Today commemorates 80 years since Allied troops landed on the coast of Normandy, D Day. In the financial markets this could be remembered by an ECB Rate Cut, the first in the cycle. It is widely expected to see rates ease from 4.5% to 4.25% and they can justify their actions as growth is recovering but sluggish, near term inflation trends at close 2% and nominal wage growth is easing. While the ECB is expected to cut rates it is the guidance on the path forward from President Christine Lagarde at the press conference at 13.30 that will gather the attention.
Overnight Asian stocks rallied for the first time in three days, with Indian equities extending gains after Prime Minister, Narendra Modi, won crucial backing from two key allies in his coalition. The S&P 500 recorded its 25th record close this year - mainly Nvidia hitting the $ 3TRN Market Cap, the third company to do so. Taking the chipmaker ahead of Apple to become the second most valuable publicly listed company in the world.
Marketwise, in commodities oil rose for a second session with West Texas Intermediate crude rising 0.5% to $74.47 a barrel, spot gold rose 0.5% to $2,367.34 an ounce, the yield on 10-year Treasuries advanced two basis points to 4.29%, Bitcoin fell 0.4% to $70,899.77 and Ether fell 0.5% to $3,845.54. USDJPY opens at 156.10 and Cable opens at 1.2790.
Data wise we have Eurozone retail sales, the ECB rate decision and press conference and in the US we have initial jobless claims.
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