US Trading Hours Summary: May JOLTS openings rise; First half comes to a close

Summary US equity market looked to finish off quarter and month on an up note. Tech did a good portion of the heavy lifting, unwinding some the mega-cap weakness/rotations seen into quarters end. 6M openings pushing up Treasury yields marginally. EU CPI readings were broadly cooler than expected but came alongside generally robust retails sales and consumer data.

The USD/JPY Yen broke above 162 for the first time in 40-years. Overnight - Month-end data flow was broadly constructive for the eurozone but added to the ECB's policy dilemma. 5% m/m) beat. 1% y/y ahead of the national figure.

8% y/y - the strongest annual rise since December 2022. 0e), and Finland's GDP indicator firmed - On the ECB itself, the messaging skewed hawkish. " Chief Economist Lane reinforced this, calling it a "robust decision" and flagging that oil prices may stay above pre-war levels for a couple of years, keeping a cost-push impulse in the system. Nagel said it was too early to commit on further hikes but stressed vigilance and warned inflation could stay well above target; Wunsch went further, saying another hike may be needed and he'd rather move quickly.

With energy prices having retreated rapidly, press sources suggest the upcoming eurozone inflation print (tomorrow) could put a July hike back on the table. Separately on trade, Sefcovic and China's Wang held "constructive" talks, and the EU and China set an October deadline to reset trade ties via a joint statement on new consultations. - UK macro was softer. 1%), nudging gilt yields lower and reinforcing expectations that BoE rate-hike odds are fading as growth slows.

2%, business confidence dropped, and Zoopla flagged a 7% fall in sales agreed. Sainsbury's Q1 update was modestly ahead with guidance affirmed. - A few cross-asset threads matter for European desks. The yen is the standout move: USD/JPY broke above 162 to a fresh 40-year low (weakest since 1986), with markets now eyeing 163-165 and intervention risk rising; Japanese officials repeated that "bold actions" remain an option but have so far only verbal-intervened.

The yen's slide dragged gold and silver lower. 5% on Canadian pea starch; export curbs that drew a Japanese protest) - Xiaomi has reportedly slashed its 2026 smartphone shipment target by another ~30% to approximately 95 million units, following an already weakened guidance of ~135 million, a significant drop from the ~170 million units shipped in 2025. This steeper reset adds mounting pressure on the company’s core smartphone business amid softening demand and supply chain constraints, even as investors increasingly pivot toward its electric vehicle growth story.

The development echoes broader industry challenges, with Apple CEO Cook raising product prices and warning that the global memory chip shortage will compress iPhone margins in the coming year. 42B y/y; Cuts outlook -UNCY FDA