� The US ended weaker with geopolitical concerns rising again.
� A spike in VIX also encouraging risk off sentiment and a defensive bias, as investors await FOMC today.
� Volumes light. Breadth poor. Energy was the only sector trading positively.
� Real Estate and Comm Services outperforming, while Consumer Discretionary, Healthcare and Utilities lagged.
� AsiaPac is trading with a weaker bias � Hong Kong is the clear underperformer while Japan is higher.
� ME tensions are to blame � Away from the demand for �UNCONDITIONAL SURRENDER�, Israel and Iran both indicated they plan to ratchet up the conflict�with the latter making a fairly stupid comment with regards to the US.
� Japan�s exports posted the first decline in 8 months, dropping by a narrower-than-expected 1.7% in May.
� That said, volumes rose, suggesting firms may be absorbing tariffs by cutting prices.
� The greenback has relinquished some of the previous session�s gains � ZAR c17.96.
� No major movements in the yields: US2y 3.95/US10y 4.40.
� JGB futures climbed for the first time in 3days.
� Commodities are better bid, with iron ore the only notable decliner.
� The rand is trading at R17.96/$ this morning, after closing weaker yesterday (R17.98/$*).
Key events and data:
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� 10h00: SA CPI (May)
� 10h00: Eurozone current account (April)
� 11h00: Eurozone CPI (May � final)
� 13h00: SA retail sales (April)
� 13h00: US MBA mortgage applications (13 June)
� 14h30: US housing starts, building permits (May), initial jobless claims (14 June)
� 20h00: US FOMC rate decision � no change expected
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