SocGen's Overnight Economic News Summary

05:58 AM EDT, 06/03/2026 (MT Newswires) -- Societe Generale in its early Wednesday economic news summary pointed out:

-- Bond yields, US dollar (USD) carry over gains after the strongest gain in JOLTS job openings since April 21 (+731,000). The United States administration proposes a minimum 10% levy on imports from 60 countries over investigation under Section 301 over forced labor concerns. Canada, Mexico, the European Union, Taiwan and the United Kingdom face 10%, while China, India, Japan, South Korea, Brazil and Switzerland are subject to a higher 12.5% levy. New tariffs subject to review.

-- ECB: European Central Bank Governing Council member Pierre Wunsch repeats case for June rate hike in FT, says if the U.S. and Iran agree to a peace deal, the discussion "might be a bit less easy. But there is probably still a case for hiking, it's just a bit less strong."

-- Australia Q1 gross domestic product growth slows to 0.3% quarter over quarter from 0.9% in Q4 (unchanged in year-over-year terms at 2.5%). Household consumption +0.5% quarter over quarter and government consumption -0.2% quarter over quarter. Net trade detracts 0.8pp. ACGB three-year yields +2bps at 4.55%.

-- Day ahead: U.S. ADP employment, ISM services, factory orders. Federal Reserve speakers Barr and Logan. Fed Beige Book. ECB speakers.

-- Nikkei +2.8%, EUR 10-year IRS unchanged at 3.02%, Brent crude +1.3% at US$97.2/barrel, Gold -0.7% at US$4,462/oz.

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