Major European indices are on track for a higher finish to the week. Eurozone’s Q1 GDP was revised down to -0.2% from +0.1%, reflecting the first contraction since 2021.
—Equity Markets—
STOXX Europe 600: +0.1%
Germany’s DAX: unch
U.K.’s FTSE 100: +0.4%
France’s CAC 40: +0.3%
Italy’s FTSE MIB: -0.2%
Spain’s IBEX 35: +0.9%
Ukraine‘s president sent a letter to Russia’s leader, proposing a bilateral meeting to end the war.
Eurozone
The market is all but certain that the European Central Bank will announce a 25-basis point rate hike on Thursday with another hike expected later this year.
Q1 GDP -0.2% qtr/qtr (expected 0.1%; last 0.1%); 0.3% yr/yr (expected 0.8%; last 1.2%).
Q1 Employment Change 0.1% qtr/qtr, as expected (last 0.2%); 0.5% yr/yr, as expected (last 0.7%)
U.K.
May Halifax House Price Index -0.1% m/m (expected 0.0%; last -0.1%); 0.5% yr/yr (expected 1.0%; last 0.4%)
France
France’s transportation minister said that there should be no concerns about jet fuel or gasoline supply levels during the summer.
April Industrial Production 0.1% m/m (expected -0.2%; last 1.4%).
April trade deficit EUR5.6 bln (expected deficit of EUR6.2 bln; last deficit of EUR6.4 bln)
April Current Account deficit EUR200 mln (last deficit of EUR900 mln)
Italy
April Retail Sales 0.0% m/m (expected 0.4%; last 0.8%); 1.6% yr/yr (last 3.8%)