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UK: CPI (Apr.): 0.6% m/m vs 0.7% expected (prior: 0.2%)
Inflation has increased, but slightly less than feared; the rebound was driven by housing, transport-energy and communication prices.
Headline inflation was up by 2.1% y/y after 1.9% y/y the prior month, while core inflation stayed stable at 1.8% y/y.
UK: PPI Input prices (Apr.): 1.1% m/m vs 1.3% expected (prior: -0.8% revised from -0.2%)
Commodity and material prices have driven inflation up; headline prices were up by 3.8% y/y after 3.2% y/y the prior month.
UK: PPI Output prices (Apr.): 0.3% m/m as expected (prior: 0.1% revised from 0.3%)
Oil prices were up by 1.3% m/m; yearly trend in prices has slightly moderated from 2.2% y/y the prior month to 2.1% y/y.
Inflation pressures remain in place, but are not sufficient to justify any move from the BoE before recovering more visibility from the Brexit issue.
US: Existing home sales (Apr.): 5.19M vs 5.35M expected (prior: 5.21M)
Sales of single family houses have decreased by 1% m/m, and inventories have increased over the month.
Price of single family houses have rebounded from past month, and up by 3.7% y/y (median prices).
Eurozone: Consumer confidence (May): -6.5 vs -7.7 expected (prior: -7.3 revised from -7.9)
On preliminary index, sentiment has recovered more than expected from depressed levels. No detail offered in the first estimate.
Switzerland: M3 (Apr.): 3.5% y/y vs 3.8% expected (prior: 3.6%)
No major change in trend in monetary aggregates; M1 at 5.1% y/y; M2 at 3.6% y/y.
Turkey: Consumer confidence (May): 55.3 (prior: 63.5)
Confidence has decreased with rising concerns, particularly on the economy and the unemployment.
Germany: PPI (Apr.): 0.5% m/m vs 0.3% expected (prior: -0.1%)
Energy and non-durable consumer goods were up by 1% m/m; core PPIswere up by 0.3% m/m.
Trend in PPI has slightly increased from 2.4% y/y to 2.5% y/y; core PPIs were up by 1.3% y/y after 1.2% y/y.
US: Consumer confidence (Michigan) (May): 102.4 vs 97.2 expected (prior: 97.2)
Sentiment has rebounded on both current situation and expectations. The improvement was driven by rising opinions on personal financial situation, sustained labour market and satisfaction on the government's action. Nevertheless, the willingness to buy large items was mixed across sectors (house, autos), pointing to some cautiousness on spending.
The inflation expectations have increased from 2.5% to 2.8% y/y at 1 year and from 2.3% y/y to 2.6% y/y at 5-10 year.
The confidence index has recovered and exceeds the highs seen in 2018.
Eurozone: CPI (Apr.): 0.7% m/m as expected (prior: 1%)
Final estimate has confirmed the monthly rise due to energy, clothes and transport sectors; core inflation has also rebounded by 0.9% m/m.
Trend in inflation has increased from1.4% y/y to 1.7% y/y and from 0.8% y/y to 1.3% y/y for core inflation.
Inflation is expected to moderate in the next months and to remain in a 1%-1.5% y/y range in future months.
US: Housing starts (Apr.): 1235k vs 1209k expected (prior: 1168k revised from 1139k)
US: Philadelphia Fed. (May): 16.6 vs 9 expected (prior: 8.5)
US: Initial jobless claims (May 11): 212k vs 220k expected (prior: 228k)
France: Unemployment rate (Q1-19): 8.7% as expected (prior: 8.8%)