EU REAL ESTATE: Heimstaden AB (HEIMST; NR/B/B) Clean-Up Call

Italian May headline HICP was revised down two tenths on a rounded basis to 1.7% (vs 1.9% flash, 2.0% prior), driven by the food component. Excluding food, energy, alcohol and tobacco (“core”), HICP inflation was unchanged from the flash at a rounded 1.9% (vs 2.2% prior). 

• On an unrounded basis, headline HICP was 1.71% Y/Y (vs 2.04% prior) while core inflation was 1.90% Y/Y (vs 2.17% prior).
• Within core, services eased to 2.90% Y/Y (vs 3.44% in April, 2.77% in March). As with other Eurozone peers, the unwinding of Easter effects drove this deceleration. Airfares pulled back to 4.6% Y/Y (vs 15.4% prior), while accommodation services fell to 3.3% Y/Y (vs 4.9% prior).
• Non-travel related services components also softened though. Insurance inflation was 4.66% Y/Y (vs 5.35% prior), while services related to housing fell a tenth to 2.88% Y/Y (vs 2.98% prior) and services related to communication was 0.65% Y/Y (vs 0.75% prior).
• Core goods inflation was 0.35% Y/Y (vs 0.26% prior), with small accelerations in clothing/footwear and furniture/household equipment.
• Food inflation was 3.10% Y/Y (vs 3.5% flash, 3.03% prior). Both processed and unprocessed foods saw downward revisions relative to the flash readings.
• Energy inflation was -1.90% Y/Y (vs -1.8% flash, -0.74% prior), driven by a continued pullback in gas and fuel inflation.

Italian May headline HICP was revised down two tenths on a rounded basis to 1.7% (vs 1.9% flash, 2.0% prior), driven by the food component. Excluding food, energy, alcohol and tobacco (“core”), HICP inflation was unchanged from the flash at a rounded 1.9% (vs 2.2% prior). 

• On an unrounded basis, headline HICP was 1.71% Y/Y (vs 2.04% prior) while core inflation was 1.90% Y/Y (vs 2.17% prior).
• Within core, services eased to 2.90% Y/Y (vs 3.44% in April, 2.77% in March). As with other Eurozone peers, the unwinding of Easter effects drove this deceleration. Airfares pulled back to 4.6% Y/Y (vs 15.4% prior), while accommodation services fell to 3.3% Y/Y (vs 4.9% prior).
• Non-travel related services components also softened though. Insurance inflation was 4.66% Y/Y (vs 5.35% prior), while services related to housing fell a tenth to 2.88% Y/Y (vs 2.98% prior) and services related to communication was 0.65% Y/Y (vs 0.75% prior).
• Core goods inflation was 0.35% Y/Y (vs 0.26% prior), with small accelerations in clothing/footwear and furniture/household equipment.
• Food inflation was 3.10% Y/Y (vs 3.5% flash, 3.03% prior). Both processed and unprocessed foods saw downward revisions relative to the flash readings.
• Energy inflation was -1.90% Y/Y (vs -1.8% flash, -0.74% prior), driven by a continued pullback in gas and fuel inflation.

ERH6 98.06/98.18/98.50/98.62c condor vs 97.87p, bought the condor for half in 4k.