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Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
The German bunds slumped on Thursday as investors cooled on safe-haven instruments after sources from Reuters noted the European Central Bank is in no rush to incur in further easing following the recent ‘Brexit’ vote as long as markets remain calm.
The yield on the benchmark 10-year bonds, which moves inversely to its price rose 2 basis points to -0.104 percent, yield on super-long 30-year bonds jumped 3 basis points to 0.417 percent and the yield on short-term 2-year note climbed 1 basis point to -0.643 percent by 09:20 GMT.
Reports from ECB VP Constancio as well as other unnamed official sources quoted by Reuters indicate that the ECB has no plans to take further action at present, but we continue to look for a 10 basis points deposit rate cut by September at a minimum.
Eurozone preliminary June CPI inflation rose +0.1 percent y/y from down -0.1 percent in May, which is slightly above market expectations of flat 0.0 percent. It is also the highest in 5-months. The ex-energy-and-unprocessed food rate remained steady at 0.8 percent y/y as expected, though the narrower core measure of ex-energy, food, alcohol and tobacco picked up to 0.9 percent.
While rising oil prices are raising headline CPI, both measures of inflation are low enough so that the release should have little impact on the ECB's outlook.
On Tuesday, Germany's Merkel tells Bundestag she regrets Brexit decision of British people and everyone should respect Brexit decision. Said Europe has got through many crises and challenges in the past and EU is strong enough to withstand Brexit. Said Germany has special interest in European unification succeeding and it is up to the UK to says how it wants to shape its future with Europe. She further added that Germany will remain a close partner in NATO and wants to maintain close relations with UK.
Moreover, German May retail sales rose +0.9 percent m/m (2.6 percent y/y), against market consensus of +0.7 percent m/m (3.0 percent y/y), from a previously reported fall of 0.9 percent.
Meanwhile, the German stock index DAX Index fell 0.15 percent at 9,597 by 09:30 GMT.
