General Disclosures
Information and commentary provided by ButcherJoseph Asset Management, LLC (“BJAM”), are opinions and should not be construed as facts. The market commentary is for informational purposes only and should not be deemed as a solicitation to invest or increase investments in BJAM products or the products of BJAM affiliates. The information contained herein constitutes general information and is not directed to, designed for, or individually tailored to, any particular investor or potential investor. This report is not intended to be a client-specific suitability analysis or recommendation, an offer to participate in any investment, or a recommendation to buy, hold or sell securities. Do not use this report as the sole basis for investment decisions. Do not select an asset class or investment product based on performance alone. Consider all relevant information, including your existing portfolio, investment objectives, risk tolerance, liquidity needs and investment time horizon. There can be no guarantee that any of the described objectives can be achieved. BJAM does not undertake to advise you of any change in its opinions or the information contained in this report. Past performance is not a guarantee of future results. Information provided from third parties was obtained from sources believed to be reliable, but no reservation or warranty is made as to its accuracy or completeness.
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Definitions and Indices
The S&P 500 Index is a stock market index based on the market capitalization of 500 leading companies publicly traded in the U.S. stock market, as determined by Standard & Poor’s.
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BJAM is an investment advisor registered in North Carolina and Arizona. Such registration does not imply a certain level of skill or training. BJAM’s advisory fee and risks are fully detailed in Part 2 of its Form ADV, available upon request.
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Editors’ Picks

EUR/USD holds above 1.1300 despite weak EU PMI data
EUR/USD stays in a tight daily range above 1.1300 in the European session on Thursday. The PMI data from Germany and the Eurozone showed that the business activity in the private sector contracted in May, limiting the Euro's gains. Market focus shifts to US PMI data.

GBP/USD clings to minor gains above 1.3400 ahead of US PMI data
GBP/USD defends minor bids while trading above 1.3400 in the European session on Thursday. The data from the UK showed that S&P Global Composite PMI improved to 49.4 in May's flash estimate from 48.5 in April. Focus shifts to US PMI reports.

Gold price retreats further from two-week high; $3,300 mark holds the key for bulls
Gold price extends its steady intraday retracement slide from a nearly two-week high touched earlier this Thursday and slides to the lower end of its daily range during the first half of the European session. The pullback lacks any fundamental catalyst and is more likely to remain limited amid a combination of supporting factors.

US May S&P Global PMIs set to show stable services, slight decline in manufacturing
S&P Global will release the preliminary May Purchasing Managers’ Index (PMI) for the U.S at 13:45 GMT on Thursday. Market expectations suggest that PMI readings in May will change a little. The Services PMI is forecast to hold steady at 50.8 and Manufacturing PMI is seen ticking down to 50.1 from 50.2.

FOMO vs fundamentals: Retail buys the dip, institutional investors stay cautious
Retail optimism is rising, but institutions are still treading carefully amid lingering macro and earnings risks. Policy and fiscal uncertainty remain elevated, with trade tensions, U.S. debt concerns, and a cautious Fed dominating the backdrop.