Financial Digest

– Euro economy on track for mild recovery

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ECB,Macroeconomics,Bonds

Economic news was to the solid side this week with not least euro area PMIs painting a stronger picture.

The main surprise came from manufacturing PMI which increased from 45.7 to 47.4 while the service sector stayed at a decent level of 53.3. The service report highlighted the strength of the labour market with the employment index moving up to 53.7, the highest in a year and clearly above the long-term average. It points to continued employment gains in an already tight labour market. The latter was also highlighted by data on negotiated wages for Q1, which moved back up to 4.7% y/y from 4.

UK Prime Minister Rishi Sunak surprised everyone by calling a snap election to be held on 4 July.After 14 years of Conservative rule, polls and prediction markets indicate a Labour majority government led by Keir Starmer as the most likely outcome.

 

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