U.S. Equity Markets reversed earlier losses to close higher, led by the S&P which closed at yet another new all-time high with a gain of 0.34%. Growth optimism led the way in the early morning, after reports that the St. Louis Fed’s second-quarter Gross Domestic Product “nowcast” model expects growth of 8.9% versus its initial projection of 8.2%. In terms of economic data, Job Openings rose to a new all-time high in May, showing that businesses are ready to hire to meet high demand throughout the summer. Later in the day, markets were focused on the Fed’s Minutes from the recent meeting. The Minutes did not tell us anything new, with the Fed saying that the economy still has a lot of progress to make to meet the central bank’s goals. That indicates that policy will remain in place. European Markets again closed higher. European and U.S. officials said Iran’s decision to start manufacturing enriched uranium metal capable of developing atomic weapons threatened nuclear accord talks. European Central Bank Governing Council member Ignazio Visco said he anticipates economic output of around 5% this year, with expansion likely to continue for the next two years. German Industrial Production fell unexpectedly in May, as the German economic ministry highlighted supply-chain constraints. In Asia, Chinese Foreign Ministry Spokesman Zhao Lijian said the government will never allow any foreign country to interfere in Taiwan, as it would undermine national sovereignty. Japan’s Osaka prefecture was said to be exploring a request for the extension of COVID-19-related restrictions, stoking domestic growth concerns. Technology giant Samsung Electronics forecast second-quarter operating profit of roughly $11 billion versus the $9.9 billion expectation, likely driven by strong memory chip sales. Australia’s largest city, Sydney, extended coronavirus-related social-distancing restrictions by a week due to an increasing number of new infections. Elsewhere, Oil fell 1.84% on reports that the United Arab Emirates was set to boost production while Bitcoin is trading lower by 1.50% this morning on no news.
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