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Morning Brew June 6 2025
Erik Schafhauser
Senior Relationship Manager
Summary: When the breakup costs 140 billion....
Good morning,
While there was a lot of economically significant news, the most market impact came from a very ugly fight on X between the former best friends Elon Must and Doland Trump. It reminded of the old movie the war of the Roses as DJT suggests to cut all government subsidies and contracts and Elon Musk accuses Trump to be on the Epstein list. The dispute costs Tesla app 140 in market value and may well continue to weigh
The Tesla stock plunged through the 200 and 50 day averages and ended at 284. We can expect volatility either way and the next massive target levels are 360 or 210. If you are looking to trade, consider using protected strategies such as a vertical spread.
The ECB cut rates as expected by 25% but an indication the cutting cycle may approach it`s end caused the Euro to gain.
The Indian Central bank cut more than expected this morning.
A report by the US treasury concluded no U.S. trading partner manipulated its currency last year, but its "monitoring list" of countries warranting close attention grew to nine with the addition of Ireland and Switzerland.
The S&P 500 lost 0.5%, to end at 5,940 points, the Nasdaq Composite lost 0.8%, to 19,301 The Dow Jones Industrial Average fell 105 points, or 0.25%, to 42,323. The Dax continues to grind higher and is not at 24300 indication.
Procter & Gamble announced to cut 7,000 jobs, or about 6% of its workforce in a restructuring.
While bitcoin traded lower yesterday, Stablecoin issuer Circle Internet more than doubled in their IPO Bitcoin is now at 103k
In a massive surge, Silver surged to the highest since 2011 and broke above 36 USD per ounce, Gold is 3370 and Platinum 1153 – will the surge hold or sell off into the weekly close?
EURUSD is 1.1430, USDJPY 143.95 and GBPUSD 1.3566.
What will be important today?
It feels strange to say that the fight between DJT and Elon Musk may outweigh a non-Farm payroll, but that might happen. Nevertheless, the Nonfarm payrolls are expected at 130,000 in May, the unemployment rate at 4.2% and average hourly earnings seen rising 3.7% year-on-year.
We are heading into a long weekend, there may be some position adjustments.
Friday, June 6
- DE Trade
- UK Houseprices
- EU GDP
- US: Non-Farm Payrolls (May), Unemployment Rate, Average Hourly Earnings (May)
- Canada: Employment Report (May)