From Marc to Market:
Overview: The US dollar is enjoying a firmer tone against the G10 currencies with the disappointing UK jobs data weighing on sterling the most. It is off about 0.5% in late morning European activity. The greenback is more mixed against emerging market currencies. The Mexican peso, which reached new highs for the year yesterday is consolidating. The Brazilian real also rose to its best level of the year yesterday. The US economic calendar is light today and the focus is on tomorrow's CPI report and the ongoing US-China talks in London. The US tariffs have been the key issue, the talks in London appear to be more about export controls. There are the makings for a deal: chips for magnets and rare earths. It is not clear the extent to which the US will unwind some of its chip export controls and maybe only to the measures that have been announced since the Geneva agreement.
Most for the large Asia Pacific bourses gain, with China and Hong Kong notable exceptions. Strong orders for TSMC helped lift the Taiwan equity market by 2%. Europe's Stoxx 600 is nursing a small loss and US index futures are little changed. European benchmark 10-year yields are mostly 2-3 bp lower. The poor jobs report has sent the 10-year Gilt yield down seven basis points. The 10-year US Treasury yield is off a couple of basis points to 4.45%. Gold is consolidating between $3302 and $3335 today. July WTI is trading near $65.60, a two-month high. It is the fourth advancing session and the sixth of the past seven....
....MUCH MORE
