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European finance ministers meet today.

| Posted by: Paul Donovan | Tags: Paul Donovan

  • If any sentence were to sap an economist's will to leave, that sentence is "European finance ministers meet today." Greece and the aftermath of the UK referendum are on the agenda. Do not expect anything of substance to emerge.
  • Chinese consumer prices were lower than expected, but as Chinese consumer prices are mainly food (which China does not export) this is mainly of local interest. Chinese producer prices, which have more international relevance, were fractionally higher than anticipated.
  • Europe has little data of interest. Greek inflation is due – and while markets will probably ignore it, the divergence of Eurozone inflation evidenced by this tells us something about the underlying economic and labor market divergence, which is of political relevance.
  • We have a couple of Fed speakers on the agenda today, but as we are getting rather close to the FOMC meeting (21 September) the scope for interesting comment is reduced. Fed speakers tend to avoid giving away the good stuff as the date of an FOMC approaches.