EU TRANSPORTATION: Air France-KLM: confirms SLB step likely (x4)
Jul-31 08:10
Rephrased headline, as per quote said likely, not confirmed. It would need to cut emissions by -6.8% in the next 6-months to avoid step - highly improbable - it has only cut it by 3.4% since 2019 (vs. target -10%). Plane deliveries will be blamed - newer aircraft can consumer 15-30% less fuel.
26s -11.
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SWITZERLAND DATA: Weak May Retail Sales Likely Of Limited SNB Concern
Jul-01 08:07
Swiss (real) retail sales were weak in May, at -0.6% M/M, the joint lowest sequential reading in the series since September 2024.
- The data is another indication that the SNB's call for softer Swiss economic momentum towards Q2 materializes (following yesterday's June KOF underperformance at 96.1 vs 99.3 consensus). Remember that the SNB sees 1.0-1.5% growth in 2025 - even though Q1 already printed a strong 0.8% Q/Q.
- Nevertheless, we'd argue the SNB's main concern when considering a move into negative rates territory would be inflation dynamics, not economic activity.
Petrol station / fuel sales were strong in May - the print excl. that printed -0.8% M/M, and all remaining main subcategories printed negatively on a sequential comparison. See table for details.
MNI: EUROZONE JUNE FINAL MANUF PMI 49.5 (49.4 FLASH; 49.4 PRIOR)
Jul-01 08:00
- MNI: EUROZONE JUNE FINAL MANUF PMI 49.5 (49.4 FLASH; 49.4 PRIOR)
MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 2.8%
Jul-01 08:00
- MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 2.8%
- MNI: ECB 3-YEAR CONSUMER INFLATION EXPECTATIONS 2.4%
