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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.
EUROZONE DATA
Eurozone May flash headline printed a tenth above consensus while core inflation came in 2 tenths above, in line with MNI's tracking based on the national data released earlier today and yesterday.
- Headline HICP was 2.6% Y/Y (vs 2.5% cons; 2.4% prior) and 0.2% M/M (vs 0.2% cons; 0.6% prior). On an unrounded basis, headline was 2.57% Y/Y and 0.22% M/M.
- Core HICP came in a higher than expected at 2.9% Y/Y (vs 2.7% cons; 2.7% prior). This is a marginally larger surprise than the headline number. On an unrounded basis, core was 2.87% Y/Y and 0.44% M/M.
- Looking at the individual categories, services inflation is expected to reach highest levels of this year at +4.1% Y/Y after disinflating to +3.7% in April. This was expected due to the removal of the 49 euro German ticket base effect and other travel components mentioned in our preview. Non-energy industrial goods saw its longer-term disinflation trend continuing as highlighted in our preview, printing at +0.8% Y/Y (vs +0.9% prior), while energy prices saw their expected uptick materialize at 0.3% Y/Y (vs -0.6% prior).
- At a country level, annual HICP rose in 10 countries, fell in 7 countries, and was unchanged for the remaining 2 countries.
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.
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