Day: June 10, 2024

Investor sentiment from the euro area is the top economic news due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Statistics Norway releases consumer and producer price figures.

In the meantime, GDP, industrial output and household consumption figures from Sweden are due.

At 3.00 am ET, the State Secretariat for Economic Affairs, SECO, releases Swiss consumer sentiment survey results.

Also, industrial output from Austria is due at 3.00 AM ET.

At 4.00 am ET, Italy’s statistical office ISTAT is scheduled to publish industrial production for April. Economists expect production to grow 0.3 percent on month in April, in contrast to the 0.5 percent fall in March.

At 4.30 am ET, Eurozone Sentix investor confidence survey data is due. The economic sentiment index is forecast to improve to -1.5 in June from -3.6 in May.

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UK permanent staff appointments fell for the twentieth consecutive month in May but the pace of decrease was the softest since March 2023, a report compiled by S&P Global showed on Monday.

Recruitment consultants cited delayed decision making and a lack of demand amongst companies as reasons for the fall in recruitment activity, the KPMG/REC Report on Jobs revealed.

Temp billings also decreased in May, with the decline the weakest since January.

Further, data showed that starting pay for candidates increased in May amid reports of a competitive market landscape, alongside evidence of a ripple impact on base pay rates following increases in the national minimum and living wages.

Nonetheless, both permanent and temporary staff pay grew at a slightly slower pace than seen in April.

Demand for staff dropped for the seven straight months in May. The latest fall was exclusively led by permanent workers as temp staff demand was unchanged in the survey period.

Further, there was another steep increase in staff availability in May. The rate of growth was the sharpest since December 2020.

Redundancies, higher unemployment and reduced demand for staff led to the broad rise in candidate availability.

“We know our labour market is resilient,” Jon Holt, Chief Executive and Senior Partner of KPMG in the UK, said.

“The big picture is that unemployment is historically low with the ease of filling vacancies back to pre-pandemic levels,” Holt said.

Taken together with today’s data and expected interest rate cuts, inflation easing and increased consumer confidence over the summer, Holt sees a better economic outlook for the second half of 2024.

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Euro area investor sentiment continued its recovery trend in June to hit the highest since early 2022 but the momentum remained weak as the economy still struggle to reach the level that prevailed before the outbreak of the war in Ukraine, a closely watched survey showed on Monday.

The economic confidence index rose to +0.3 in June from -3.6 in May, the behavioral research institute Sentix said. The reading was forecast to remain negative in June, at -1.5.

The score is no longer negative for the first time since February 2022. The reading turned positive after a series of eight consecutive improvements.

The think tank said although the recovery continues, the upswing lacks momentum. Moreover, the reading suggests that the European economy is trying hard to crawl back to the level that prevailed before the outbreak of the war in Ukraine.

Despite the increase, the situation values remained in the negative zone. The current situation index advanced to a 13-month high of -9.0 from -14.3 in May.

The -9 points highlights the statement that the recovery is only proceeding with difficulty and is taking a long time to make progress in triple steps.

Meanwhile, the expectations component gained 2.2 points to +10.0 in June. This was the highest score since February 2022.

Sentix said the expectations value provides some encouragement that the trend may continue in the coming weeks.

The survey showed that the stabilization of the German economy is only making moderate progress.

The economic situation index improved to -12.5 in June from -17.5 in May. The indicator advanced for the third straight month to reach the highest level since April 2023.

At -26.3, the current situation indicator climbed from -33.5 in May. At the same time, the expectations index rose to 2.3 from zero.

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