Morning Update – 08/06/2017 – by Arjun Lakhanpal

Morning all.. Wall St closed up 0.16% after a shaky start after the fall in oil. In Asia stocks were less resilient with the Nikkei falling 0.38% as USDJPY failed to rise and GDP data disappointed. Japan Q1 final GDP: +0.3% q/q vs +0.6% cons+1.0% y/y vs +2.4% cons; Deflator -0.8% y/y in line-Japan Apr Trade Bal: JPY 553.6bn vs JPY 494.0bn consensus.. GBP held gains as polls show the Conservatives ahead still.. -ICM Guardian: Conservative 46%; Labour 34% (12% lead vs 11% prior); suggests a conservative majority of 96 seats-Comres Independent: Consevrative 44%; Labour 34%; (10% lead vs 12% prior); suggests a conservative majority of 74 seats-Panelbase: Conservative 44%; Labour 36% (8% lead, unchged vs prior) -Kantar: Conservative 43%; Labour 38% (5% lead vs 10%) -Yougov: Conservative 42%; Labour 35% (7% lead vs 4%); Yougov thinks there will be a tory majority.. Its a big day for GBP and we should get an idea of the result by 10pm. UK May RICs housing survey missed: 17 vs 20 consensus. Sources: Senior Tory ministers are furious at how the party has mismanaged campaign; May will face immediate demands to change the way she runs gvt if re-elected.. A big day for EUR as well with the ECB meeting but EUR holding solid gains but still below 1.1285-00 resistance. Comey also due to testify today but a lot of his comments leaked now. Elsewhere, China May Trade Bal: $40.81bn vs $47.80bn cons; $38.03bn prev; Imports +14.8% y/y vs +8.3% cons; Exports +8.7% y/y vs +7.2% consensus. Oil is up 0.5% in Asia and US 10yr yields sit at 2.18%.. This morning we get EU GDP for Q1 (a final reading) but the main event the ECB meeting and Draghi press conference… Good luck..