‘Strong likelihood’ ECB is in dialling back phase, says Lagarde, after first rate cut since 2019 – as it happened

The President of the European Central Bank (ECB) Christine Lagarde at a press conference today Photograph: Kirill Kudryavtsev/AFP/Getty Images

3.49pm BST

Closing post

Time to wrap up…. here are today’s main stories:

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Over in the US, meanwhile, layoffs remain low.

The number of Americans filing new claims for jobless support rose last week, to a four-week high of 229,000.

That’s higher than the 219,000 which economists expected, but is still a historically low figure really.

US Weekly Initial Jobless Claims comes out slightly higher at 229k vs 220k, continued claims also higher at 1792k vs 1791k. 10-year yields initially lower but rebounded about 2 bps higher and USD slightly weaker. Market focus now looking towards tomorrow’s non-farm payroll data

— Saxo UK (@SaxoUK) June 6, 2024