(03 JUNE 2020)DAILY MARKET BRIEF 1:Firm risk appetite supports global equity rally.

Chinese services PMI printed the first extension since January and the fastest since October 2010, the Australian GDP contracted 0.3% in the first quarter, slightly less than -0.4% penciled in by analysts and the US oil inventories fell 500’000 barrels last week according to the API data. The more official EIA data due today should confirm the unexpected decline in US stockpiles versus a consensus of analyst expectations pointing at a 3-million-barrel rise. Else, Germany announced a 100-billion-euro rescue package and Lufthansa’s 9-billion-euro aid was approved, pushing the DAX 3.75% higher on Tuesday. Better-than-expected economic data, combined with the optimism on business reopening and unprecedented fiscal and monetary support continue boosting the investor appetite and attracting capital to risk assets and currencies. Hence, the global stock rally gives no signs of fading. The US stock markets gained following a strong European session on Tuesday. Asian stocks extended gains. The