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  • Squawk / 19 minutes ago
    Head of Macro Strategy / Saxo Bank
    Denmark
    German IFO unchanged in May:

    A rather unexciting May IFO report out of Germany this morning shows unchanged confidence compared to April. The headline business climate index printed 108.5 vs. 108.3 expected and 108.6 prior helped by a gain in the current assessment index. This index rose to 114.3 from 114 while the more important (forward-looking) expectations index dropped to 103 from 103.4 as expected.

    A reading of 108.5 in the IFO business climate has historically been consistent with growth of more than 2 percent, but the euro area's largest economy only managed half that (1 percent) in Q1 compared to a year earlier. The annual growth rate is, however, expected to move higher and could well hit 2 percent in 2H'2015.
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  • Calendar event / 28 minutes ago

    DE Ifo Business Climate Index

    forecast
    actual
    High Business Sentiment Index
    108.4
    108.5
    High Current Conditions Index
    113.6
    114.3
    High Business Expectations Index
    103.1
    103
  • Calendar event / 28 minutes ago

    IT Industrial turnover & orders

    forecast
    actual
    Low Industrial Index Orders SA MoM
    -0.3%
    Low Industrial Index Sales SA MoM
    +1.3%
    Low Industrial Index Orders NSA YoY
    +2.7%
    Low Industrial Index Sales NSA YoY
    +0.9%
  • Squawk / 49 minutes ago
    Head of Macro Strategy / Saxo Bank
    Denmark
    French manufacturing confidence hits 46-month high in May:

    Buoyed by lower oil prices and a weak euro confidence among French manufacturers rose another point in May on top of the three gained in April (following an upward revision to 102 from 101). This implies a manufacturing confidence index of 103, the highest since July 2011. Consensus had only looked for a print of 101.

    The broader business confidence index also rose a point to 97 as expected. Services sector confidence rose three points to 95 while retailers saw a two-point increase to 106 and construction confidence gained a single point to 89.

    Another survey index, the composite PMI, printed 51 in May (and 50.8 for Apr-May on average vs. 51 in Q1) confirms the improved sentiment in France. However, the 0.6% Q1 GDP increase may be hard to reproduce this quarter, and our longer-term view for the French economy remains one of moderate growth: https://goo.gl/0IVdLN
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  • Squawk / 1 hour ago
    Head of Macro Strategy / Saxo Bank
    Denmark
    Saxo Trade Navigator: Friday, May 22 (picture edition)

    The Saxo Trade Navigator provides you with daily technical insight into a wide array of major instruments, ranging from FX to equities, commodities and bonds. With a host of various technical indicators such as pivot points, RSI and moving averages, the Saxo Trade Navigator can be used to spot daily trade ideas.
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