New Zealand Morning Focus

This report highlights a global decline in oil prices and bond yields, accompanied by weaker-than-expected US housing data. Analysts are monitoring if the recent softening in oil prices will mitigate inflationary pressures.

Key Takeaways

• 1.Oil prices declined sharply, with WTI dropping to approximately USD 70 per barrel, fueling a broader move in bond markets.
• 2.Falling oil prices and reduced inflation expectations led to a sharp decrease in US Treasury yields.
• 3.US May new home sales decreased by 7.3% month-on-month to 580k saar, falling short of consensus expectations.

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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