EQUITIES: Estoxx block trade
Jun-05 09:17
Estoxx block trade, suggest buyer, helps VGM4 back at 5000.00.
- VGM4 5k at 4995.00.
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EUROZONE DATA: PPI ex-energy remains at -1.3%Y/Y in March
May-06 09:00
- Eurozone PPI data was largely in line with expectations, falling 0.4%M/M (consensus -0.4%M/M, prior -1.0%M/M) and falling 7.8%Y/Y (consensus -7.7%Y/Y, prior -8.3%Y/Y).
- However, the less negative Y/Y print was driven by energy base effects with energy at -20.0%Y/Y in March from -21.3%Y/Y in February (despite the -2.0%M/M print). This left PPI ex-energy at -1.3%Y/Y in March (-1.3%Y/Y in February and -1.2%Y/Y in January).
- Looking at the other underlying components, intermediate goods provided an upward contribution, falling 4.8%Y/Y in March (-5.3%Y/Y in February) but capital goods (1.9%Y/Y in March vs 2.0%Y/Y in Feb), durable consumer goods (1.0%Y/Y in March versus 1.2% in Feb) and non-durable consumer goods (0.9%Y/Y in March vs 1.3%Y/Y in February) all saw downside contributions to the Y/Y rate.
MNI: EUROZONE MAR PPI -0.4% M/M, -7.8% Y/Y
May-06 09:00
- MNI: EUROZONE MAR PPI -0.4% M/M, -7.8% Y/Y
JPY: Goldman Sachs Retain JPY Forecasts Despite Intervention Phase
May-06 08:46
- Goldman Sachs write on last week’s Japanese intervention that the success is best judged as buying time for the JPY. Actual intervention should have some lasting impact, particularly after policymakers pushed on the “open door” after the FOMC meeting to reinforce their intentions.
- Nonetheless, while Japan clearly has capacity to intervene more, they maintain that the broader macro environment remains quite negative for the JPY.
- They maintain their forecast of 155, 155 and 150 in 3, 6 and 12 months, and think the risks are skewed to the upside should the Fed cut “later and less.”
- They see USD/JPY topside remaining attractive since we do not believe the sharply downward-sloping forwards will be close to realized.
