Sentiment (and the standard Euro silliness)
- The Greek Prime Minister decided at the last minute he would like to play in the sandbox with the other kids, but the German Chancellor declared no sharing of toys until the referendum is out of the way. Such is the dignified way high politics is conducted in the Euro area.
- What better time could there be to get a sense of corporate sector sentiment? The Euro area PMI of business sentiment is expected to signal modest economic expansion, but as ever the data carries health warnings.
- Japan's Tankan survey was better than expected for large manufacturers (inclined to export) but not as good as expected for small firms (not inclined to export) and non-manufacturing firms (ditto). Bifurcation continues.
- The US ISM survey is set to point to modest economic expansion continuing, giving hope that the second half of the year can indeed see a global economic recovery gathering some pace. Assuming the kids behave themselves.