Overnight Developments
Sep E-mini S&Ps this morning are up +0.27% and European stocks are up +0.92%. Gains in French stocks are leading European bourses higher after Sunday's second-round of French elections showed French President Macron's party won about 350 seats in France's 577-member National Assembly, the largest majority in 15-years. Jul WTI crude is up +0.29% and is giving a boost to energy stocks after data from OPEC showed that compliance with OPEC crude production cuts was 110% in May. Asian stocks settled higher: Japan +0.62%, Hong Kong +1.16%, China +0.68%, Taiwan +0.92%, Australia +0.54%, Singapore +0.49%, South Korea +0.59%, India +0.82%. Japan's Nikkei Stock Index rose to a 1-week high on signs of strength in the Japanese economy after trade data showed Japan May exports rose at the fastest pace in 2-1/3 years and Japan May imports climbed at the fastest pace in 3-years. Hong Kong stocks rallied over 1% before a decision Tuesday on whether MSCI will include China shares in global indexes.

The dollar index is down -0.06%. EUR/USD is up +0.10%. USD/JPY is up +0.09%.

Sep 10-year T-note prices are up +3 ticks.

China May new home prices rose in 56 of 70 cities tracked by the government, down from 58 cities that gained in April, due to the government's measures to tighten liquidity and cool the housing market.

The Japan May trade balance unexpectedly fell into deficit by -203.4 billion yen, when expectations were for a 43.3-billion-yen surplus. May exports rose +14.9% y/y, weaker than expectations of +16.0% y/y, but still the largest increase in 2-1/3 years. May imports rose +17.8% y/y, stronger than expectations of +14.5% y/y and the largest increase in 3 years.