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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.
Monday sees a quiet morning in terms of data releases. The only event worth noting in Europe is the release of Italian inflation figures at 0900BST. In the US, the publication of the Empire State Manufacturing survey will be closely watched at 1330BST.
Final Italian inflation seen at flash estimate
According to the flash estimate, the annual HICP rose by 1.0% in April, while the national CPI figure registered at 1.1%. Markets expect the final print of inflation to register in line with the flash result. April's increase was mainly driven by a rebound of prices for regulated energy products, rising by 15.7% after falling by 2.2% in March. Moreover, unregulated energy products accelerated significantly in April. Energy price base effects are likely to push inflation up further in 2021, before it moderates to about 1.0% in 2022, the European Commission stated in their spring forecasts.
Empire State Manufacturing index expected to fall
The headline general business conditions index of the Empire State Manufacturing survey rose to 26.3 in April, hitting the highest level since October 2017. April's uptick marks the third successive increase. However, in May markets are looking for the index to ease to 24.0. Nevertheless, the index for future business conditions increased in April to 39.8, indicating that firms remain optimistic about the outlook.
Source: Federal Reserve Bank of New York
The main events to follow on Monday include speeches by ECB's Elizabeth McCaul, Fed's Richard Clarida, BOE's Silvana Tenreyro, Gertjan Vlieghe and Andy Haldane.
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.