Brent crude oil prices dropped for a second straight session

European shares show broad‐based losses, trading currently 2% lower, ignoring better than expected production data. US equities opened lower too, although losses are more contained.

The ECB should consider making a clear commitment not to raise its key interest rates over the coming two years even if the annual rate of inflation were to exceed its target, the OECD said, adding that it could make monetary policy more effective.

After already better than expected German data, also French and Italian industrial production surprised on the upside of expectations in April. French production rose by 1.2% M/M and Italian by 0.5% M/M, pointing to a strong start of the second quarter.

An extended period of low ECB interest rates could increase the risk of a sudden surge in risk premia and policymakers should consider the implications of financial imbalances, Bundesbank President Weidmann warned.

Brent crude oil prices dropped for a second straight session, trading currently around $51/barrel as the stronger US dollar weighs, despite strong refinery demand and global supply disruptions.

Canada's economy created 14 000 jobs in May, partly due to a surge in public administration and construction jobs. The unemployment rate dropped unexpectedly, from 7.1% to 6.9%. Both figures were well above the market consensus, supporting the CAD.