Market Insights

The US Department of Labor Jobless Claims report offered a very useful signal of labor market strength in May which foreshadowed last week’s employment report and 3.8 percent unemployment rate.

• Initial claims totaled 222,000 in the week of June 2nd with the 4-week average up only slightly to 225,500.
• Continuing claims, where data lag by a week, rose 21,000 to 1.741 million with this 4-week average down 13,250 to 1.729 million.

Overnight Markets:

• The MSCI Asia Pacific Index rose 0.6 percent
• Japan’s Topix index closed 0.6 percent higher after hawkish European Central Bank comments helped drive the yen lower.
• In Europe, the Stoxx 600 Index is currently .09% lower at with cyclical stocks the best performers. Germany’s DAX 30 France’s CAC 40 index were higher this morning.
• The U.K.’s FTSE 100 was down 0.1%, turning lower after a 0.5% rise at the open. A technical glitch delayed the start of trade at the London Stock Exchange by an hour.
• The 10-year Treasury yield was at 2.986 percent