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Market Recap – Christine Lagarde to succeed Draghi

Wednesday, July 3, 2019 10:56 AM GMT

Following the EU Parliament elections that ended the majority of the center-right EPP and Social-Democrats PES, this time the negotiation for the top EU jobs was longer. Germany’s defense minister, Ursula von der Leyen, will succeed Jean-Claude Juncker at the Commission, Christine Lagarde, the former French Finance Minister and current head of the IMF, will succeed Mario Draghi at the ECB, Belgium’s prime minister, Charles Michel, has been chosen to replace Donald Tusk as president of the European council, and David-Maria Sassoli, an Italian MP from the Social-Democrats party, will most probably will elected as president of the EU Parliament.

Having a politician’s mentality, Christine Lagarde could potentially be more talkative than the very well-articulated Mario Draghi, increasing the given higher volatility of markets during the press conferences.

Meanwhile Russia agreed with the production cap proposed by the OPEC. In fact, OPEC+ which includes Russia, Mexico and Kazakhstan made its unofficial expansion a little more official, as Iran has been persuaded for the need of expansion as its concerns were discarded.

Macro releases: US releases its unemployment, factory orders and trade balance. Canada releases its trade balance.  US crude oil inventories are expected on 17.00 GMT.

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