German ZEW and UK employment data in focus today – Nomura

Analysts at Nomura expect Germany’s ZEW to fall to -17 in June from -8.2 in May.

Key Quotes

“Other forward-looking survey data (e.g., June’s Sentix) point to a further deterioration. More broadly, fears about the US protectionist policy and the flare-up of political instability in Italy have added additional uncertainty to the German outlook.”

“UK Labour market report: Employment surged in Q1 while private sector regular pay growth rose to 3% y-o-y – the strongest since H2 2015. A 0.2% monthly rise in private regular pay should raise the 3m and 6m annualised rates of growth – which fell back in last month’s report – to around the 2.5% mark.”