Spreadex Market Update
Negative inflation and stagnant unemployment continue to plague Eurozone
There was a lot to digest from the Eurozone this Tuesday. Unemployment in the region remained at 10.2%, while falling to 8.7% for the European Union as a whole, and to 6.1% for Germany, a record low since the 1990 unification. The Eurozone-wide inflation figure, meanwhile, came in at an expected -0.1%. That is an improvement on the -0.2% seen last month, but still means that the region has spent more of 2016 in deflation territory than it has not despite the influx of new stimulus measures back in March. None of this news provided much cheer for investors, with the DAX and CAC both falling by 0.1-0.2% as lunchtime approached.
With little of its own to cling onto the FTSE fell further than the Eurozone indices this morning, dropping around 0.3%. A mixed showing from its commodity stocks didn’t help matters, though Brent Crude remains above $50 per barrel despite sliding by nearly half a percent.
The US session should provide a bit more to work with after lunch, investors increasingly data-hungry as they try and assess how the Federal Reserve will vote in June and July. The core PCE price index (reportedly a Fed favourite), personal spending and income, the Chicago PMI and CB consumer confidence figures are all released throughout the afternoon, though the Dow Jones doesn’t seem too excited, the futures pointing to a 25 point fall after the bell.
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