A positive start to the week on both sides of the Atlantic, with positive sentiment bolstered by the publication of several "reassuring" economic indicators (ruling out any risk of overheating, in fact).
The eurozone's annual inflation rate came in at 2.6% (as forecast) in May 2024, compared with 2.4% in April.
A year earlier, it was 6.1%, notes Eurostat, the European Union's statistical office.

In addition, German investor sentiment improved only slightly in June, whereas economists were expecting a sharper rise, according to the ZEW Institute's monthly survey published on Tuesday.

The index stood at 47.5 points this month, up 0.4 points on May's 47.1, where BofA analysts were expecting it to rise to 50.

On our bond markets, easing was the order of the day, and what's more, the yield spread between ten-year French OATs (3.12% or -4.5Pts) and the German benchmark (2.3915% or -1.7Pts) narrowed by -4Pts to around +70Pts from over 80Pts last Friday.

The rest of the session was enlivened by a number of US indicators, including retail sales: after declining by 0.2% in April compared with the previous month (a revised figure from an initially announced stagnation), they rose by 0.1% on a sequential basis in May, according to the Commerce Department.
The 'Gilts' also improved, with -3.5pts to 4.0850%.

Excluding the sometimes volatile automotive sector (vehicles and equipment), US retail sales nevertheless contracted by 0.1% last month, following a decline of the same magnitude in April.
US industrial production figures (-0.9%) confirm that no marked upturn in activity is in sight in the manufacturing sector.

The US 10-year yield eases by -3.58Pt to 4.2420% against a backdrop of slightly weaker-than-expected US figures.

The dollar remains within narrow limits (around 1.0740/E) despite the political uncertainties that have arisen in France, weakening the single currency.

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