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Published on 29 Jun 2017
What
was a good start to European indices has turned slightly sour for the
big Eurozone exporters as the euro hits a more than one year high.
A further bump up in commodity related stocks has given an extra helping hand to the FTSE here in London which has been outperforming again.
German consumer price inflation came in stronger than forecast at 1.6% year-on-year. Forecasts had been for 1.5%. Month on month it was 0.2 percent uplift beating expectations of 0.00%.
Meanwhile, it’s been a good day for global clothing retailer H&M, in terms of reported quarterly numbers, but the stock only had a brief rally.
It surprised analysts with a 10 percent uplift in profits between the beginning of March through to the end of May. But within the report was news that higher inventories going into the third quarter has resulted in more markdowns and so margins, which held up in the first half and may now, possibly, come under pressure?
Looking ahead there’s the quarterly expiry of options which may see some volatility.
On the economic agenda watch sterling with the release of the Gfk consumer confidence number which is expected to dive further into the negative, there’s also the final reading of UK GDP.
In Japan there may be a yen trade to watch as there’s Japanese inflation, unemployment and industrial production.
Then in Europe there’s French consumer price inflation, like those German forecasts for the month on month figure, economists are looking for that number to come in flat. Could there be another upside surprise?
And also the Eurozone CPI data. So by the end of the week we’ll have a pretty good picture of inflation across the euro region.
#news
@CVecchioFX
@DavidJSong
@MBForex
@JamieSaettele
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