Politics still setting the tone
|Market Movers ahead
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In the US, the jobs report for May is in focus, with average hourly earnings as the most interesting part.
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In the euro area, we look for a rebound in HICP inflation in May, while Italian political developments will also be in the spotlight.
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In Japan, labour market data for April is on the agenda, which will be important for the outlook for wages and private consumption.
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In the Scandies, we will get more insight into the Q1 growth figures.
Global macro and market themes
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The new Italian government implies market uncertainty for now, but we do not see the debt issue leading to a new euro crisis.
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USD strength could stick around near term as the US still holds a favourable cyclical position, but should abate further out.
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Emerging markets are set to remain wobbly near term, although we do not see a contagious situation. However, the dust has not settled in Turkey yet.
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