Five Things Everyone Will Be Talking About Today
Central bankers speaking everywhere, Greece talks go nowhere and German business confidence slips. Here are some of the things that people are talking about in markets this morning.
Merkel gives Greece a reality check
Greek Prime Minister Alexis Tsipras held late-night talks in Riga with his German and French counterparts which failed to deliver any meaningful breakthrough. Despite that, a spokesman for Greece said a deal is "very close." Germany's Angela Merkel took a different view.
German business confidence slips
Data out of Europe this week has hardly set the world on fire, yesterday a composite PMI of manufacturing and services for the euro-area dropped from the previous month and today German business confidence also took a backward step. The Ifo institute's business climate index fell for the first time in seven months, to 108.5 in May from 108.6 in April.
Kuroda is optimistic
The Bank of Japan left policy unchanged at today's meeting. While Governor Kuroda said he was slightly more upbeat on the economy, the majority of economists surveyed by Bloomberg forecast that the central bank will boost monetary stimulus again this year.
Draghi urges reforms - again
At the ECB's conference in Portugal, Mario Draghi talked again about Europe's need to reform. In a sign that Draghi is probably sick of talking about it, he said the term is mentioned "in approximately one third of all speeches by various members of the ECB Executive Board. By comparison, it features in only about 2% of speeches by governors of the Federal Reserve."
Waiting for Yellen…
Before you think about running out of the office for the holiday weekend, look out for U.S. inflation data at 8:30 am ET, then at 1 pm ET Federal Reserve Chair Janet Yellen delivers a speech on the U.S. economic outlook in Providence, Rhode Island.