Overnight Headlines and Four Items for the Day Ahead
Market strategists at Nomura, including Muhammad Kirdar, highlighted the following thre headlines overnight and said investors should keep they eye on the following four items for the day ahead.
Headlines:
- Eurozone: HICP inflation fell in the Netherlands and Greece to 0.1% and -2.1% y-o-y respectively in May from 0.6% and -1.6% in April. Separately, French and Italian industrial production rebounded from 0.4% contractions in March to growth of 0.3% and 0.7% m-o-m in April, respectively (Consensus: 0.3% and 0.4%).
- UK: Industrial production rose 0.4% m-o-m in April, improving from 0.1% in March (Consensus: 0.4%).
- China: CPI inflation rose to 2.5% y-o-y in May from 1.8% in April (Consensus: 2.4%), while PPI inflation continued to improve to -1.4% y-o-y from -2.0% (Consensus: -1.5%).
The Day Ahead:
- ECB Executive Board Member Coeure speaks on a panel in Frankfurt on “Funding the Recovery: The Role of Capital Markets” at the American Institute for Contemporary German Studies conference on "Fuelling the Recovery: The Role of Capital Markets and Banks” (7:15 EDT). Separately, Mr Coeure and ECB President Draghi are expected to meet today with Alexis Tsipras, leader of the Greek opposition Syriza party (11:30 EDT).
- ECB Executive Board member Mersch speaks on a panel discussion at Brussels Economic Forum (10:00 EDT).
- US weekly chain store sales: Seasonal demand and grocery shopping over the Memorial Day weekend were catalysts for strong sales activity in the latest week. Retailers will likely draw down inventories of summer items in the next month and prepare for fall and back-to-school shopping.
- US wholesale inventories: Wholesale inventories have increased for nine consecutive months. Consensus forecasts that the solid pace of wholesale inventory building continued in April, as it is forecasting a rise of 0.5%. Inventories at wholesalers grew at a faster pace than inventories at manufacturers and retailers in Q1, so we might see a slower pace of wholesale inventory growth in Q2.
Related ETFs: CurrencyShares Euro Trust (NYSE: FXE), ProShares UltraShort Euro (NYSE: EUO)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Natural Gas Inventory 92 bcf vs 84 bcf Expected
- Wall Street stocks fall as weak GDP growth spreads rate-cut gloom
- Fed Weekly Balance Sheet $7.45 Trillion vs $7.46 Trillion Last Week
Create E-mail Alert Related Categories
ETFs, Economic Data, Market Check, Trader TalkRelated Entities
Nomura, Wholesale Inventories, Industrial ProductionSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!