FRANCE: Bardella Denounces Police Raid On RN HQ
Jordan Bardella, president of the right-wing nationalist Rassemblement National (National Rally, RN), has expressed outrage after the Financial Brigade of the Paris Judicial Police executed a raid on the RN's headquarters, including the leader's office, at around 08:50CET. Bardella calls the police's actions "a serious attack on pluralism and democratic change", adding, "Never has an opposition party faced such relentless targeting under the Fifth Republic."
- Bardella: "All emails, documents, and accounting records of the leading opposition party are being seized, without us knowing at this stage the precise grievances that form the basis for this action. We only know that all the files concerning the latest regional, presidential, legislative, and European campaigns - in other words, the entire electoral activity of the party - are now in the hands of the judiciary."
- To date, financial scandals have not damaged the RN's brand or its standing among voters. The main impact has come on the party's ability to operate freely.
- The raid comes months after 25 party members, including parliamentary leader and presumptive 2027 presidential nominee Marine Le Pen, were convicted of embezzling EU Parliament funds intended for use on parliamentary aides, but instead used to pay party officials in France.
- With Le Pen barred from running in 2027 (pending appeal), opinion polls show Bardella - seen as the most likely candidate in Le Pen's stead - almost certain to make the second round run-off.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
COMMODITIES: Recovery Since Early-May for WTI Futures Could Still Be Corrective
WTI futures traded higher last week, resulting in a clear break of resistance around the 50-day EMA. The climb signals scope for an extension towards $65.82, the Apr 4 high. It is still possible that the recovery since early May is a correction. Moving average studies are in a bear-mode position, highlighting a dominant medium-term downtrend. Support to watch lies at $59.74, the May 30 low. A break would highlight a potential bearish reversal. A bullish theme in Gold remains intact and the latest pullback is considered corrective. Medium-term trend signals are bullish - moving average studies remain in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would refocus attention on $3435.6 next, the May 7 high. A break of this hurdle would strengthen bullish conditions. On the downside, the next support to monitor is $3240.0, the 50-day EMA.
- WTI Crude down $0.03 or -0.05% at $64.54
- Natural Gas down $0.08 or -2.11% at $3.705
- Gold spot up $11.18 or +0.34% at $3321.12
- Copper up $1.05 or +0.22% at $486
- Silver up $0.33 or +0.92% at $36.299
- Platinum up $41.05 or +3.51% at $1209.23
EQUITIES: E-Mini S&P Trend Remains Bullish, Contract Close to Cycle Highs
The trend cycle in Eurostoxx 50 futures remains bullish and the contract is trading closer to its recent highs. Moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. Sights are on 5516.00, the Mar 3 high and the key bull trigger. Clearance of this level would strengthen a bull theme. Key support to watch lies at 5280.33, the 50-day EMA. A clear break of this average would signal a possible reversal. The trend condition in S&P E-Minis is unchanged, it remains bullish and the contract traded to a fresh cycle high last week. The recent break of 5993.50, the May 20 high and a bull trigger, highlights a resumption of the uptrend and maintains a price sequence of higher highs and higher lows. A continuation would open 6057.00 next, the Mar 3 high. Key support lies at 5789.75, the 50-day EMA.
- Japan's NIKKEI closed higher by 346.96 pts or +0.92% at 38088.57 and the TOPIX ended 16.08 pts higher or +0.58% at 2785.41.
- Elsewhere, in China the SHANGHAI closed higher by 14.413 pts or +0.43% at 3399.771 and the HANG SENG ended 388.89 pts higher or +1.63% at 24181.43.
- Across Europe, Germany's DAX trades lower by 80.35 pts or -0.33% at 24223.6, FTSE 100 lower by 3.83 pts or -0.04% at 8834.14, CAC 40 down 0.8 pts or -0.01% at 7804.07 and Euro Stoxx 50 down 8.75 pts or -0.16% at 5421.42.
- Dow Jones mini up 31 pts or +0.07% at 42838, S&P 500 mini up 4.75 pts or +0.08% at 6011, NASDAQ mini down 4.5 pts or -0.02% at 21783.75.
FOREX: AUD and NZD Outperforming Amid Dollar Slide
- Alongside the noted dollar slippage on Monday, buoyant equity benchmarks are prompting AUD and NZD to outperform as cautious optimism surrounding the US/China talks provide tailwinds to the higher beta ccys.
- Kiwi leads the charge in G10, and NZDUSD has broken back above an important zone of resistance between 0.6025/40. Spot continues to threaten a daily close above the US election related highs, signalling scope for a more protracted recovery towards 0.6168, the 76.4% retracement of the Sep ’24 – Apr ’25 selloff. Initial resistance is seen at 0.6080, last week’s high print.
- For AUDUSD, last Thursday’s close above 0.6500 was the highest in 6 months, and Monday’s resumption of strength keeps trend signals bullish. The pair’s recent clearance of 0.6515 (May 7 high) confirmed a resumption of the uptrend and signals scope for an initial climb to 0.6550, a Fibonacci retracement and the Nov 25 high. It is worth noting that US election related highs remain the medium-term target at 0.6688.
- In Australia this week, consumer and business confidence data is due, as well as consumer inflation expectations. New Zealand BusinessNZ Manufacturing PMI figures will be released.
