Five Things You Need to Know to Start Your Day

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It's decision day for the Paris climate agreement, May skips TV debate, and Weidmann gets the last word. Here are some of the things people in markets are talking about today.

Climate change?

U.S. President Donald Trump said on Twitter that he will reveal his decision on whether to keep the country in the Paris climate pact at 3:00 p.m. Eastern Time today. Should he decide to withdraw from the accord, the U.S. would be pushing against the tide of an almost global consensus, with even the world's largest polluter, China, promising to stick to its pledges. Researchers predict that a U.S. withdrawal from the agreement would have a domino effect making it almost impossible to stop catastrophic climate change.

May absence 

British Prime Minister Theresa May's decision not to take part in a televised debate of party leaders was slammed by the other participants, as polling for next week's election fails to give a clear picture of the outcome. Talk of a landslide for the Conservative Party has receded, but despite recent setbacks, Theresa May is still expected to be the next Prime Minister. On the economy, the picture remains mixed, with IHS Markit's Purchasing Managers Index coming in at 56.7 in May, while home prices fell for the third month in a row for the first time since 2009. 

Last word

Bundesbank President Jens Weidmann, speaking just hours before the start of the European Central Bank's self-imposed quiet period that precedes next week's meeting, said that ECB is starting to debate a change in guidance to reflect the euro-area's improving economic prospects. His point about the economy was bolstered by data released this morning which showed the currency area's manufacturers are hiring at a record pace, with increases in all member states. The euro was close to year-to-date highs at $1.1231 by 5:45 a.m. 

Markets rise

Overnight, the MSCI Asia Pacific Index gained 0.3 percent, while Japan's Topix index added 1.1 percent as the yen weakened for the first time in five days. In Europe, the Stoxx 600 Index was 0.3 percent higher at 5:45 a.m. as energy stocks were boosted by oil prices rising from a two-week low. S&P 500 futures pointed to a gain at the U.S. open. 

Coming up...

Ahead of tomorrow's main course of U.S. non-farm payrolls data, today's appetizer is ADP employment numbers at 8:15 a.m., following by the amuse-bouche of weekly jobless figures at 8:30 a.m. with expectations for 238,000 new claims. At 9:45 a.m., Markit U.S. manufacturing PMI is released, with ISM at 10 a.m. Today we also get auto sales for May, with a slight increase to 16.9 million expected. 

What we've been reading

This is what's caught our eye over the last 24 hours.

• London's Brexit apocalypse is nowhere in sight.
• JPMorgan, BofA trading revenue on pace to drop 10 percent.
• Wall Street traders crave action. April and May didn't deliver.
• Top miner sees 'huge demand' boost from China's new silk road.
• Morgan Stanley's Gorman says the U.S. economy is doing just fine.
• Finland can teach the world how to stand up to Russia.
• Is this the biggest corruption scandal in history?

To contact the author of this story: Lorcan Roche Kelly in Dublin at lrochekelly@bloomberg.net.

To contact the editor responsible for this story: Joe Weisenthal at jweisenthal@bloomberg.net, Isobel Finkel