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Central banks moving in different directions

Published Wednesday, June 4th, 2014

In a session which saw thin trading, European stock indices pulled back from recent highs as investors exhibited caution ahead of this week’s key events. Risk appetite within the Eurozone was undermined by poorly-received inflation data which revealed consumer price growth in May had slumped to 0.5% from 0.7% a month earlier. There was some respite for those of a bullish disposition after a slight fall in the euro-area unemployment rate to 11.7% during April confirmed the gradual recovery of the region’s labour market.

Recent evidence of an uptick in global manufacturing activity was supported by data pointing to a third consecutive monthly increase in US factory orders in April. This followed on from the latest JP Morgan manufacturing PMI which rose in May from April. Nevertheless, US equities followed their European counterparts lower as a rise in the CBOE Volatility Index highlighted market nervousness.

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Posted by David Hufton