Several European Central Bank (ECB) speakers are slated to address today’s agenda, with Chief Economist Paul Donoban of UBS Global Wealth Management noting that ECB’s Rehn has proposed two further rate cuts as a plausible course of action this year.
The data calendar remains subdued, with UK’s CBI distributive trades data drawing limited interest from economists. In contrast, the US May new home sales figures are anticipated, offering insights into a sector sensitive to the Federal Reserve’s tightening of real interest rates.
Meanwhile, the French parliamentary debate unfolded predictably, with little market impact expected from the discussions. Of note was the debated increase in retirement age from 62 to 64, reflecting trends seen across many OECD economies where retirement ages often exceed 64 years.
In the UK, opposition leader Starmer outlined ambitions for a 2.5% GDP growth under a Labor government. However, concerns over data revision frequency may delay clarity on actual growth rates. Structural reforms aimed at enhancing efficiency could potentially uplift living standards while potentially moderating reported GDP growth figures.
Related Topics:
