UK: the amount of millionaires in GBP has shrunk by half, due to bad financial markets and the collapse of the real estate

Trend reversal at the end of the session in Europe after the release of a better than expected consumer confidence figure.

US ECONOMY: end of recession in the US is expected for end 3Q but a V-shaped recovery is unlikely, according to many economists. Europe should follow with a lag of one quarter. US consumer confidence bounced back in May at 54.9 from 39.2 and 42.6 forecast, mainly thanks to the anticipations.

UK: the amount of millionaires in GBP has shrunk by half from 489,000 down to 242,000. This is due to bad financial markets and the collapse of the real estate. This is going to have an impact of the AM business.

VIX is down at 30.6. Gold is down too at 949 USD per oz and the oil price (BRENT CRUDE SPOT) is slightly up at 60.6 USD. The USD is stable against the EUR at 1.40. 10-2 years spread is at 1.92. The 5y CMS stands at 2.84 and the 3y at 2.21.

 

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