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Analysts at Westpac offered their  outlook  for European and US markets.

Key Quotes:

“Aside from watching headlines from Italy, in the London morning markets will note Eurozone May CPI. After April’s very low 1.2%yr (total) and 0.7%yr (core) inflation,  consensus  is for a less worrying 1.6%yr total and 1.0%yr core.

The US data highlight is the personal income and spending report for April, especially the Fed’s preferred inflation measure. This is expected to hold at 2.0%yr, with the rise in oil prices a factor in reaching the Fed’s inflation target. The core measure  is see  up 0.1%mth, 1.8%yr. Other data releases should have no real impact, including the May Chicago purchasing managers survey.

Canada Mar and Q1 GDP is due, expected up 0.3%mth, 2.9%yr.”