United States Net Long-term TIC Flows

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United States Overall Net Capital Flows

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Platinum is down by 5%

The average rate on a 30-year fixed-mortgage fell by 5bps to 6.47% on the third week of June, according to data compiled by Freddie Mac. The result was in line with the pullback for longer maturity Treasury yields as optimistic signals for an agreement between the Iran and US lowered energy prices and reduced the urgency for the Federal Reserve to raise interest rates. “The 30-year fixed-rate mortgage decreased this week averaging 6.47%,” said Sam Khater, Freddie Mac’s Chief Economist. “Incoming data continues to reflect a resilient consumer, with retail sales improving and pending home sales strengthening, suggesting purchase demand is continuing to modestly improve."

US 30-Year Mortgage Rate Eases

The DAX closed about 0.4% up at 25,028 on Thursday, the highest since early June and extending gains for the sixth successive session. Optimism surrounding the US-Iran agreement outweighed hawkish signals from new Fed Chair Kevin Warsh. The US formally signed an interim agreement with Iran that paves the way for an end to the Middle East conflict and the reopening of key energy export routes. Oil prices pulled back, reflecting easing inflation concerns. Tech companies, industrials and travel stocks were among the top performers. Infineon Technologies led gains among equities, surging 6.4%. Siemens Energy advanced 4.7% following reports that the company is considering divesting its multi-billion-euro compressor and steam turbine business

DAX Finishes at Over 2-Week High

European stock indices closed mixed on Thursday as support from lower inflationary risks weighed against sector-specific losses. The Euro STOXX 50 gained 0.5% to a new record of 6,331 and the STOXX Europe dropped 0.4% to 637 amid pressure from heavyweight pharmaceutical, miners, and energy producers. US President Trump signed the memorandum of understanding with Iran that suspends the war for 60 days and restores the flows of fuel tankers through the Strait of Hormuz, lowering energy prices and reducing concerns that the ECB would deliver more rate hikes this year. Banks were mostly higher after leading gains this week, with UniCredit and Intesa Sanpaolo adding 0.7%. Meanwhile, industrials rose sharply with Airbus, Safran, and Schneider adding close to 3%. Meanwhile, Infineon jumped 7% to track the recent rally for chip producers worldwide. On the other hand, SAP dropped 4.7% on software weakness, while German auto manufacturers and British pharmaceuticals and miners retreated.

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