This week had a fresh wave of key economic data, offering traders and investors deeper insight into the state of the global economy. The latest numbers provided clear clues about momentum and market direction, from inflation trends and labor market signals to oil inventory levels.
China:
● At 1:30 a.m. GMT, Consumer Price Index (CPI, year-over-year, May) came in at -0.1%, matching the forecast and improving from -0.2% previously. This result suggests ongoing deflationary pressure or stagnation in consumer prices.
United Kingdom:
● At 6:00 a.m. GMT, Jobless Claims Change (May) was reported at +33.1K, well above the forecast of +9.5K and reversing from -21.2K previously. This indicates a potential weakness in the UK labor market.
United States:
● At 8:30 p.m. GMT, API Weekly Crude Oil Stockpiles showed a draw of -0.370M barrels, below expectations of a +0.700M build and down from the prior -3.300M. This suggests stronger demand or tighter supply, potentially supporting oil prices.
United States:
● At 12:30 p.m. GMT, Core CPI (month-over-month, May) rose by 0.1%, below both the forecast of 0.3% and the previous 0.2%. This suggests a slowdown in core inflation.
● At 12:30 p.m. GMT, CPI (year-over-year, May) printed at 2.4%, slightly above the prior 2.3% but below the 2.5% forecast. Year-on-year inflation rose, but less than expected.
● At 12:30 p.m. GMT, CPI (month-over-month, May) came in at 0.1%, missing both the 0.2% forecast and the previous figure. This points to slower monthly consumer price growth.
● At 2:30 p.m. GMT, Crude Oil Inventories (May) showed a draw of -3.644M barrels, larger than the forecast of -2.400M, though slightly smaller than the previous -4.304M. Continued inventory declines may help support oil prices.
United Kingdom:
● At 6:00 a.m. GMT, GDP (month-over-month, April) contracted by -0.3%, worse than the -0.1% forecast and down from +0.2% previously. This signals a monthly economic contraction in the UK.
United States:
● At 12:30 p.m. GMT, Initial Jobless Claims were reported at 248K, above the 242K forecast and unchanged from the prior reading. This shows little improvement in labor market conditions.
● At 12:30 p.m. GMT, Producer Price Index (month-over-month, May) rose by 0.1%, below the 0.2% forecast but up from -0.2% previously. Producer prices are rising modestly again, showing a move out of deflation territory.
Germany:
● At 6:00 a.m. GMT, the Consumer Price Index (month-over-month, May) was confirmed at 0.1%, which matches forecasts and is down from the previous 0.4%. This confirms a cooling trend in German inflation.
Eurozone:
● At 9:00 a.m. GMT, Trade Balance (April) is expected at 18.2B, down from the prior 36.8B. This would reflect a narrowing trade surplus in the Eurozone.
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