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Daily Briefing – Tuesday, May 30.2017

Europe

Euro futures are down ½ a percent this morning after Greece yesterday announced it could default on its next bailout payment if creditors offered no relief and the possibility of early elections in Italy. This morning, Germany posted a 0.1% reduction in import prices MoM. The Pound edged higher yesterday to recover losses on election worries last week. ECB President Mario Draghi yesterday told the European Parliament that the zone’s economy is still reliant on monetary stimulus.

57.

Asia

The Korean Kospi fell for the first time in 7 sessions after North Korea tested another missile. The Nikkei also suffered under a heavy yen, which was up 0.3% against the dollar due to risk aversion – this despite strong data released overnight, including retail sales rising 3.2%. And Australia’s S&P/ASX managed to add a third of a percent on banking stocks and mining, plus building permits overnight show a 4.4% increase MoM, while these fell 7.6% in New Zealand.

US

US markets were closed yesterday for Memorial Day, with UK and Chinese markets also closed. Thin as trading was, though, index futures managed to add points on expectations of this week’s data, including inflation today and labor on Thursday and Friday.

 

Week’s Events

9 AM GMT

EU: Services, consumer, business, economic & industrial confidence

12 noon GMT

Germany: Consumer Price Indexes

12:30 PM GMT

US: Personal consumption expenditures & income followed at 1 by Case Shiller Home Price Index

11:01 PM GMT

UK: Consumer Confidence & shop prices

11:50 PM GMT

Japan: Industrial Production

1 AM GMT (+1)

China: Manufacturing & non-manufacturing PMIs

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