The index for the Euro area factory and services unexpectedly rose to the highest in more than four years this month as growth gained momentum in Germany and France. France’s gauge of the two industries climbed to the highest since 2011 and growth in Germany also strengthened. European Central Bank stimulus and a weaker euro helped boost euro-area growth to 0.4 percent in the first quarter.
After a day of marathon talks on Monday, European leaders gave Greek Prime Minister Alexis Tsipras’s government 48 hours to make a final effort to satisfy creditors and end a five-month standoff. Leaders from Greece’s 18 fellow euro-zone countries agreed to step up the pace of negotiations to secure a breakthrough on Wednesday that leaders can sign off at the end of the week.
Orders for business equipment rose in May for just the second time this year, indicating demand for American-made manufactured goods is stabilizing.Orders for non-military capital goods excluding aircraft rose 0.4 percent last month after a 0.3 percent decline in April, orders for all durable goods declined 1.8 percent.
Exports will probably take longer to rebound as the dollar’s appreciation makes American-made goods less competitive globally. A pick-up in business investment would go a long way towards boosting growth in the world’s largest economy, which suffered a setback in the first quarter amid harsh winter weather, a strong dollar and delays at ports.
Property sales data has provided more evidence that the UK housing market is moving more slowly than a year ago. A total of 98,540 homes were sold in May, seasonally-adjusted figures from HM Revenue and Customs (HMRC) show, down 3% on a year earlier.
The first nine months of 2014 saw property being sold at the fastest rate since before the financial crisis. The HMRC figures cover properties sold for more than £40,000 across the UK. Some 1.7 million homes were sold in 2006, at the height of the property boom. This fell to 848,000 in 2009, but rose to 1.2 million last year. In recent months sales have fallen back to below 100,000 a month.
13:30 - USD - Final GDP Q1 expected to improve to -0.2% from -0.7%