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SocGen's Overnight Economic News Summary

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-- Societe Generale in its early Friday economic news summary pointed out:

-- Brent rebounds to US$101/barrel after the United States-Iran exchange fire. Ceasefire still in place, according to President Trump, also says deal could emerge soon. The U.S. could restart "Project Freedom" to unblock the Strait of Hormuz if Iran rejects the deal (WSJ).

-- U.S. Tariffs: President Trump would give the European Union until July 4 to implement trade deal commitments before the U.S. raises tariffs on goods, including cars to "much higher levels."

-- United Kingdom election: sterling (GBP) and Gilts dig in despite heavy defeat of Labour in local elections, including in Party heartlands, Reform coasts to victory, confirming polls.

-- Day ahead: U.S. nonfarm payroll (NFP), SocGen forecasts 40,000 gains, consensus: 65,000 increase, range from -15,000 to +140,000, whisper 70,000. Federal Reserve speaker Cook. University of Michigan sentiment. European Central Bank's Guindos. Canada's Labour Force Survey (LFS). Chile's consumer price index.

-- Nikkei -0.2%, EUR 10-year IRS -1bp at 3.03%, Brent crude +1% at US$101.1/barrel, Gold +0.6% at US$4,715/oz.

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