Italy HCOB Services PMI

Italy HCOB Composite PMI

France HCOB Composite PMI Final

France HCOB Services PMI Final

Silver prices climbed to around $36.80 per ounce on Thursday, edging closer to 13-year highs as persistent dollar weakness and investor caution ahead of the US jobs report drove demand for precious metals. A softer-than-expected payroll figure could bolster expectations for a Federal Reserve rate cut as early as July. Supporting that view, ADP data released Wednesday showed a surprise decline of 33,000 in private-sector employment for June, raising fresh concerns about labor market strength. Meanwhile, trade developments added to the broader market narrative. The US finalized a deal with Vietnam that includes a 20% tariff on imports—down from the originally planned 46%—raising hopes for further bilateral agreements.

Silver Rises Ahead of Key US Payroll Report

Copper futures held above $5.10 per pound on Thursday, hovering near a three-month high as tightening global supplies and tariff-related uncertainty fueled buying interest. Traders have been redirecting copper shipments to the US ahead of possible import tariffs, leading to notable inventory drawdowns at both the London Metal Exchange and Shanghai Futures Exchange. Speculation is growing around a potential 10% levy on US copper imports, widening the price gap between Comex and LME copper contracts—currently around $1,300 per ton. However, analysts warned that the recent rally could reverse swiftly if US demand weakens or if tariff announcements disappoint expectations. Meanwhile, copper prices continue to draw support from solid demand prospects in China. A private survey showed that Chinese manufacturing activity unexpectedly returned to growth in June, suggesting that the world’s largest copper consumer may be benefiting from easing trade tensions with the US.

Copper Holds Near 3-Month High on Tariff Risks

The S&P Global Russia Services PMI fell to 49.2 in June 2025 from May’s four-month high of 52.2, marking the first contraction since June 2024. The downturn in the services sector was driven by muted demand and a softer rise in new sales. However, employment declined only marginally, with the rate of job shedding easing from May’s level, while backlogs of work rose for the eighth consecutive month. On the price front, input costs increased due to higher supplier prices and rising wage bills, although overall input inflation eased to its lowest level in just over five years. Meanwhile, output price inflation moderated to its weakest level in nearly four-and-a-half years, as firms attempted to stimulate new sales. Lastly, business sentiment weakened to its lowest level since July 2023, amid growing concerns over headwinds in the sales environment.

Russia Services Sector Returns to Contraction

European equity markets were on track for a higher open Thursday, buoyed by strong overnight gains in US and Asian markets, where technology stocks led the rebound. Momentum was driven by reports that the US has lifted export restrictions on chip design software to China, as part of a broader trade agreement emphasizing renewed cooperation on rare earths and advanced technologies. Investors are also turning their attention to the upcoming US jobs report, which could shape expectations for the Federal Reserve’s next rate move. A softer-than-expected reading may reinforce bets on a rate cut as early as July. In Europe, the focus will be on fresh business activity data from Spain and Italy. In premarket trade, Euro Stoxx 50 and Stoxx 600 futures were both up around 0.2%.

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