Market Commentary: Monday 2nd June

US-China trade tensions continued as China accused the US of violating their recent trade deal, rejecting Trump’s claim last Friday that Beijing breached the consensus first. Spot gold climbed 0.73%, trading at $3,326 amid the heightened geopolitical tensions. S&P 500 futures are down 0.42%, and Bitcoin has slipped to $104,973.

Saudi Arabia has tightened its grip on OPEC+, pushing for increased oil production. This policy shift is aimed at punishing quota cheats and reclaiming the kingdom’s share of global markets, driving oil prices lower.

In Europe, pro-Trump nationalist candidate Nawrocki won Poland’s election with 50.9% of the vote, defeating pro-EU candidate Trzaskowski, who secured 49.1%.

China and New Zealand markets are closed today. On the data front, US Manufacturing PMI is due at 3:45 p.m., and we’ll also hear from Fed officials Logan, Goolsbee, and Chair Powell later this afternoon.

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