal Exchange is showing signs of emerging copper deficit. This is indicated by a surge in premiums on contracts of the metal with immediate delivery compared to contracts for a later date.
According to Bloomberg, the UK labor market is experiencing a sharp downturn. Data from the Office for National Statistics (ONS) shows that the number of employed workers fell by 109,000 in May, while unemployment rose to 4.6%.
Weak UK employment data has reinforced expectations of Bank of England interest rate cuts, according to Bloomberg. The pound fell 0.7% to $1.3456, marking its steepest decline this month, while UK bond yields dropped 5–6 basis points across the curve, outperforming eurozone counterparts.
Analysts at Morgan Stanley believe US President Donald Trump’s decision to double tariffs on aluminum to 50% increases the likelihood of additional levies on copper imports.
Australia’s economy saw a sharp slowdown in business activity in May, despite the recent interest rate cuts. According to National Australia Bank (NAB), the business conditions index dropped to zero, falling well below the long-term average of +6.
Nasdaq has formally updated the composition of its benchmark index through the US Securities and Exchange Commission (SEC) Form 8-K filing for the Hashdex Nasdaq Crypto Index US ETF (NCIUS). The revised index now incorporates four additional cryptocurrencies.
The UAE is on the verge of revolutionary changes in the financial sector. According to CoinMarketCap, the country is set to introduce cryptocurrency into everyday life of its citizens. Dubai’s Department of Finance has partnered with Crypto.com.
Bank of Japan (BOJ) Governor Kazuo Ueda told parliament that inflation remains significantly below the bank's 2% target. Market participants interpreted his remarks as suggesting a potential pause in monetary tightening.
Australia’s consumer confidence ticked higher this month. A modest increase was driven by the conflicting moves of the central bank lowering interest rates and the country’s economy growing at a slower pace.
UK retail sales grew at their slowest pace in six months in May, according to a joint report by the British Retail Consortium (BRC) and KPMG. Rising prices for goods and higher monthly bills squeezed household budgets, dampening consumer spending.
An increase of the indicator value may contribute to the fall in quotes of GBP.
