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Danske Daily: Euro Consumer Confidence ‏Expected To Be Up

ByDanske Markets
Published 07/23/2013, 08:19 AM
Updated 05/14/2017, 06:45 AM

The main release will be the euro area consumer confidence, which is expected to show a small uptick. Consumer confidence bottomed in November 2012 and has since continuously shown monthly increases. Irish house prices are worth keeping an eye on as well. The most important Q2 earnings reports are Apple, UPS and Telenor. For market moving releases we will have to wait for the Flash PMIs and German IFO tomorrow and Thursday.

Finnish unemployment data could also attract attention on a day with few other important releases. The unemployment rate rose from 8.8% in April to 10.8% in May, which caused some headlines around last month's release. However, the seasonally adjusted unemployment rate increased only from 8.4% to 8.5% in the same period. The large difference is due to the high seasonality in the Finnish labour market where students enter the workforce in May to seek summer jobs. Nevertheless, the recent increase is a confirmation that the labour market suffers from the lower economic activity.

The Netherlands will come to the market with a government bond auction in 21s and 42s. Both the 8-10 year segment and the 42s have recently underperformed relative to peers driven by a combination of the upcoming supply and a weakening in the economic data.

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