Societe Genereale in its early Friday economic news summary pointed out:
-- Foreign exchange and bonds quiet, United States Treasury yields steady after "solid" 10-year TIPS auction, tax bill moves from House to Senate. Federal Reserve pricing for September below -20bps after the upside surprise for PMIs. U.S. and United Kingdom markets closed on Monday, month-end next week.
-- The U.S. pushing the European Union to make unilateral tariff reductions on U.S. goods, without concessions could face additional 20% reciprocal tariffs (FT). EU explanatory note for talks falls short of U.S. expectations.
-- G7 finance ministers and central bank governors' communique: global economic policy uncertainty has declined from its peak and will work together to achieve further progress. Pledges to support Ukraine and developing economies in general.
-- Japan's consumer price index steady at 3.6% year over year in April. Core CPI above forecast 3.5%, super core 3.0%. Rice prices +98.4%, the most on record. Energy prices + 9.3% on the phase-out of government subsidies.
-- Day ahead: Eurozone negotiated wages, European Central Bank speaker Lane. Fed speakers Musalem, Schmid and Cook.
-- Nikkei +0.3%, EUR 10-year IRS -2bps at 2.58%, Brent crude -0.7% at $64.0/barrel, Gold +0.7% at $3,325/oz.
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