Q1 US Nonfarm Productivity Revised Down to 0.3% Growth Rate vs 0.4% Gain Expected, 0.8% Preliminary Gain

US Initial Jobless Claims 225,000 Vs. Expected 215,000, Prior 212,000

Tech Swoon, Middle East Views Churn European Bourses Midday

European bourses tracked modestly lower midday Thursday as traders joined the global risk-off mood on tech issues, and weighed developments in the Middle East.Tech, bank, and oil stocks declined on continental trading floors, while food shares edged higher.Front-month North Sea Brent crude oil futures were down 2.6% at $95.31 a barrel mid-session, after media reports of a possible Hezbollah-Israel ceasefire deal.Investors also eyed Wall Street futures flashing red, and lower closes overnight on Asian exchanges, as traders grew wary of valuations in tech- and AI-shares.In economic news, retail sales in the eurozone in May fell a seasonally adjusted 0.4% in May from April, and decreased by 0.5% in the broader European Union, reported Eurostat. On the year, retail sales in May rose by 0.8% in the euro area and by 1.1% in the EU.The pan-continental Stoxx Europe 600 Index was off 0.1% mid-session.The Stoxx Europe 600 Technology Index was down 1%, and the Stoxx 600 Banks Index lost 1%.The Stoxx Europe 600 Oil and Gas Index eased 0.9%, while the Stoxx 600 Europe Food and Beverage Index inclined 0.2%.The REITE, a European REIT index, rose 0.1%.On the national market indexes, Germany's DAX was up 0.6%, and the FTSE 100 in London lost 0.5%. The CAC 40 in Paris was up 0.9%, and Spain's IBEX 35 lifted 0.5%.Yields on benchmark 10-year German bonds were lower, near 3.02%.The Euro Stoxx 50 volatility index was down 0.1% at 19.22, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

US Dollar Falls Early Thursday Ahead of Claims, Productivity

The US dollar fell against its major trading partners early Thursday ahead of the release of weekly jobless claims and revised Q1 productivity and unit labor costs at 8:30 am ET, at the same time as an appearance by Richmond Federal Reserve President Tom Barkin.Weekly natural gas stocks are due to be released at 10:30 am ET, followed by appearances by San Francisco Fed President Mary Daly at 11:40 am ET and again at 1:10 pm ET.Earlier Thursday, outplacement firm Challenger, Gray & Christmas reported that May layoff intentions were the highest for a May report since the pandemic, led by the technology sector. Artificial intelligence was the main driver of layoffs in the month.A quick summary of foreign exchange activity heading into Thursday:EUR/USD rose to 1.1635 from 1.1598 at the Wednesday US close and 1.1616 at the same time Wednesday morning. Eurozone construction PMI improved in May but still indicated contraction, while Eurozone retail sales declined in April, lowering the year-over-year rate, according to data released earlier Thursday. The next European Central Bank meeting is scheduled for June 11.GBP/USD rose to 1.3451 from 1.3419 at the Wednesday US close, but was below a level of 1.3453 at the same time Wednesday morning. UK construction PMI declined further below the breakeven point in May, while UK car registrations increased in May, according to data released earlier Thursday. Bank of England Governor Andrew Bailey is due to speak at 11:40 am ET. The next Bank of England meeting is scheduled for June 18.USD/JPY fell to 159.8482 from 160.0755 at the Wednesday US close but was above a level of 159.7966 at the same time Wednesday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for June 15-16.USD/CAD fell to 1.3895 from 1.3896 at the Wednesday US close but was above a level of 1.3851 at the same time Wednesday morning. There are no Canadian data on Thursday's schedule. The next Bank of Canada meeting is scheduled for June 10.