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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:

Risk tone positive, Brent closed below 50dma on Thursday (US$105/barrel). Secretary of State Rubio sees 'good signs' of the United States reaching a deal with Iran (FT), Iran says negotiation gaps have narrowed. Sweden's SEK best currency performer in G10 this week, taking over the baton from the Australian dollar (AUD), speculation cools over Reserve Bank of Australia tightening. Latin American, South Africa's ZAR outperforms Central and Eastern European, Asia. India's INR trims losses to 95.84 on touted Reserve Bank of India intervention.

Japan headline consumer price index slows to 1.4% year over year in April. Core excluding fresh food and energy down to a four-year low of 1.9% year over year from 2.4%. Base effects-driven CPI miss may not stop the Bank of Japan from hiking 25bps in June. USD/JPY flat at 159.00, 2s/10s Japanese government bonds flat at 135bps.

Day ahead: Federal Reserve speaker Waller. European Central Bank's Lagarde, Vujcic, Kazimir. Germany Ifo, France business confidence. Eurozone negotiated wages.

Nikkei +2.7%, EUR 10-year IRS -2.5bps at 3.10%, Brent crude +2.3% at US$104.9/barrel, Gold +0.15% at US$4,525/oz.

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