Production in Iran is tumbling as sanctions begin to bite OPEC+ only able to partly compensate for lower Iranian production…
Economic sentiment in the euro area improved marginally but still reflects widespread lockdowns across Europe as well as a very weak global outlook for manufacturing. More substantial improvement should follow in June as border openings are added to domestic easings #macrobond
US consumer confidence inched up in May as expectations improved. Assessment of current situation deteriorated further despite easing of lockdowns. Consumption and economic growth will be decided by how much of temporary unemployment turns out to be permanent #macrobond
German Ifo-index increased in May, driven by higher expectations. Current conditions declined despite the gradual reopening. All sectors improved overall, but not enough to dispel the quite bleak outlook for the German economy. Consumer confidence plummeted in May. #macrobond
Huge jump in German ZEW index points to a turnaround in the economy down the road as lockdowns are eased. However, current conditions continued to worsen, thus indicating a downturn of the same magnitude as during the financial crisis. #macrobond
Unsurprisingly, new housing permits and starts dropped sharply in April. Home builders are feeling the rising unemployment and lower incomes, although sentiment improved some in May in all areas except the Northeast #macrobond
