Market movers today
• We expect that German inflation has remained subdued in May. Core inflation is running at a very low level and commodity prices are held in check by positive supply side factors and fading Chinese demand.
• The euro area M3 release for April will give insight into the credit growth situation in the euro area – tight credit is a key factor restraining growth currently. Further, German unemployment is expected to remain unchanged in May.
• In terms of central banks, Fed dove Rosengren (voter) will speak on the economic outlook this evening. Earlier in the day we will get the Bank of Canada interest rate decision.
• In Sweden all eyes will be on the Q1 GDP numbers. We look for some weak numbers, well below the Riksbank and consensus forecasts.
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Danske Bank