The composite PMI fell from 54.1 to 53.3 in May, which is the first decline since October last year. The divergence between services and manufacturing is growing, with services inflation accelerating again. The latter is the main concern for the European Central Bank
German trade sentiment, European Central Bank chief Lagarde, and UK inflation numbers are in focus ahead of the FOMC meeting.
The third drop in a row for the German ZEW index marks a turning point for the worse as any growth optimism from the start of the year evaporates
In a March statement, the Fed suggested there would be no rate cuts until 2024. However, the market began betting on a rate cut in September, and after today’s announcement, the chances of a rate cut this year increased.
Despite falling inflation, RBA Governor, Philip Lowe, justified the latest hike by saying that it would take time to bring inflation down and hinted that more hikes might be necessary
This has been going on since the weekend. Completion of the auction/deal means that First Republic Bank offices will reopen as JP Morgan branches thereafter. This breakdown shows that First Republic Bank has total deposits of approximately $104 billion and total assets of approximately $229 billion.
The eurozone economy carries on along the rim of stagnation. A meagre 0.1% quarter-on-quarter GDP growth in the first quarter with high divergence across member states is better than feared – but clearly no reason to cheer
Based on upbeat activity data and higher-than-expected inflation, we believe the BoJ will take steps to normalise policy by adjusting its yield curve control tool in the coming months
Credit Suisse Group AG reported 61.2 billion francs ($69 billion) of outflows in the first quarter and took a large writedown at its wealth management unit, underscoring the challenge for UBS Group AG in retaining key clients and assets after the emergency takeover of its biggest rival.
An improving Ifo index is always good news. However, a weaker current assessment component and below-average expectations do little to take away the stagnation risk for this year
