UK Surprises market optimism following the EU summit was tempered

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Following the recent set of weak PMIs in the UK, today’s industrial production data has indicated an unexpected monthly rise for May. To add to the optimism, the British trade figures have provided some comfort as the nation’s trade deficit narrowed, surpassing market estimates.

In Europe, market optimism following the EU summit was tempered, as the ongoing Eurozone finance ministers meeting yielded little except the disbursement of a €30 billion aid package to Spain. Across the Atlantic, with more Fed policy makers joining the chorus for more QE, the minutes of the Fed’s monetary policy meeting due tomorrow is expected to offer more clarity.

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