Europe had a decent morning on the data front, but don't pop the champagne yet.
Eurozone inflation expectations are cooling off — 1-year dropped from 3.5% to 3.0%, 3-year ticked down to 2.8%. That's progress. But oil just spiked, so we'll see how sticky this really is.
UK activity picked up — PMI hit a 3-month high, consumer confidence at a 6-month high. Good signs, but one month doesn't make a trend.
Bottom line: encouraging, not conclusive. Energy prices are the wildcard here. If oil keeps climbing, inflation expectations won't stay tame for long. Watch what happens next, not just what happened today.
Eurozone inflation expectations are cooling off — 1-year dropped from 3.5% to 3.0%, 3-year ticked down to 2.8%. That's progress. But oil just spiked, so we'll see how sticky this really is.
UK activity picked up — PMI hit a 3-month high, consumer confidence at a 6-month high. Good signs, but one month doesn't make a trend.
Bottom line: encouraging, not conclusive. Energy prices are the wildcard here. If oil keeps climbing, inflation expectations won't stay tame for long. Watch what happens next, not just what happened today.