Expansion in Eurozone Money Supply
There is plenty of minor European data being released this morning as we await the all important Consumer Price Index (CPI) update later today, this preliminary inflation data for the month will be the headline market mover of the session. In the meantime, the European Central Bank (ECB) has noted that the M3 Money Supply has increased year on year to May, this is now showing a 1% expansion compared to just 0.7% in April and a consensus estimate of 0.8%. The three monthly version of this figure has expanded at 0.9% which represents a slightly slower rate than the 1.0% previously. The ECB has also noted that it’s Private Loans metric has contracted further, year on year to May the change for this number is now -2.0% compared to -1.8% in April and a market consensus estimate for a -1.6% contraction.
Italy has also just released some data in the form of the it’s Producer Price Index (PPI), year on year this contraction in input prices has slowed to -1.4% compared to a reading of -1.5% in April and a consensus estimate for a -1.3% figure. Month on month the PPI in Italy contracted by -0.1% compared to -0.3% in April.
Spain, meanwhile, has reported on it’s Current Account Balance figure for the month of April, this is showing a narrowing of the deficit. The -€1.8Bn seen in March has contracted to -€1.6Bn for April.
Finally, German Retail Sales disappointed the markets earlier this morning. Year on year to May this figure has grown by 1.9%, this is in comparison to the revised April number of 3.2%, it also misses the markets consensus estimates for a 2.1% expansion. Month on month the number also contained negative surprise, at -0.6% this missed the consensus estimate for 0.7% expansion, it did however come in well ahead of the revised April reading of -1.5%.
Sorry. No data so far.