tp on gold for now.

# GS FX Morning Notes- Nearing the End of the Road for the ECB • ECB is widely expected to make its seventh consecutive 25bp cut, bringing rates to 2.0%—right at its neutral range. • The limited forward guidance and steady pace of cuts have muted FX reactions relative to

# GS Basics - Rare Earths. Data Weakness. US Housing- Sellers _ Buyers - Rich Privorotsky • JGB auction underperformed, yet bonds still attracted buyers. • Mixed Asian performance: Nikkei down, HSI up, Korea benefiting from post-election momentum. • Despite weak ADP/ISM

# GS EU FINANCIALS SPEC SALES • ECB meeting: Expect a 25bps cut; focus on dovish tone and body language could trigger profit-taking in banks. • UBS capital review: Uncertainty over capital mix and leverage ratios; market awaits clarity on capital requirements and dividend

# GS TMT SPEC SALES- Wise crosses the pond • Analog semis saw a strong move after upbeat Onsemi/STM comments, but uncertainty remains if bulls will fully take over given potential Q2/Q3 pull-ins. • WISE met expectations with slight beats on GM/PBT; the decision to dual list

# GS Healthcare- The Precious • Healthcare remains bearish overall, with any rebound likely driven initially by crowded shorts rather than broad fundamentals. • Weak US economic data is pressuring 10‐year duration, although biotech is receiving support after recent positive

# GS Consumer- 10 Topical Names & A Few Lines on Each • DG: Q1 sales and margins improved, but no clear sign of a sustained turnaround; value-seeking consumers likely benefited more from low confidence than from lasting strength. • CELH: Remains a heavily traded, resilient

# dislocations everywhere • SPX up and US 10‑year yields falling suggest a widening short‐term gap; market sentiment is visibly shifting. • Citi’s US economic surprise index “puking” and decoupling from the SPX signals potential volatility ahead. • Bullish global

# Macro at a Glance_ Latest views and forecasts(43) • Aluminum prices: Raised 2025 forecast to $2,400/mt (from $2,300) due to a milder trade war impact; cut 2026 forecast to $2,230/mt given expectations of softer balances. • Global outlook: Expect 2.4% real GDP growth in

# JPM_G10FX_20250605 • EUR: Cracks in US data are nudging the dollar lower slowly; market awaits a breakthrough but the risk/reward isn’t compelling yet. • Portfolio: Prefer taking off shorts ahead of payroll events; remain bullish on the euro while keeping shorts on EURCZK

shallower deficit + weaker job market AND higher labor cost is this data bad e"nough for u ?

# precious metals go vertical silver leads platinum awakens • Silver's weekly breakout is huge—an important bullish signal. • Dynamic rolling of SLV call spreads is recommended to maximize optionality. • A slight silver gap close could trigger further gains. • Non-commercials

# GS Morning Rundown... 6 5 2025 - Michael Nocerino • US futures flat on a quiet morning with mixed macro cues: slight economic uncertainty amid muted trade tensions. • SPX struggling to break 6k, indicating rare “air” up there and cautious market sentiment. • GS cuts NFP

# 2 Mins Read- In to Payrolls.. - Adam Crook • The 110k payroll estimate is below consensus and the recent three‐month average, raising doubts as big‐data hiring looks solid while survey data shows weakness. • Tariff uncertainty is seen as a key drag in May, potentially

# QUICK THOUGHTS INTO JOBS TOMORROW - John Flood • ECB expected to cut rates by 25bps; further cuts in September on the horizon, though US trade issues may complicate outlook. • US jobs data shows significant weakness—May private sector up just 37k vs. expectation of 114k,

🟥 ECB officials expect rate cuts to be paused at the July meeting.

GPU export ceilings (Nvidia/AMD high-bandwidth parts) Full-stack EDA bans (Synopsys/Cadence) Visa revocations for PRC STEM students Huawei Ascend global-use warning Pending Section 232 probes (semis, pharma) Trump’s side has, so far, only addressed rare-earth

*ELON: WITHOUT ME, TRUMP WOULD HAVE LOST THE ELECTION: X POST Watch trump go elastic

Fed's Schmid: Uncomfortable to look through tariff inflation Kugler too.

Trump’s version (Truth Social) “Very good call.” Rare-earth “complexity” resolved. Teams to meet soon. Says Xi invited him to visit China. Focused “entirely on trade.” No mention of chips, Huawei, EDA, or students. Beijing’s version (MFA release + social spin) Xi says China