PrintSocGen's Overnight Economic News Summary
BY MT Newswires | TREASURY | 07/07/25 05:48 AM EDT05:48 AM EDT, 07/07/2025 (MT Newswires) -- Societe Generale in its early Monday economic news summary pointed out:
-- Currency majors mostly rangebound, United States Treasury yields dip after long weekend, 2s/10s bull steepens, Brent slips 1% after OPEC+ said to agree to raise supply by 548,000 barrels per day from September.
-- Tariffs: U.S. reportedly planning three scenarios for deadline on Wednesday. 1) Countries with 'agreement in principle' would keep 10% with possible further relief later, 2) Countries where tariffs reset to April levels until deal is reached, 3) Higher tariffs for countries not negotiating in good faith.
-- Week ahead: FOMC minutes, 10- and 30-year UST supply. Reserve Bank of Australia forecast to cut 25bps. Reserve Bank of New Zealand, Romania's and South Korea's central banks forecast to stay on hold. The United Kingdom May gross domestic product. Consumer prime index for Norway, Sweden, China, Brazil, Mexico, Colombia, Hungary and Romania.
-- Nikkei -0.5%, S&P futures -0.4%, EUR 10-year IRS to resume at 2.575%, Brent crude -1% to $67.6/barrel, Gold -0.6% to $3,316/oz.
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