Gauge

• South Koreans are casting votes in mayoral and local elections to determine the level of public support for President Lee Jae Myung’s liberal government. • The elections coincide with the one-year anniversary of Lee's presidency this Thursday, during which he has maintained approval ratings above 60%. • Lee's popularity is largely attributed to his "pragmatic diplomacy," which has successfully mitigated concerns regarding the stability of South Korea's ties with the U.S. and Japan.

• Bank of America’s Bull & Bear Indicator rose to 8.5 from 8.0 on May 29, according to a market note, signaling a more bearish contrarian setup after the recent rally. • The move suggests investor sentiment is becoming more stretched even as U.S. equities hover near record territory and recession fears have eased. • This matters because sentiment gauges are often used by traders to judge whether the market is vulnerable to a pullback after a strong run.

Conservatives expected to keep majority as socialists face drubbing and ballot tests trajectory of far-right Vox partyVoters in the southern Spanish region of Andalucía will cast their ballots in an election this weekend that is likely to deliver an absolute majority to the conservative People’s party (PP) and inflict another debilitating defeat on Pedro Sánchez’s embattled socialists in what was previously one of their proudest strongholds.Sunday’s election in Spain’s most populous region – the last big poll before next year’s general election – will serve as a barometer of wider electoral opinion and could also reveal whether the popularity of the far-right Vox party is beginning to peak. Continue reading...