� The US put in a resilient session and finished at day highs with, back above 6,000.
� Volumes average. Breadth ok. Momentum > Value > Growth.
� Fed speakers sounded more dovish and helped to move treasury yields lower, along with lowered inflation fears as crude traded back below $70. Mag 7 (+1.6%) doing much of the heavy lifting with TSLA finishing +8% on Robotaxi launch but overall it was very much a macro driven trading day.
� Iran retaliated with a measured response, but did ruffle some Qatari feathers.
� Trump announced the ceasefire between Israel and Iran, but commentary from the latter showed we need a bit more clarity.
� That said, it seems we�ve reached the high watermark in this conflict and we could be moving into the right direction.
� AsiaPac is rallying. Tencent +80bps vs ADR +80bps.
� The greenback has declined significantly � ZAR c17.78.
� The PBOC set the strongest yuan fixing since Novmber.
� Yields are steady: US2y 3.85/US10y 4.33.
� JGB futures slid after a weak 20y auct.
� Commodities are trading with a weaker bias, with oil leading declines.
� Focus now shifts to Powell�s testimony and the NATO summit, which Trump is said to attend.
� The rand is stronger this morning, at R17.80/$, after closing stronger yesterday (R17.95/$*).
Key events and data:
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� 09h00: SA SARB leading indicator (April)
� 11h30: SA non-farm payrolls (Q1:25)
� 14h30: US current account balance (May)
� 15h00: US FHFA house price index (April), S&P CoreLogic house price index (April)
� 16h00: US Conference Board consumer confidence index (June)
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