After a hectic weekend on the political scene, the show will continue this Tuesday. The high turnout in the first round of early legislative elections (66.7%) has given rise to an unprecedented situation: more than 300 triangular races, i.e. three qualified candidates, are counted for the second round. Prime Minister Gabriel Attal (of the presidential coalition Ensemble) and his predecessor Edouard Philippe, head of Horizons, have asked their candidates to withdraw from the race in the constituencies where they came in third place. The latter have until Tuesday 6 p.m. to decide whether or not to continue.
Exchanges between Lagarde and Powell
Political meetings, therefore, but also economic with the annual forum of the European Central Bank (ECB) in Sintra, Portugal. This traditional summer meeting will be an opportunity for central bank governors, academics and other financial market players to meet and discuss the theme of the year: “Monetary policy in the era of the transformation “. The President of the ECB, Christine Lagarde, will take advantage of the event to discuss with her colleagues Jerome Powell and Roberto Campos Neto, respectively President of the American Federal Reserve and Governor of the Central Bank of Brazil, at 2:30 p.m.
Earlier in the day, investors will be informed of the Eurozone inflation figures. Published at 11:00, these are the preliminary data for the month of June. The index is expected to fall slightly by 0.1 points, to 2.5% year-on-year (2.8% for the core index). For Oddo BHF, “ inflation can be considered within the ECB’s margin of error (or tolerance) ” Unemployment figures will also be published, again for the Eurozone at 11am. The rate is expected to remain stable at 6.4%.
In the United States, attention will be focused on the Jolts report on job offers for the month of May, unveiled at 4 p.m. The indicator, closely scrutinized by the Fed, is expected to contract again. The Bloomberg consensus expects 7.86 million vacancies, compared to 8.06 million the previous month.
Little activity on the corporate side: only Sodexo will share its third quarter turnover for the 2023-2024 financial year.
