Daily US Equity Opening News - Apple raises prices of iPads & Macs; MU surges after beat/guidance

DAY AHEAD:

US INDEX FUTURES: ES +0.8%, NQ +2.3%, YM +0.3%, RUT +0.7%
BROKER MOVES: QCOM upgraded at Morgan Stanley, AFRM downgraded. For the full list, click here.
MAJOR MORNING MOVES RECAP: MU, QCOM, WEN, MKC, IBM, AMZN, JEF, TCOM, Banks. For the full list, click here.
DATA: After today’s releases, the Atlanta Fed will update its Q2 GDPnow tracking estimate (currently tracking growth of 3.0%).
CENTRAL BANKS: Fed’s Bowman (dovish), Williams (dovish) and Goolsbee (hawkish) all are due to speak today.
SUPPLY: US auctions USD 44bln of 7yr notes.
ENERGY: EIA natural gas storage change is expected to print a build of 67BCF (prev. build 73BCF).
EARNINGS: - Notable corporates reporting today include: FedEx Freight (FDXF).
OPTION EXPIRIES: Copper, Silver and Gold July 2026 options expiry; Brent August 2026 options expiry.

NEWS:

TECH

Micron Technology (MU) - Micron shares rose 18% in extended US trading after the memory maker beat expectations and issued stronger guidance, benefiting from surging AI-driven demand, rising memory prices and long-term customer agreements. Q3 2026 (USD): Adj. EPS 25.11 (exp. 20.57), Revenue 41.456bln (exp. 35.56bln), adj. gross margin 84.9% (exp. 81.9%) and vs prev. 39.0% Y/Y as revenue more than quadrupled from USD 9.3bln amid surging AI-driven memory demand and tight supply. Micron ended the quarter with USD 30.2bln of cash, marketable investments and restricted cash. The CEO said customers recognise memory and storage shortages will take considerable time to improve, with Micron expecting industry supply to improve gradually in 2028; added that tight conditions are expected to persist beyond FY27 and it has no line of sight on when supply can catch up with demand. Micron said it has signed 16 long-term customer agreements with data centre operators and automakers, representing expected financial commitments of USD 22bln, and declared a 0.15 dividend payable in July. Sees Q4 adj. EPS 31.00 (exp. 25.50), and sees Q4 revenue of 50.0bln (exp. 42.915bln), sees Q4 capex of 10bln. Micron expects operating expenses to increase by ~1bln in FY27, and sees FY27 capex of 27bln.
Qualcomm (QCOM) - Qualcomm shares gained in extended US trading after it announced that it has expanded its strategic relationship with Hugging Face to advance open, developer-driven AI from devices to cloud infrastructure, and it raised its FY29 non-handset revenue target to USD 40bln; automotive seen at USD 10bln, IoT seen above USD 14bln, and data centre revenues are seen above USD 15bln by FY29. QCOM was upgraded at Morgan Stanley to 'Equal Weight' from 'Underweight' with a USD 231 PT (prev. 146). The firm said "we have been wrong to be skeptical." After the company's investor day that USD 5bln of guidance for AI data center sales in FY27 from a proven management team "clearly pushes them into the AI beneficiaries category." While Qualcomm is a late entrant, a newly emerging trillion dollar data center market creates significant opportunities, though the three-year ramp is "a show-me story."
Apple (AAPL) - Said AI data centre boom has caused unprecedented demand for memory and storage, forcing price increases. Raised prices of iPads, Macs in response to increases in memory chip costs. Macbook Neo starting price will increase from USD 599 to USD 699; Macbook Air with 512 GB of memory will increase from USD 1,099 to USD 1,299; Macbook Pro with 1TB of memory will increase from USD 1,699 to USD 1,999; iPad Air 128 GB will increase from USD 599 to USD 749; iPad Pro Wifi 256GB will increase from USD 999 to USD 1,199
Microsoft (MSFT), Amazon (AMZN)- European Commission provisionally concludes that Amazon's and Microsoft's market leading cloud services should be designated under the DMA. Next steps: Preliminary findings do not prejudge the outcome of an investigation. Amazon and Microsoft now have the possibility to exercise their rights of defence, including by examining the documents in the Commission's investigation file and replying in writing to these preliminary findings. If the Commission's preliminary findings are confirmed, the Commission will adopt decisions designating Amazon and Microsoft as gatekeepers for their cloud computing services. In that case, Amazon and Microsoft would have six months to ensure full compliance of their designated cloud computing services with the DMA's obligations.
Samsung Electronics (SSNLF), SK Hynix (HXSCL) - South Korea’s Korea Exchange delayed weekly single-stock options tied to Samsung Electronics (SSNLF), SK Hynix (HXSCL), Hyundai Motor (HYMTF) and LG Energy Solution, FT reports. The exchange cited market conditions after sharp volatility. The decision follows concern over leveraged ETFs tied to Samsung and SK Hynix, while Kospi volatility hit a record 95 and margin debt reached KRW 37tln. No decision has been made on whether the ADR of SK Hynix will be fungible, Bloomberg reports, citing sources.
Anthropic, Alibaba (BABA) - Anthropic accused Alibaba of illicitly distilling Claude in what it called its largest known distillation attack. Anthropic said operators tied to Alibaba’s Qwen lab used about 25K fake accounts to generate nearly 29mln Claude conversations from 22nd April to 5th June.
IBM (IBM) - Unveiled the first sub-1nm chip technology with 0.7nm node, sees a path to production in as early as the next 5 years.
Adobe (ADBE) - Announced Adobe Firefly Foundry, a new offering designed to support enterprise organizations seeking greater control over generative artificial intelligence workflows and brand-aligned content creation
Elastic (ESTC) - Elastic plans to reduce its workforce by about 7% to align investments with strategic priorities and AI automation; expects non-recurring cash charges of USD 22mln-25mln, mostly in Q1 2027. It also said its Chief Product Officer Ken Exner has resigned, with his last day on 17th July, to pursue another opportunity.
FormFactor (FORM) - Announced that it was added as a member of the US large-cap Russell 1000 Index, effective when the US market opens on June 29, as part of the 2026 Russell indexes reconstitution.
Kioxia Holdings (KXIAY) - Kioxia CFO said it plans to offer US depositary receipts around April-June next year, targeting demand for AI-related semiconductor exposure. Kioxia is also studying a stock split for its Tokyo-listed shares.

COMMUNICATIONS

BlackBerry (BB) Q1 2026 (USD): Adj. EPS 0.04 (exp. 0.03), Revenue 152.9mln (exp. 137.91mln); sees Q2 non-GAAP EPS of 0.03-0.04 (exp. 0.04) and Q2 revenue of 137-148mln (exp. 139.4mln). Sees FY27 non-GAAP EPS of 0.16-0.20 (exp. 0.17) and FY27 revenue of 594-621mln (exp. 602.08mln).
Comcast (CMCSA), ITV (ITVPY) - Comcast-owned Sky has agreed terms to buy ITV’s broadcast and streaming unit for GBP 1.6bln, with ITV acquiring Love Productions as part of the deal, according to Reuters. The total value includes ITV Studios acquiring Love Productions for GBP 80-120mln, plus an earn-out reportedly worth about GBP 200mln. A deal could be announced within two weeks, Reuters said.

FINANCIALS

Fed Stress Tests - The Fed said that all 32 banks tested remained above minimum capital requirements after absorbing over USD 708bln in hypothetical losses, with aggregate capital falling 1.6ppts from 12.8% to 11.2%. The scenario included a 39% drop in commercial real estate prices, a 30% drop in house prices, and unemployment reaching 10%. The Fed said that current capital requirements remain unchanged until 2027, and the Fed will next update capital buffers after the 2027 test. After the announcement, JPMorgan (JPM), Goldman Sachs (GS), Morgan Stanley (MS), State Street (STT) and Wells Fargo (WFC) all raised dividends.
JPMorgan (JPM) - After the Fed bank stress tests, JPMorgan announced a dividend increase and share buyback; new common share repurchase programme of USD 50bln, and raised its quarterly dividend to USD 1.65/shr (prev. 1.50). Separately, JPMorgan plans to open a private banking office in Hamburg this year, in August/September, Bloomberg reports. Meanwhile, JPMorgan's Consumer and Community Banking CEO Lake is to retire.
Goldman Sachs (GS) - After the Fed bank stress tests, Goldman Sachs said it will raise its common dividend to USD 5.00/shr (from USD 4.50/shr).
Morgan Stanley (MS) - After the Fed bank stress tests, Morgan Stanley said it will raise its quarterly common dividend to USD 1.15/shr (from USD 1.00/shr) from Q3 2026, and reauthorised a share buyback of up to USD 20bln.
Affirm (AFRM) - Downgraded at Morgan Stanley to 'Equal Weight' from 'Overweight'. Morgan Stanley also removed Affirm as a top pick. The market now appreciates the "durability" of the company's growth, funding, and credit. Morgan Stanley believes Affirm remains a "compelling long-term story," but it views the shares as more appropriately valued at current share levels. The downgrade is a "valuation call," as Affirm's key drivers like buy now pay later share gains and "differentiated" product portfolio are "still very much intact."
Citigroup (C) - After the Fed bank stress tests, Citi announced it will raise its quarterly dividend +12% to USD 0.67/shr.
Ares Management (ARES) - Ares Management's private credit funds have capped redemptions at 5%.
Wells Fargo (WFC) - After the Fed bank stress tests, Well Fargo announced that it expects to raise its Q3 common dividend +11% to USD 0.50/shr (from USD 0.45), adding that it has capacity to continue share repurchases.
State Street (STT) - After the Fed bank stress tests, State Street said it plans to raise its common dividend +10% to USD 0.92/shr in Q3 2026, and remains authorised to repurchase shares under its existing programme.
Bank of New York Mellon (BNY) - After the Fed bank stress tests, BNY said it intends to raise its quarterly common dividend +19% to USD 0.63/shr (from USD 0.53), starting as early as Q3, adding it remains authorised to repurchase common shares under its existing programme.
US Bancorp (USB) - After the Fed bank stress tests, US Bancorp said plans to raise its quarterly common dividend +3.8% to USD 0.54/shr (from USD 0.52) in Q3; it notes it has USD 4.1bln remaining in its buyback capacity.
Jefferies (JEF) - Jefferies shares slipped in extended US trading after earnings missed expectations, outweighing record investment banking and equities revenues. Q2 2026 (USD): EPS 1.02 (exp. 1.24), Revenue 2.21bln (exp. 2.30bln). Investment Banking net revenue +57% Y/Y to 1.21bln, driven by market share gains and a larger addressable market in Advisory and Equity Underwriting, while Capital Markets net revenue +14% to 799mln, including record Equities revenue of 601mln (+14%) and Fixed Income revenue of 199mln (+12%). Asset management fees and investment return revenue -35% Y/Y to 46mln, reflecting weaker fund strategy performance and reduced capital allocated to certain funds ahead of the planned Hildene investment, which Jefferies targets to close in Q3 and expects to be immediately accretive. The CEO said the firm delivered record first-half net revenues across Advisory, total Investment Banking, Equities, total Capital Markets and combined Investment Banking and Capital Markets, with optimism for H2 2026 supported by backlog strength and new business bookings.
Western Union (WU), International Money Express (IMXI) - Western Union and International Money Express said money transmission regulators in 51 applicable US states and territories and all international jurisdictions have approved or not objected to Western Union’s pending acquisition of Intermex. Approval or non-objection remains pending from one US state, with talks continuing with regulators, including New York’s Department of Financial Services.
Private Equity - The SEC is probing potential misconduct in private equity continuation vehicles, focusing on self-dealing, valuations and conflicts when assets are shifted into new funds, Reuters reports. The scrutiny targets a fast-growing liquidity tool used during the deal drought, raising regulatory risk for sponsors reliant on adviser-led secondaries and extended hold periods.
Bitcoin (BTC) - Bloomberg notes that Bitcoin faces about USD 10bln of options expiring on Deribit. Most positions are bullish calls, but Bitcoin has fallen below USD 60K, leaving much call open interest out of the money and potentially encouraging defensive positioning.

CONSUMER DISCRETIONARY

US Egg Price Probe - Cal-Maine Foods (CALM), Hickman’s Egg Ranch (joint owned by JBS) and Versova are near a settlement with the DoJ and states over alleged illegal egg-price coordination, Bloomberg reports. The companies would pay civil penalties, donate more than 50mln eggs and stop exchanging prices and competitively sensitive information.
Amazon (AMZN) - Amazon CEO will meet Indian PM Modi in India, and announced a USD 48bln investment by 2030, including an additional USD 13bln to expand and support AI and cloud infrastructure, Reuters reports. Amazon tests a system for warehouse staff to track check-ins and labour costs, Business Insider reports. Amazon is testing Right Station Link, a wearable-device programme to track check-in and labour-hours data for indirect warehouse support roles. Internal documents said the system aims to improve labour tracking accuracy and reduce non-productive labour hours. The roles accounted for about USD 2.8bln of labour spending, or 85mln hours.
Kalshi - Kalshi is in talks to raise funds at a valuation of about USD 40bln, with a deal possible in Q3 2026, according to the FT. Follows Kalshi raising USD 1bln at a USD 22bln valuation last month, up from an USD 11bln valuation in December 2025.
Darden Restaurants (DRI) Q4 2026 (USD): EPS 3.66 (exp. 3.63), Sales 3.72bln (exp. 3.73bln), blended same-restaurant sales +4.6%. Sees FY27 EPS of 11.10-11.35 (exp. 11.38) and FY27 revenue of 13.6-13.75bln (exp. 13.71bln). Raised quarterly dividend by 8% to USD 1.62/shr.
Ford (F) - Director John Thornton purchased 10.6K shares on 23rd June for a total USD 148.9K.
CarMax (KMX) - CEO Keith Barr purchased 9,400 shares on 22nd June for a total USD 498.2K.
Volkswagen (VWAGY) - Volkswagen agreed to sell a 51% stake in diesel engine unit Everllence to Bain Capital in a deal generating proceeds of about EUR 7.4bln, Reuters reports. Volkswagen will retain 49% in the medium-term. Everllence makes shipping diesel engines, and Reuters notes that it sees growth potential in data centre generators too.
Hennes & Mauritz (HNNMY) - H&M (HMB SS) Q2 sales SEK 54.8bln (exp. 55.3bln), net income SEK 3.96bln (exp. 4.38bln), EBIT SEK 5.91bln (exp. 6.34bln); it said tighter inventory management affected its ability to fully meet demand, while organisational changes resulted in one-time costs of SEK 679mln, adding that June sales are expected to be on par with the prior year.
Trip.com (TCOM) - Shares fell in extended trading after a profit miss and soft guidance. Q1 EPS 5.73 (exp. 6.15), Q1 revenue CNY 16.2bln (exp. 15.85bln). Executive said inbound travel continues to gain momentum, creating opportunities across the travel value chain and supporting local economic development, with Trip.com investing in technology, product innovation and destination enablement; travel market remained resilient in Q1, supported by international travel demand and rising interest in personalised travel, while AI-powered solutions and local partnerships are helping travellers overcome language and information barriers. Sees Q2 revenue growth between 3-8% Y/Y from CNY 14.84bln in the same quarter last year (exp. 16.82bln).

CONSUMER STAPLES

McCormick & Company (MKC) Q2 2026 (USD): Adj. EPS 0.80 (exp. 0.70), Revenue 1.94bln (exp. 1.92bln). Confirmed 2026 guidance. McCormick is making strong progress on integration planning for the proposed Unilever Foods combination and remains confident in delivering the expected strategic and financial benefits, including significant earnings per share accretion. "We also effectively managed elevated inflation and incremental costs related to the Middle East conflict through productivity initiatives and cost savings programs, resulting in underlying margin improvement for the quarter. In addition, our performance was supported by accretion from the McCormick de Mexico acquisition. Management expects "sequential volume improvement" in Q3 and volume growth in Q4, driven by refined revenue growth management, expanded distribution, targeted value-focused marketing and innovation
Dollar Tree (DLTR) - Mantle Ridge has filed to sell 1.12mln shares for USD 133.1mln.
Cal-Maine Foods (CALM) - Bloomberg reported that the company and other egg suppliers are nearing settlements with the DoJ and a bipartisan group of states over an investigation into alleged egg price coordination. Under the proposed agreements, the companies would reportedly pay civil penalties, donate more than 50mln eggs, and stop exchanging price and other competitively sensitive information.

INDUSTRIALS

Lockheed Martin (LMT) - The US government awarded Lockheed Martin a 7-year undefinitised contract action worth up to USD 35bln to quadruple production of Terminal High Altitude Area Defence interceptors. The award, executed under the Department of War’s Acquisition Transformation Strategy, implements the THAAD framework agreement signed in January between the two parties. Separately, Lockheed was awarded a USD 126.95mln Air Force modification to a previously awarded contract for initial spare parts for HH-60W Lot Five, bringing the contract’s total cumulative face value to USD 6.44bln.
RTX (RTX) - Received a USD 398.7mln US Air Force contract for Advanced Medium Range Air-to-Air Missiles.
EasyJet (ESYJY) - EasyJet said its board unanimously rejected Castlelake’s fourth proposal to acquire the company for GBP 6.50/shr, saying it substantially undervalues the airline; the board has also requested a nine-day extension to the ‘PUSU’ deadline, requiring Castlelake to announce any firm offer by 5th July.

MATERIALS

China Gold - Major Chinese banks are shutting services supporting retail precious-metals trading after gold and silver volatility, Bloomberg reports. Industrial & Commercial Bank of China will stop intermediary services for individuals trading precious metals on the Shanghai Gold Exchange after the 24th July settlement. China Guangfa Bank asked clients to close positions by Thursday or face forced liquidation.
H.B. Fuller (FUL) Q2 2026 (USD): Adj. EPS 1.41 (exp. 1.38), Revenue 950mln (exp. 924.79mln). The CEO said global sourcing capabilities and swift pricing actions helped maintain supply continuity through market disruption, while the Quantum Leap restructuring initiative has strengthened the company’s competitive position. Sees Q3 revenue up mid-single digits, sees Q3 adj. EBITDA between 180-190mln. Raised FY26 guidance: sees adj. EPS between 4.60-4.90 (exp. 4.70; prev. saw 4.55-4.90), and maintained FY26 revenue growth view in the mid-single digits. Elsewhere, H.B. Fuller is close to acquiring Advanced Medical Solutions Group (AMS) in a deal valuing AMS equity at GBP 628mln, Bloomberg reports, citing sources. H.B. Fuller may offer GBP 2.85/shr (a 35% premium to AMS’s pre-talks close).
Worthington Steel (WS) - Q4 adj. EPS 0.74 (vs 1.05 Y/Y), Q4 revenue USD 929.2mln (vs 832.9mln Y/Y). The CEO said the company closed FY26 with continued progress against its long-term strategy, with Q4 reflecting solid execution in a mixed market and tighter Y/Y value-added spreads that are beginning to normalise. Higher net sales were supported by growth in the direct business and a continued focus on value-added customer solutions.
China Cobalt Futures - Guangzhou Futures Exchange is considering launching China’s first physically settled cobalt metal futures, Bloomberg reports. Talks are in an early stage, and the plan may still not proceed.

ENERGY

Middle East Oil - Qatar has resumed crude sales to Asia as Persian Gulf producers revive activity after the US-Iran interim peace deal. A shipment of Al-Shaheen crude was sold to Formosa Petrochemical for August-September, while Qatari Marine, Land and Al-Shaheen grades were sold to an Indian refiner, BBG notes. An LNG tanker owned by Adnoc also began signalling from inside the Persian Gulf after the US-Iran interim peace deal, appearing near the Das Island LNG export plant after nearly two weeks without signalling, suggesting a recent Strait of Hormuz transit.
Iraq, OPEC - A senior Iraqi Oil Ministry official said Iraq will consider all available options if its OPEC quota is not significantly increased, adding that Iraq has considered leaving OPEC, but its current plan is to remain in the group and secure a higher quota, Reuters reports. Elsewhere, Iraq Government spokesperson said the nation is working to restore full oil export capacity and aims to raise production to 7mln BPD over the coming years.
TotalEnergies (TTE) - TotalEnergies signed entry into the Bab Gas Cap Concession in Abu Dhabi with a 10% interest, alongside ADNOC (60%), BP (BP/ LN) (10%), CNPC (8%), JODCO/INPEX (5%), ZhenHua (4%) and GS Energy (3%). The concession targets production of 1.5bln cubic feet per day of gas.

HEALTHCARE

Eli Lilly (LLY) - Detailed Medicare GLP-1 Bridge access for Foundayo and Zepbound, with coverage beginning Jujly 1st.
Amgen (AMGN) - Bloomberg reported that, according to an FDA letter, personnel at ChemoCentryx allegedly manipulated study data to make Tavneos appear more effective. The FDA is seeking to withdraw the drug from the market. Tavneos is also under review by regulators in Europe and Japan, where authorities have issued a warning after reports that 20 patients died from liver-related problems while taking the drug.
Novo Nordisk (NVO) - Novo Nordisk's US Head said direct-to-consumer sales represent 90% of Wegovy pill volume, and 30% of injectable volume.
Merck KGaA (MKGAF), Bio-Techne (TECH) - Merck KGaA Agreed to acquire Bio-Techne for USD 73/shr in cash, valuing the company at ~USD 11.3bln enterprise value. The deal is expected to close in late 2026 or early 2027, subject to shareholder and regulatory approvals. Merck expects the acquisition to be immediately accretive to EBITDA pre, EPS accretive by year three, and to generate approximately EUR 140mln of cost synergies by year three after closing.
ARS Pharmaceuticals (SPRY) - Reported no new commercial formulary additions or coverage decisions for neffy in the July 1 payer cycle, despite ongoing discussions with payers. The company said demand continues to grow, highlighted expanded Medicaid access with Florida adding neffy effective July 1, reduced expected 2026 cash operating expenses to about USD 248mln, and reaffirmed a path to cash-flow breakeven in 2027 based on growth in the base neffy business.

TRADE

US-China - The US decided against sending senior officials to an APEC meeting in Macau. The State Department cited China’s “discriminatory” visa rules on US diplomats and Beijing’s rejection of a request to address restrictions on US personnel providing emergency consular services to Americans in Macau.
UK-US - President Trump said he was unfamiliar with Andy Burnham, the likely next UK prime minister, saying he had only heard that he is “extremely liberal” and probably won’t open up the North Sea.

MACRO

US - President Trump used a 250th US anniversary event on the National Mall as a campaign-style rally, and declared that “America is back”. He defended strikes on Iran, and said gasoline could soon fall to USD 2.50/gallon or lower.
Germany Issuance - German Q3 debt issuance plans are unchanged, as expected. Will raise EUR 138bln in Q3, and is set to issue EUR 512bln in 2026.
BoJ - BoJ board member Tamura said the central bank should raise rates by 25bps every few months towards a neutral level of 2%. He said hikes should accelerate if upside inflation risks become more likely, and later said that he does not currently see a need for rapid or larger rate increases. Elsewhere,
JGBs - Japan’s JPY 370tln public-private investment plan risks pressuring the government bond market, Bloomberg reports citing strategists, who are said to note uncertainty over financing, possible additional bond issuance and whether expected growth will materialise. Some warned that higher risk premiums could follow, placing upward pressure on long-term yields. Japan’s 20yr bond auction drew the weakest demand since May 2025, with the bid-to-cover ratio falling to 2.97x, below the 12-month average, as investors remained wary after the BoJ’s rate hike and amid renewed concerns over inflation and fiscal policy.
China Credit Ratings - China urged domestic rating firms to reduce the concentration of AAA ratings in its bond market, Bloomberg reports citing sources. The PBoC is leading the effort and has asked rating companies to review covered issuers and assess whether some no longer meet updated AAA standards.
China Issuance - China started marketing up to EUR 5bln of sovereign bonds in Luxembourg, potentially its largest Euro-denominated deal, Bloomberg reports. The Ministry of Finance set initial price guidance for 5yr, 8yr and 12yr year notes at 15bps, 22bps and 33bps above mid-swaps, respectively.
PBoC - The PBoC will introduce overnight reverse repos in open-market operations on 29-30th June, stating that fixed-rate overnight funds will better match short-term banking liquidity needs. The tool adds to the seven-day reverse repo rate, and could support a gradual shift in China’s policy-rate framework, Bloomberg suggests.
German Gfk - Germany’s GfK Consumer Confidence printed -29.2 for July (exp. -28, prev. -29.8); Gfk said the consumer climate is currently stabilising at a low level, income expectations are recovering only slightly, and the willingness to buy remains in the pessimistic range, while the willingness to save is not decreasing either. Gfk added that there are no signs yet of a return toward pre-war levels.
Aussie Jobs - Australia added 40.3K jobs in May (exp. 30.3K), with the unemployment rate falling to 4.4% (exp. 4.4%, prev. 4.5%). Full-time job gains were 5.2K (prev. -10.7K), and part-time was 35.2K (prev. -7.9K). Participation was unchanged at 66.7% (exp. 66.8%). Analysts at Westpac said the May jobs rebound was broadly expected, and flattered by Easter-related volatility after a weaker April revision. Looking through the noise, it says that employment momentum has stalled, unemployment is trending higher and participation is steady. It sees recent shocks and rate rises still feeding through, implying further labour-market softening ahead.