Europe assuming ‘maximum optionality’

Tuesday 28th May 2024

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It’s been a quiet 24 hours with the UK and US on holiday, with the bond and equity markets closed in each place. But Europe was open for business, although the German IFO numbers offered little to get excited about – staying in the same place as last month. One ECB speaker said after the June rate cut, the central bank will retain ‘maximum optionality’ – central bank speak for we’re not sure what happens next. NAB’s Rodrigo Catril guides us through the data, and the commentary from the ECB and the BoJ. Australia’s retail sales numbers are out this morning, along with producer prices for Japan, and the Conference Board’s Consumer Confidence report out tonight in the US.

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