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PVM BITs | Driverless electric lorries begin deliveries in Sweden

Headlines

A driver-less electric lorry 'The T-Pod' has begun making deliveries using public roads in Sweden. It is currently being tested in a partnership between Einride and logistics company DB Schenker.


Trump will give the EU and Japan 180 days to agree to a deal that would “limit or restrict” imports into the U.S. of automobiles and their parts in return for delaying new auto tariffs, according to a draft executive order seen by Bloomberg (auto tariffs deadline is tonight 24:00 – so let’s see what actually decided!!..markets expect a delay) - Trump claims they will meet, China says no information about Trump-Xi meeting at G20 summit, like Brexit, everyone wants to win, no-one wants to lose faith, without COMPROMISE, no-one gets anywhere fast, lots of toing and froing in between though


Japan Is To Hold Next Round Of Trade Talks With US On May 21st In Washington


Walmart CFO Brett Biggs on tariffs: "We are going to continue to do everything we can to keep prices low... However, increased tariffs will lead to increased prices for our customers."


Bloomberg's US Housing & Real Estate Surprise Index has been surging, as the housing news comes in stronger than expected. Housing starts, building permits & NAHB are the standouts this week. The upside surprises could be one reason why home building stocks have outperformed.


Canada April ADP employment +61.7K vs +13.2K prior, just confirming that blowout Canadian employment data we got last Friday which was mostly ignored because of the trade news.... BOC's Poloz: Still expects growth to pick up later this year


EU fines banks €1bn for currency rigging


Italian Deputy PM Di Maio says EU rules have held back investment in recent years and must be revised…going to be fun in Brussels.. after the EU elections..(1 hour later..) - EU’s Moscovici: Commission Will Assess Italy’s Public Finance After European Elections……Italian Dep. PM Salvini: League ‘Will Tear Apart Every Single European Rule Butchering Italy’ If Party Does Well In The European Elections..


France : Something else that remains widely underappreciated about the French labour market, for all its flaws: the share of long-term permanent contracts in new hiring reached an all-time high at 50% in March…not bad at all..!!


Iranian Foreign Minister Zariff will be travelling to China on Friday, according to IRNA

Mnuchin's art-dealer dad nabs $91 million Koons rabbit

UK : the first week of June looks could the craziest yet in British politics, prepare for BoJo as new PM?


The United States on Thursday terminated Turkey’s preferential trade treatment that allowed some exports to enter the country duty free, but it has halved its tariffs on imports of Turkish steel to 25%.


Australia's major parties neck and neck in tight election battle - PM Morrison hopes voters ignore Coalition infighting, while Labor’s Shorten has become tabloid target


Huawei has secret ‘backdoor’ into major European telecoms firm, spy agency reportedly says….


Only €13.5 million actually paid of the pledged €1 billion so far to repair Notre Dame


China's passenger car sales fell 24% y/y in the first week of May, according to the China Passenger Car Association. Transactions between automakers and dealers fell 44% y/y.



Markets

U.S. markets had a good rally yesterday as it seemed trade talks/tariffs were ‘’easing’’ (SPX 2’840 to about 2’890), before selling-off a little overnight, as China talks tough on trade. G20 at the end of June seems to become another key moment between China/U.S. trade talks


USD stays firm(er), GBP weakens as cross-party talks collapse (quelle surprise) and Teresa May is on her way out before her summer holiday, she will try to get her deal through parliament once again (most expect it to fail), EMG weaker, as USDCNH hit 6.93 again (PBOC-China using it as trade tool clearly, mentioned they will not let it go above 7 though)


Bonds (ever) so slightly softer yesterday, but pretty much pinned to their highs still


WTI testing short-term resistance $63.30 area, above that we could look for $65-66 again (risk-on rally and/or Iran news)


Bitcoin sheds more than $1,500 in less than 2 hours….

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