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Limited moves on financial markets, as US markets were closed yesterday and the release of the Fed minutes, tomorrow, should be the main event this week. The German ZEW survey, the euro area retail sales and the purchasing manager indices in services in the US will be the main economic reports today.
The unexpected fall in German factory orders in May confirms raising supply chain issues in the automotive sector. The fall was triggered by foreign orders (-6.7%) and capital goods (-4.6%), which actually reflected lower export orders for the German automotive sector. In May, the French industrial output fell as well due to the 5th contraction in a row of the car output. In the US, car sales were down in June, despite a robust demand. Disruption in the global production and distribution chains could both weaken the activity recovery and reinforce inflationary pressures.
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