European Central Bank policymaker Knot said that rate hikes have started to have an effect, but more increases will be needed to contain inflation. He added that the 2.0% inflation goal could be reached in 2025.
Fitch lowered the long-term rating of the European Financial Stability Facility to AA- from AA. The Italian Treasury may reduce its stake in BMPS.
Eurozone’s May Sentix Investor Confidence -13.1 (expected -8.0; last -8.7)
Germany’s March Industrial Production -3.4% m/m (expected -1.3%; last 2.1%); 1.6% yr/yr (expected -0.5%; last 0.8%)