More stimulus, rates higher with gold and JPY under pressure

Today's slide deck: bit.ly/3dyzGrd
Equities are slightly down this morning following a very strong session as some macro indicators came out less bad than expected. Tonight a German coalition agreed to additional €130bn in stimulus including cutting VAT. Adidas shares are in focus today on the German stimulus packages but also the company's announcement this morning that sales in China in May was higher than a year ago. The V-shape recovery narrative is also beginning to lift rates which is sending USDJPY higher and leaving gold to find a new lower support. Momentum in crude oil seems to have been halted troubled by the OPEC+ discord and signs of continued weak demand. Today with Peter Garnry on equities and Ole Hansen on commodities.