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Analysts at ANZ Bank New Zealand explained that trading was quiet with only second tier data out.

Key Quotes:

“US equities trended sideways early in the session, then rose following positive comments from Trump ahead of the talks and the introduction of a bipartisan bill by US senators to delay proposed auto tariffs. The S&P 500 was up 0.4%.”

“Equities in Europe fell 0.1-0.9% across major indices, unwinding recent gains. The dollar fell against the G10 with CAD outperforming, on the back of higher oil prices and positive headlines from NAFTA discussions.”

“Treasuries traded within 1-2bps of yesterday’s close”.

“European yields dipped a touch in the lead up to the ECB meeting tonight. Oil contracts were trading higher on the back of higher inventories with gold also firming.”

“US new home sales disappointed, with 631k sales in June, below expectations of 668k (a fall of 5.3% m/m). This adds to the picture that the US housing market is losing steam, following weak existing home sales data reported yesterday and the sharp fall in starts and permits reported last week. ANZ had been expecting the housing market to slow, with the rate of household formation having declined, interest rates on the rise, and supply-side constraints pinching for new construction. We will continue to monitor the steepness of the correction over the coming months.”