German inflation accelerated more than economists estimated in July
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European shares trade with small losses in an uneventful session, while US equities opened flat (NASDAQ) to slightly lower (Dow/S&P).
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German Chancellor Angela Merkel, under pressure after two terror attacks by asylum seekers in the space of a week, said she was still convinced that Germany could handle the influx of migrants and refugees. Ms. Merkel repeated her "Wir schaffen das!" mantra that she first used last August as Germany was taking in thousands of asylum‐seekers a day.
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Oil prices are heading south as concerns of a growing global over‐supply come back to haunt traders, leading to a near 20% fall from its yearly highs reached mid‐June. Brent crude currently trades around $43.5/barrel, the lowest level since April.
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German inflation accelerated more than economists estimated in July, a positive signal for policy makers struggling to meet their goal for price growth in the 19‐nation euro area. The inflation rate rose to 0.4% Y/Y from 0.2% Y/Y in June. Economists in a Bloomberg survey predicted a pickup to 0.3% Y/Y.
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Euro‐area economic confidence unexpectedly improved from 104.4 to 104.6 in July in a sign that the immediate impact on growth of Britain's surprise vote to leave the European Union may be muted. Consensus expected a decline to 103.5.
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The US trade deficit widened more than expected in June, from ‐61.1B to ‐63.3B whereas a stabilization was expected. Weekly jobless claims remain very low but increased from 252k to 266k.
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