Spreadex Market Update
Eurozone inflation provides meat of the morning as FTSE eases back into trading after long weekend
Despite a generally weak day for the region’s figures, including another slump in German import prices, negative French consumer spending and a still woeful -1.0% Spanish inflation reading, the Eurozone indices managed a solid FTSE-less Monday, the DAX rising above 10350 for the first time since the end of April.
Thanks to a lack of UK action the Eurozone stays in the spotlight this Tuesday. Already German retail sales have disappointed, sliding to -0.9% against the 1.0% expected, with last month’s figure revised down to -1.4%. The preliminary French CPI reading, meanwhile, came in at a better than expected 0.4%, following on from yesterday’s 0.3% from Germany. Still to come is the M3 money supply and region-wide unemployment rate numbers, both forecast to remain unchanged at 5.0% and 10.2% respectively. That is before the real meat of the morning, the overall Eurozone inflation figure; analysts are expecting it to creep back up to -0.1% from -0.2%, but with the core number already seeing a downward revision to 0.7% from 0.8% for last month.
The FTSE, meanwhile, has little on the agenda this Tuesday, easing itself back into trading after the Bank Holiday break. The index is still near 6300 however, and could well reach that month-high with just a slight nudge in the right direction, be it from the Eurozone or the commodity sector.
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