Overnight market overview - ANZ

Analysts at Westpac noted the events fro overnight.

Key Quotes:

"Relatively dovish comments from ECB Vice President Constancio saw the euro sell off marginally. But in general, the USD struggled to make headway (even with stronger PPI data reinforcing expectations for a Fed hike next month), with early selling pressure in USD/JPY evident. Equity markets were generally lower, with the S&P 500 down 0.2% at the time of writing and the DAX and CAC closing down 0.4% and 0.3% respectively. Fixed income was mildly supported, with the yield on the US 10-year note holding around 2.40%. Oil continued to recover lost ground, with WTI up around 1.0% to $47.80/bbl. The CRB index rose 0.5%."

"US PPI data was stronger than expected, at 0.5% m/m in April (mkt: 0.2%; last: -0.1%) and 2.5% y/y. Ex-food and energy was also strong, rising 0.4% m/m and 1.9% y/y. The data point towards inflationary pressures continuing to build. Elsewhere, the BoE voted 7-1 to leave interest rates unchanged."