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Europe Delivers The Good News

ByDanske Markets
Published 06/07/2013, 06:00 AM
Updated 05/14/2017, 06:45 AM
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Market movers ahead

We believe U.S. retail sales advanced at a decent pace in May. We are looking for a marginal increase in the University of Michigan survey.

The calendar in the euro area is thin, but keep an eye on industrial production and final inflation. We will be interested to follow public hearing on the ECB's OMT programme at the German Constitutional Court on June 11-12.

In China, most hard economic data for May is due to be released over the weekend. These data will be particularly interesting as we currently have very conflicting messages from China's two manufacturing PMIs.

At the Bank of Japan meeting on June 10-11, we do not expect major additional easing at this stage but see a possibility of minor adjustments aimed at reducing market volatility.

May inflation data is set to be released in the Scandi region. We expect small upticks in Denmark and Sweden, and a minor decline in Norwegian inflation.

Global update

Euro key figures showed increasing signs that the worst may be over in terms of economic recession. Spain saw the best composite PMI in two years.

The ECB kept all policy rates unchanged and did not introduce any new measures. The discussion in the Governing Council was not on whether or not to cut rates.

U.S. data has disappointed lately, as both soft and hard data has softened. We expect the U.S. economy to accelerate going in to H2 13.

Financial markets are looking soft. The Nikkei has declined almost 20% since recent peaks, the USD/JPY has broken below 100 and peripheral bond markets are underperforming.

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