While in the US at the beginning of the week, the capital markets remained closed due to the national holiday the previous day, the European equity benchmark EuroStoxx 50 remained almost unchanged from last Friday's closing price. Closing level: 4,087.37 points (+0.07%). In Paris, the CAC 40 closed +0.22% higher at 6,567.54 points and in London, the FTSE 100 exited Monday's trading with a daily gain of +0.58% at 7,164.91 points, driven by rising commodity stocks. In Asia, no consistent trend was discernible on Tuesday. The focus remains mainly on the pandemic development and central bank policy. In Australia, the central bank announced that it will probably keep key interest rates at a record low level (+0.1%) until 2024 and continue its bond purchases, but to a lesser extent, which means the beginning of a gentle tapering.
IHS Markit's Purchasing Managers' Index (PMI) for the eurozone, which is aggregated for the private sector, rose to 59.5 in June (first reading 59.2) from 57.1 points in the previous month, its highest level in 15 years, according to revised data. According to IHS Markit Chief Economist Chris Williamson, the economic recovery in Europe moved up a gear in June, but inflationary pressures also increased. Service providers, for example, raised their prices by the most in more than 20 years.
According to the latest survey results from Sentix, a German financial market analysis company, the investors and institutional investors surveyed are once again more confident about the economic outlook for the eurozone. The economic indicator increased by 1.7 points to 29.8 points and is thus at its highest level in almost three and a half years. The recovery of the euro economy is continuing, and the German economy is in a “boom-like condition,” Sentix commented.
According to a survey commissioned by the EU Commission, a majority of EU citizens surveyed currently rate climate change as the biggest global problem, ahead of poverty, infectious diseases and the economic situation. Nine out of ten respondents consider climate change to be a serious problem, with nearly eight out of ten describing the climate crisis as very serious. Nearly nine out of ten Europeans therefore felt it was important for the EU to set ambitious targets to increase the use of renewable energy and support improvements in energy efficiency. The survey was published in the run-up to the EU's comprehensive “Fit for 55” package of measures.
|08:00||GE||Industrial Orders (May, m/m)||-0.2%|
|11:00||GE||ZEW Investors' Economic Outlook (July)||79.8|
|11:00||EZ||ZEW Investors' Economic Outlook (July)||81.3|
|11:00||EZ||Retail Sales (May, y/y)||+23.9%|
|16:00||US||ISM PMI Non-Manufacturing (June)||64.0|
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Source: LGT Bank (Switzerland) Ltd.
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