While headline inflation in Germany remained stable at an annual rate of 1.3%, this was only due to lower energy prices compensating for a significant jump in service prices from 1.2% year-on-year in May to 2.0% in June. While no core inflation data was released yesterday, one has to assume that this higher service inflation will lead to higher core inflation in Germany.A similar trend can also be seen in France, where inflation came in this morning above expectations at a monthly increase of 0.3% in June, taking the annual inflation rate to 1.4%.

Commodities - EnergyCommodities - Metals & MiningEconomic DataIndices and MarketsForeign Exchange

• 28 Jun 19
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US durable goods orders undershot expectations, but that was mostly due to the volatile component of aircraft orders, which are at the moment being subdued due to the Boeing 737 Max suspension. If this component is stripped out, durable goods orders increased by 0.3%, and shipments are showing signs of a rebound with a 0.4% increase after two months of declines. The big weakness in the data, however, was a 3.3% decline in orders of capital goods, indicating that manufacturing business is cooling slightly.

Commodities - EnergyCommodities - Metals & MiningEconomic DataIndices and MarketsForeign Exchange

• 27 Jun 19
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Consumer confidence in the US was surprisingly weak in June, indicating that the economic strength of the US is waning. What seems particularly troubling is the rather pessimistic labour market outlook of US consumers, which indicates that the backbone of US growth, the strong labour market, shows first signs of weakness.

Commodities - EnergyCommodities - Metals & MiningEconomic DataIndices and MarketsForeign Exchange

• 26 Jun 19
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