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International
Market Chatter: EU Member States Approve Legislation of US Trade Deal
Ambassadors from European Union member states have approved legislation to impose the 27-nation bloc's commitments in a trade deal with the US, Reuters reported Wednesday, citing a source with knowledge of their meeting.The legislation includes measures to cut import duties on certain industrial goods from the US and an acknowledgment of a 15% tariff on EU exports to the world's biggest economy.The European Parliament and the European Council last week agreed on the texts of the trade deal, which was agreed with the US during the third quarter of 2025. The legislation will be put to a vote at the Parliament's trade committee on June 2 before heading to a full assembly vote in the middle of next month.The European Commission and European Parliament did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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International
Major European Bourses Track Higher Mid-Session Wednesday as Chemical, Automobile Stocks Advance
Major European bourses were tracking higher around mid-session Wednesday, fueled by the region's advancing chemical and automobile stocks, along with Wall Street's technology rally.Investors also eyed US futures advancing premarket, while Asian markets were mixed at Wednesday's close.In regional news, France's household confidence indicator dropped to 82 points in May 2026, marking its lowest overall level since March 2023, according to data from national statistics agency Insee.Data from UBS & CFA Society Switzerland showed that the country's economic sentiment index increased to -11.1 points in May from -30.3 points in April. Meanwhile, Italy's industrial turnover rose 2% month over month in March, after a revised 0.5% uptick previously, according to statistics agency Istat.The pan-continental Stoxx Europe 600 Index was 0.5% higher mid-session.The Stoxx Europe 600 Technology Index and Stoxx 600 Banks Index were up 0.6%, and the Stoxx 600 Europe Food and Beverage Index rose by 1.2%.Meanwhile, the Stoxx Europe 600 Oil and Gas Index was 2.3% lower and the Stoxx Europe 600 Insurance Index was down 0.2%.The REITE, a European REIT index, was marginally declining.On the national market indexes, Germany's DAX was up 0.5%, and the FTSE 100 in London was 0.2% higher. The CAC 40 in Paris rose by 0.8%, and Spain's IBEX 35 advanced by 0.5%.Yields on benchmark 10-year German bonds were down 0.5% to about 3%.Front-month North Sea Brent crude oil futures fell 2.8% to $94.01.The Euro Stoxx 50 volatility index was 1.7% lower to 19.62. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.
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International
US Dollar Rises Early Wednesday Ahead of Redbook, Richmond Fed Measures, Dallas Nonmanufacturing
The US dollar rose against its major trading partners early Wednesday, except for a decline versus the euro, ahead of the release of weekly Redbook same-store sales at 8:55 am ET.The Richmond Federal Reserve's business conditions readings for May are due to be released at 10:00 am ET, followed by the Dallas Fed's non-manufacturing survey for May at 10:30 am ET.Fed Governor Lisa Cook is due to speak at 3:55 pm ET, followed by Fed Vice Chair Philip Jefferson at 8:00 pm ET.Earlier Wednesday, the Mortgage Bankers Association reported that mortgage activity plunged in the week ended May 22 due to another jump in mortgage rates to the highest level since August 2025.A quick summary of foreign exchange activity heading into Wednesday:EUR/USD rose to 1.1640 from 1.1632 at the Tuesday US close but was below a level of 1.1643 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule, but European Central Bank policy board member Philip Lane is due to speak at 8:00 am ET. The next European Central Bank meeting is scheduled for June 11.GBP/USD fell to 1.3441 from 1.3448 at the Tuesday US close and 1.3487 at the same time Tuesday morning. UK car registrations declined sharply in April, but the year-over-year rate accelerated, according to data released overnight. The next Bank of England meeting is scheduled for June 18.USD/JPY rose to 159.4006 from 159.3122 at the Tuesday US close and 159.1480 at the same time Tuesday morning. There were no Japanese data released overnight, but Bank of Japan Governor Kazuo Ueda said that oil price jumps can have a longer-term impact on other prices and not necessarily be temporary. The next Bank of Japan meeting is scheduled for June 15-16.USD/CAD rose to 1.3833 from 1.3811 at the Tuesday US close and 1.3803 at the same time Tuesday morning. Canadian wholesale sales data for April are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for June 10.
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