- US index futures were steady, reversing earlier losses, as a rally in treasuries signalled a calming of nerves about inflation and Fed-rate-hike bets. This month, the dollar has dropped the most.
- Contracts on the NASDAQ 100 and S&P 500 gauges were little changed after earlier falling 1.2% and 0.6% respectively. the 10-year treasury yield shed 7 basis points as money managers from the Bank of America to Nomura asset management indicated the panic over inflation has gone too far. The Japanese yen rebounded from a 13-day slump and gold extended its decline. Netflix slumped 26% in New York premarket trading after reporting a drop in its subscriber base.
- The 10-year real yield in the United States has turned positive for the first time since March 2020, indicating a possible return to pre-pandemic levels. However, this was quickly followed by a global drop in bond yields as investors assessed the growth challenges posed by the Ukraine war and the possibility of an inflation peak. Bank of America announced that it has gone long on 10-year treasuries.
- Kremlin: The ball is in Ukraine's court regarding peace talks after the Russian side passed a document to them; The pace of peace talks leaves much to be desired.
- ECB's Kazaks: Ending the APP early in Q3 is possible and appropriate.
- ECB's Kazaks: A rate increase is possible as soon as July.
- Germany will supply Ukraine with rockets and artillery training.
