Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EUROPEAN DATA
MNI (London)
- The latest EC economic confidence survey recorded a 4.5-point dive to 99.0 in July for the eurozone, slipping below the long-term average for the first time since February 2021. The report detailed substantial broad-based falls across industry, services, retail and consumer confidence. The latter index saw outlooks on future financial situation hit an all-time low and propensity to make major purchases at April 2020 levels.
- Wednesday saw another worse-than-expected historic low for the German GfK consumer sentiment index in August, whilst French consumer confidence edged down towards 2013 lows. Consumer confidence in Italy fell to May 2020 levels.
- Across the board, the squeeze of soaring inflation on households and no signs of relief in the Ukraine war underlined increasing pessimism. The deterioration in outlooks has been exacerbated by persistent supply chain disruptions, as well as household concerns regarding the security of gas supplies heading into H2.
- A few small points of optimism can be found: the German propensity to spend on big-ticket items fell less than before, French inflation outlooks eased slightly and minimal upticks were noted in Italian construction and retail sentiment.
- On the employment front, signs of faltering confidence were evident in both the French index and EC aggregate index on the back of waning consumer demand.
- On Friday, all eyes will be on the flash GDP and CPI releases for France, Spain and Italy. Germany’s Q2 GDP estimate is also due following today’s concerning HICP uptick. Strong GDP prints and upside inflationary surprises will again put a 50bp hike for the ECB's September meeting in pole position. However, a weaker GDP read, alongside plunging consumer sentiment and weak PMIs could still have policymakers ready to stay their hand and only go 25bps.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok