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International

Ifo: German Manufacturers Face Escalating Supply Crunch Amid Geopolitical Tensions

German manufacturing companies reported a growing shortage of intermediate products, with production expected to be affected as an "alarmingly high" number of businesses grapple with the supply crunch, the ifo Institute said Tuesday.The percentage of manufacturers facing bottlenecks increased to 15.9% in May from 13.8% in April, led by industries with a high demand for oil- and energy-intensive intermediate products due to the impact of geopolitical tensions.In particular, 31.2% of chemical businesses reported a materials shortage, while the share of rubber and plastic products makers in the same situation rose to 23.7%. One in four electronics companies saw a supply shortage, while the portion of automotive companies facing supply issues was comparatively low at 10%. Consumer-related industries were largely unaffected.

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International

Rising Crude Prices Leave European Bourses Mixed at Midday

European bourses were mixed midday Monday as traders mulled ongoing Persian Gulf turmoil and higher crude prices.Oil and tech stocks led gains on continental trading floors, while food and bank shares lagged.Front-month North Sea Brent crude-oil futures were up 2.9% at $93.76 a barrel, as Tehran-Washington peace talks again appeared to stall.Investors also eyed Wall Street futures in the green, and largely higher closes overnight on Asian exchanges, including fresh zeniths on equity indices in Seoul, Taiwan and Tokyo.In economic news, the Eurozone manufacturing purchasing managers index (PMI) dropped to 51.6 in May from from 52.2 in April, but still struck above the 50-mark that separates growth from contraction, reported S&P GlobalThe pan-continental Stoxx Europe 600 Index was off 0.2% mid-session.The Stoxx Europe 600 Technology Index was up 1.4%, but the Stoxx 600 Banks Index lost 0.4%.The Stoxx Europe 600 Oil and Gas Index rose 0.8%, while the Stoxx 600 Europe Food and Beverage Index declined 0.5%.The REITE, a European REIT index, fell 0.2%.On the national market indexes, Germany's DAX was up 0.3%, and the FTSE 100 in London lost 0.2%. The CAC 40 in Paris was up 0.1%, and Spain's IBEX 35 eased 0.2%.Yields on benchmark 10-year German bonds were higher, near 2.98%.The Euro Stoxx 50 volatility index was down 1.5% at 19.02, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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International

Eurozone Unemployment Rate Steady at 6.3% in April

The seasonally adjusted unemployment rate in the euro area stood at 6.3% for the second straight month in April, according to Eurostat data published Monday.The latest reading is higher than the consensus estimate of 6.2%.

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International

Eurozone Consumer Inflation Expectations Unchanged at 4% in April

The median rate of perceived inflation by euro area consumers for the year ahead was stable month over month in April, according to a European Central Bank survey published Monday.The latest monthly ECB Consumer Expectations Survey showed that median expectations for inflation in the next 12 months remained at 4%. The estimate for the next three years fell to 2.9% from 3%, while the expectation for five years ahead held steady at 2.4%.Meanwhile, the uncertainty about inflation expectations for the next 12 months was still at an elevated level.The ECB continued to see lower inflation expectations among younger survey respondents aged between 18 and 34 years, compared with those aged 35 to 54 and 55 to 70.

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International

Final PMI: Eurozone Manufacturing Activity Hits Two-month Low in May

The eurozone's manufacturing activity decelerated in May, as demand for eurozone goods stalled amid rising prices.The final S&P Global Eurozone Manufacturing PMI fell to 51.6 from 52.2 a month ago, according to data from S&P Global published Monday. The reading, which marks a two-month low, is above the flash estimate of 51.4.

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International

Euro Area Loans to Companies Rise in April; Household Lending Growth Stable

The euro area's adjusted loans to nonfinancial corporations increased 3.4% year over year in April, following a 3.2% rise a month ago, according to data from the European Central Bank published Monday.The consensus estimate for the month was a 3.1% gain.Meanwhile, the growth rate for adjusted loans to households stood at 3%, matching the previous reading and consensus expectations.

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International

Germany's Manufacturing Sector Nears Stagnation in May, Final PMI Data Shows

German manufacturing sector conditions were virtually stagnant in May as uncertainty and cost pressures linked to the war in the Middle East led to the first decline in new orders in 2026, while output growth softened for the second straight month, S&P Global said Monday.The final headline S&P Global Germany manufacturing PMI slipped to a four-month low of 50.1, close to the 50-point no-change mark, from 51.4 in April. The flash estimate for May stood at 49.9.

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International

Eurozone's Annual M3 Money Supply Up 2.7% in April

The euro area's M3 money supply rose 2.7% year over year in April, following a 3.2% increase in March, the European Central Bank said Monday.Analysts expected a 3.3% growth for the month.

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International

Final PMI: French Manufacturing Activity Contracts in May

France's manufacturing sector activity slipped into contraction territory in May, amid renewed downturns in output and new business as the temporary boost from client restocking faded, S&P Global data showed Monday.The final S&P Global France Manufacturing PMI fell to 49.7 from 52.8 a month ago, against the flash estimate of 48.9, and reversing the start of the quarter's four-year high. The index fell below 50 for the first time since November 2025.

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International

Italian Manufacturing PMI Inches Up to Over Four-year High in May

Operating conditions in Italy's manufacturing sector improved the most in May in just over four years as demand recovery due to safety stockpiling led to a pickup in new orders and faster output expansion, S&P Global said Monday.The S&P Global Italy manufacturing PMI rose to 52.9, the highest since April 2022, from 52.1 in April 2026. The consensus estimate for the month was 52.

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International

S&P: Spanish Manufacturing Sector Growth Softens in May

The improvement in Spain's manufacturing sector conditions eased in May as new orders and employment fell, while production expanded only slightly amid the ongoing war in the Middle East, S&P Global said Monday.The seasonally adjusted S&P Spain manufacturing PMI fell to 51.2 from 51.7 a month earlier, missing the consensus estimate of 52. The "modest" growth in sector performance was marginally above the historical trend.

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International

German Monthly Retail Sales Fall 0.3% in April

Germany's retail sales dropped 0.3% month over month in real terms in April, consistent with the revised 0.3% decline in March, according to data from the Federal Statistical Office published Monday.Analysts expected a 0.4% decrease for the month.On a yearly basis, Germany's retail sales were also 0.3% lower, compared with the revised 0.2% fall earlier.

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International

German Flash Annual Inflation Eases to 2.6% in May

Germany's annual inflation rate fell to 2.6% in May from 2.9% in April, according to provisional data from the country's Federal Statistical Office published Friday.The latest reading is lower than the consensus estimate of 2.9%.On a monthly basis, consumer prices edged down 0.2%, against the previous 0.6% rise and the expected 0.1% increase.The annual harmonized inflation rate was 2.7%, compared with the prior 2.9% and the market forecast of 2.8%. Meanwhile, harmonized consumer prices fell 0.1% month over month, against the previous reading of a 0.5% rise and the expected 0.2% increase.

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International

Strait of Hormuz Outlook Lifts European Bourses Midday

European bourses tracked moderately higher midday Friday on media reports that Washington and Tehran may agree to a 60-day ceasefire deal that could open the Strait of Hormuz in the next 30 days.Bank and tech stocks led gains on continental trading floors, while oil shares lagged.Front-month North Sea Brent crude-oil futures were down 1.9% at $90.97 a barrel.Investors also eyed Wall Street futures modestly in the green, and higher closes overnight on Asian exchanges, including all-time zeniths set on equity indices in Seoul, Taiwan and Tokyo.In economic news, the European Central Bank (ECB) should hike its key interest rate by 0.25% in June, said ECB governing council member Gediminas Simkus, reported Econostream. A 50 basis-point June increase would be too high, added Simkus.The pan-continental Stoxx Europe 600 Index was up 0.6% mid-session.The Stoxx Europe 600 Technology Index was up 1.1%, and the Stoxx 600 Banks Index also gained 1.1%.The Stoxx Europe 600 Oil and Gas Index eased 0.3%, while the Stoxx 600 Europe Food and Beverage Index inclined 0.1%.The REITE, a European REIT index, rose 0.7%.On the national market indexes, Germany's DAX was up 0.1%, and the FTSE 100 in London gained 0.3%. The CAC 40 in Paris was up 0.7%, and Spain's IBEX 35 lifted 1%.Yields on benchmark 10-year German bonds were steady, near 2.96%.The Euro Stoxx 50 volatility index was down 2% at 19.09, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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International

French Jobseekers, Unemployment Claims Fall in April

The number of unemployed individuals in France fell to 3,100,100 in April from 3,109,100 in March, according to government data published Friday.Meanwhile, initial jobless claims declined by 9,000, against the 35,600 increase in the previous month.

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International

Italian Quarterly GDP Up 0.3% in Q1, Final Data Shows

Italy's quarterly gross domestic product increased 0.3% in the first quarter, consistent with the prior three-month period, final data from statistics agency Istat showed Friday.The reading is above the initial estimate of a 0.2% increase.On a yearly basis, the Italian economy expanded 0.8% in the first quarter, against the initial reading of a 0.7% growth.

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ECB June Rate Hike Expectations Build as Spanish Inflation Holds Firm, French Prices Climb in May
US Markets

ECB June Rate Hike Expectations Build as Spanish Inflation Holds Firm, French Prices Climb in May

Steady inflation in Spain and rising prices in France for May are supporting calls for the European Central Bank to lift interest rates at its upcoming June meeting.In Spain, preliminary data showed consumer prices rose 3.2% year over year in May, matching the previous month's reading and against the consensus estimate from Investing.com of 3.3%. Meanwhile, the nation's annual core inflation rate increased to 2.9% from 2.8%.The index faced upward pressure from the transport, recreation, sporting and culture sectors, where price drops were softer than in May 2025. On the other hand, clothing and footwear pulled prices lower, while food and non-alcoholic beverages also provided downward relief, with prices remaining stable against the previous year's increases.Concurrently, France's flash annual inflation rate for May 2026 accelerated to 2.4% from the previous month's 2.2%. While the print came in slightly below the expected 2.5%, inflation increased for the fourth straight month and reached its highest level since February 2024.The increase was primarily fueled by rising energy costs, with gas prices surging amid the ongoing war in the Middle East.ECB Executive Board member Isabel Schnabel said in an interview with Reuters published on Tuesday that the central bank will likely need to raise interest rates during its next Governing Council ​meeting starting June 10 to combat a "much more persistent" inflation shock that is "working its way through the economy."As headline inflation in the euro area hit 3% and is expected to climb toward 4% by year-end, Schnabel warned that "looking through is no longer an option." However, she maintained that the ECB avoids pre-committing to a post-June trajectory, remaining "strictly data dependent."Following the release of the ECB's April meeting minutes on Thursday, ING highlighted Schnabel's comments as confirmation that a June rate hike is "almost a done deal." ING's global head of macro Carsten Brzeski said a 25-basis-point "insurance rate hike" poses less risk to economic growth than the loss of credibility the ECB would face by "falling behind the curve.""What's even more interesting is what will happen beyond the June meeting. As long as fiscal stimulus remains muted, the risk of an outright inflationary spiral remains small, making an aggressive monetary policy reaction to the current energy price shock unlikely," Brzeski added.

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International

Italian Flash Annual Inflation Rate Climbs to 3.2% in May

Italy's annual inflation rate increased to 3.2% in May from 2.7% in April, provisional data from statistics agency Istat showed Friday.The consensus estimate for the month was 3.2%.On a monthly basis, consumer prices rose 0.4%, compared with the market forecast of a 0.1% increase and the prior 1.1% gain.The Italian harmonized inflation rate stood at 3.3% on an annual basis, against the previous reading of 2.8% and the expected 3.2%. Month over month, harmonized consumer prices were 0.4% higher, against the prior 1.6% rise and the forecast of 0.3%.

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International

Italian Unemployment Rate Declines to 5.1% in April

Italy's unemployment rate came in at 5.1% in April, down from 5.2% in March, provisional data from national statistics agency Istat showed Friday.The latest reading compares with the consensus estimate of 5.3%.

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International

Spanish Current Account Surplus Rises in March

Spain's current account surplus increased to 4.61 billion euros in March from 4.04 billion euros in February, according to Bank of Spain data published Friday.In the three months to March, the current account surplus totaled 11.38 billion euros, against 9.90 billion euros a year earlier.

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