(CercleFinance.com) – European stock markets are gaining a little ground (+0.1% in London, +0.4% in Paris, +0.5% in Frankfurt), against the backdrop of a composite PMI index in euro zone which recovered to 52.2 in May, reaching its highest level in a year.
‘Driven by a strengthening of demand, activity, but also employment, increased in May while business confidence strengthened,’ specifies S&P Global, which also points to an easing of inflationary tensions.
Regarding the United Kingdom, the services PMI index fell to 52.9, returning to its lowest since last November, but was also accompanied by a slowdown in price increases, to the lowest since almost three years.
All eyes will now turn to the United States, where the ADP report on employment in the private sector is due to appear this afternoon, then the composite PMI and ISM activity indices for services for the past month.
‘Any employment figure or activity index is likely to significantly cause the markets to react in search of visibility on the trajectory of employment and inflation, the two mandates of the Fed’, we warned on Monday at IG France.
In European stock news, Inditex gains 4% in Madrid, the parent company of the ready-to-wear brand Zara having reported a ‘solid’ operational performance for its first quarter an accountant.
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