US stocks edged up over the week despite geopolitical concerns. The S&P 500 rose 0.2% and the Dow gained 0.3% for the week. Internationally, Japan sank 2.1% and Europe fell 0.9% for the week. The yield on the 10 year Treasury fell 0.14% to end the week at 2.93%, its lowest level since mid-April. Oil sank 4.9%, finishing the week at $67.88 a barrel.
Russia and Saudi Arabia were working on a deal to increase oil output, after restricting output over the past two years.
President Trump canceled his scheduled meeting with North Korea. Article
In Italy, the President blocked the formation of an anti-euro government which could send Italy down the path of a de facto vote on whether to remain a member of the euro currency union.
In Spain, the opposition party filed a no confidence motion against the Prime Minster after a court ruled the Prime Minister’s party benefited form an illegal kickback scheme. Article
Treasury secretary Mnuchin stated that the US had reached a point in discussions with China that it was “putting the trade war on hold.”
A partial repeal of rules put in place through the Dodd-Frank financial law was passed easing rules on smaller banks.
In the Fed minutes released from their early May meeting the Fed signaled they were likely to raise the Fed Funds rate at their next meeting in June and they discussed how they would adjust their statements as they move away from supportive economic stimulus.
Deutsche Bank announced it was cutting thousands of jobs as part of a restructuring. Article