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June 20, 2025
Preview: Due July 2 - U.S. June ADP Employment - A third straight sub-100k gain
June 20, 2025 5:38 PM UTC
We expect a rise of 50k in June’s ADP estimate for private sector employment growth. This would be stronger than May’s 37k but a third straight gain of significantly below 100k. ADP underperformed the non-farm payroll significantly in April and May. We expect a more modest underperformance in Ju
Preview: Due July 3 - U.S. June Employment (Non-Farm Payrolls) - Increasing signs of slowing, but not a recession
June 20, 2025 4:29 PM UTC
We expect a 75k increase in June’s non-farm payroll, significantly slower than May’s 139k though consistent with a slowdown in growth rather than an economy entering recession. We expect an in line with trend 0.3% increase in average hourly earnings and an uptick in unemployment to 4.3% after th
U.S. Outlook: Slowdown but not Recession, Cautious Fed Easing
June 20, 2025 2:14 PM UTC
• Policy uncertainty remains high and final details of the tariffs will depend on the decisions of the courts as well as those of President Trump. However the magnitude of the tariffs is becoming easier to predict than the detail. Trump looks set to insist on a minimum average tariff of at
Preview: Due June 23 - U.S. May Existing Home Sales - Remaining subdued
June 20, 2025 1:31 PM UTC
We expect May existing home sales to maintain a subdued picture with a decline of 1.3% to 3.95m. This would be the lowest pace since September 2024. Yr/yr data at -2.7% from -2.0% in April would also be the weakest since September 2024.
Preview: Due June 23 - U.S. June S&P PMIs - Corrections lower after May gains, but remaining positive
June 20, 2025 1:27 PM UTC
We expect June’s S and P PMIs to show modest corrections lower to correct May improvements, which contrasted weaker data from the ISM surveys in May. However the corrections, manufacturing to 51.0 from 52.0, and services to 53.0 from 53.7, should be moderate enough to suggest scope for gains in Ju
Canada April retail sales resilient but May seen much weaker
June 20, 2025 1:04 PM UTC
Canadian retail sales saw a 0.3% increase in April, slightly less than the preliminary estimate of 0.5% made with March’s data. The preliminary estimate for May is for a 1.1% decline, which suggests US tariffs are starting to weaken the Canadian economy.
U.S. June Philly Fed - Details mostly weak
June 20, 2025 12:45 PM UTC
June’s Philly Fed manufacturing index of -4.0 is unchanged from May and weaker than expected. The details are generally soft, with 6-month expectations slowing to 18.3 from May’s very strong 47.2, though the 6-month view is still stronger than seen in March and April.
Commodities Outlook: Policy Realignment
June 20, 2025 9:30 AM UTC
In Q2 2025, eight OPEC+ countries pledged a faster oil supply hike, motivated by market share losses, internal frictions, and geopolitical shifts. However, actual output has fallen short due to overproduction offsets, domestic consumption, and capacity limits. Further gradual increases are expected,
Eurozone Outlook: In Tariff Limbo Land?
June 20, 2025 9:24 AM UTC
· Amid what may still be tightening financial conditions and likely protracted trade uncertainty, we have pared back the EZ activity forecast for 2026. However, the picture this year appears to be slightly better but this is largely a distortion and we think that the economy has instead
China Outlook: Reasonable but Unbalanced Growth Trade
June 20, 2025 7:30 AM UTC
• China GDP growth remains reasonable though unbalanced. Net exports will take a hit from the trade freeze in April/May, with the impact likely to ease in H2 with the trade truce. We attach a 65% probability to a U.S./China reaching a new trade deal that reduces the minimum overall tari
Asia Open - Overnight Highlights
June 20, 2025 12:00 AM UTC
EMERGING ASIA
EM currencies are trading mostly weaker against the greenback as the USD gains on higher geopolitical tension between Iran and Israel. The largest losers are PHP 0.87%, followed by IDR 0.58%, KRW 0.51%, THB 0.44%, INR 0.30%, TWD 0.29%, MYR 0.21%, SGD 0.16%; while the biggest winner is C