UK S&P Global Composite PMI Flash (Jun) 49.4 vs. Exp. 50.6 (Prev. 49.7)

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ECB's Kazimir says they are data-dependent, but the direction for policy is clear.

German Chancellor Merz outlines his support for a capital-based pension system, saying it "strengthens the system"

UK S&P Global Composite PMI Flash (Jun) 49.4 vs. Exp. 50.6 (Prev. 49.7)

[MARKET ANALYSIS] Kospi slump drags global indices lower into Micron earnings, due on Wednesday

ECB's Escriva says service-sector inflation is showing very strong persistence

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  • Price pressures remain elevated as companies point to the energy shock and supply squeeze from the war in the Middle East as exacerbating existing cost pressures from government policies; These higher costs, combined with subdued business growth expectations for the year ahead, have caused employment to continue to fall at a worryingly high rate. 
  • Some of the war-related price pressures have started to moderate, however, largely thanks to lower energy prices; subdued growth and labour market pictures suggest that demand and wage-bargaining power are sufficiently slack to prevent inflation becoming entrenched. 

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