Global markets are navigating a surge in Middle East tensions and stronger-than-expected US services and employment data, causing a rise in yields and oil prices while equities fall. Locally, New Zealand markets await building work volume data as a key indicator for Q1 GDP.
Key Takeaways
- 1.Middle East geopolitical tensions have sparked a 'risk-off' move, driving oil prices higher and weighing on global equity markets.
- 2.US economic data remains resilient, with ADP private payrolls and the ISM Services Index both exceeding consensus expectations in May.
- 3.New Zealand focus is on GDP partial indicators, specifically the volume of building work for Q1, which is expected to show a 1.5% q/q increase.
Table of Contents
- Highlights
- Data and events today
- Financial markets
- Global markets overview
- Key data and events
- Key themes and views
- Market snapshot
- Key data releases
- What's ahead today
- US resilience amid uncertainty
- NZ GDP partial out today
- Important Notice
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Authors
Miles WorkmanDavid CroyHenry Russell
Securities
NZD/USDS&P 500US 10yr Treasury NoteWTI Oil Future
Themes
Geopolitical VolatilityAI-Driven Structural ChangesUS Economic Exceptionalism
Regions
Asia PacificNorth AmericaEuropeNew ZealandUnited StatesAustralia