What you need to know before markets open
- German inflation increased 2.1% y/y in June with core inflation rising 1.4% y/y. Inflation was driven by energy prices with butter and fruits marking double-digit price gain. For details read my analysis here.
- The Eurozone industrial production increased 2.4% y/y in May, accelerating 1.3% over the month.
- The European Commission’s Summer economic forecast sees GDP slowing down to 2.1% in 2018 and 2019, blaming US trade wars.
- The ECB June meeting minutes "widely" cautioned that slowdown was likely to extend into the second quarter in a number of countries, implying near-term risk to economic growth.
- Only minor data are due on Friday the 13th in Europe
In the UK
- The UK lenders reported the unchanged availability of secured credit to households was in the three months to mid-June 2018 and expected no change over the next three months to mid-September 2018.
- the long-awaited Brexit white paper saw the UK Prime Minister Theresa May dropped the claim of the EU single market access for the UK-based banks while claiming “a principled and practical Brexit”.
- The Bank of England Deputy Governor Jon Cunliffe is scheduled to speak at the Cumbria Chamber of Commerce at 11:00 GMT.
In the US
- The US CPI rose 2.9% over the year in June with core inflation up 2.3% y/y in line with market expectations.
- The Federal Reserve chairman Jerome Powell said Trump ’s stimulus to boost the economy for "at least" three years.
- The US Treasury secretary Mnuchin said the US would re-open trade talks if China makes major changes.
- Michigan consumer sentiment in July and the Federal Reserve’s monetary policy report are the most important economic releases on Friday.
- China’s trade balance reached a surplus of $41.61 billion in June with exports rising 11.3% y/y and import up 14.1% y/y.
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