New Zealand Morning Focus

Global markets are in a risk-off phase driven by tech sector valuation concerns and mixed economic PMI data. Policy outlooks for major central banks, particularly the ECB and Bank of England, are shifting towards a less hawkish stance.

Key Takeaways

• 1.Global equity markets experienced a sell-off led by the tech sector amid valuation concerns.
• 2.Preliminary June PMIs suggest resilient economic activity in the US, while the UK and euro area remain weak.
• 3.Falling oil prices and weak economic data in the euro area suggest the ECB may not need to tighten policy further.

Table of Contents

• Highlights
• Data and events today
• Financial markets
• Global markets overview
• Key data and events
• Key themes and views
• Market snapshot (07:15 NZ Time)
• Key data releases
• What's ahead today

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