An event-packed but shortened week stateside kicks off the second half of 2024, with European markets rallying on Monday as the first round of French...
An event-packed but shortened week stateside kicks off the second half of 2024, with European markets rallying on Monday as the first round of French assembly elections points to a hung parliament and policy gridlock.
Viewed against "worst case" concerns of a wave of unfunded tax cuts from the former National Front and its allies, not to mention tense battles with Brussels, investors breathed a partial sigh of relief that it all looks muddier than that. This saw U.S. core inflation come in at slightly less than the 0.1% expected for the month, and the annual core rate drop to 2.6% for the first time in three years.German states' inflation numbers for June point to further easing of national price pressures too.
ECB President Christine Lagarde speaks at the bank's annual forum in Sintra, Portugal later on Monday and will be joined by Fed chair Jerome Powell there on Tuesday. Otherwise, the U.S. week is broken up by the Independence Day holiday on Thursday but is packed with big labor market data - some of which is frontloaded a day early because of the holiday. The JOLTs job openings release is due on Tuesday, for example, and the weekly jobless report on Wednesday - but the national payrolls report will be on Friday as usual.
Mike Dolan European Markets European Central Bank French Assembly Parliamentary Seats Federal Reserve Opinion Polls
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