Market Movers
Attention is still on a deal between Greece and its creditor institutions. Today the EU leaders meet for a two-day summit starting at 16:00 CET. The intention was that the leaders should sign an agreement, which should have been reached at yesterday's Eurogroup finance ministers meeting, but the creditor institutions and Greece have not yet found common ground and there is still some way to a final deal. The negotiations continue this morning and the Eurogroup is set to meet again today at 13:00 CET.
In the US personal spending and income for May is due for release. The strong May retail sales report should be mirrored in the data on personal spending, which we expect to show an increase of 0.8% m/m. We look for an increase of 0.6% m/m in personal income as continued strong job growth is supporting household income.
US PCE inflation, which is the Fed's preferred measure for inflation, should increase a bit in May. Core PCE is expected to increase 0.1% m/m in May in line with the improvement over the past couple of months. The yearly rate is expected to remain unchanged at 1.2%, which is low compared to the Fed's 2% long-term target but it is expected to improve within the coming year.
Initial jobless claims in the US are expected to increase a bit but to continue to suggest that labour market improvements remain on track in June. Continuing claims should decline further after it jumped in the beginning of June.
Today we publish our quarterly Nordic Outlook including our new forecasts on the Nordic economies, see more on page 2.
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