On the economic front, French statistical office INSEE reported that French consumer prices edged up 0.1% month-over-month in May following a 0.3% increase in April. Economists expected a 0.2% increase for the month. On a year-over-year basis, consumer prices rose 1.6% compared to the 1.7% increase expected by economists.
Meanwhile, German Federal Statistical Office reported that the German wholesale price index climbed 6.2% year-over-year in May compared to the 6% increase in April, with the latest month’s growth being the highest since August 2008. Economists had expected a slightly lesser 6.1% increase. On a monthly basis, wholesale prices rose by 0.3% in May, slower than the 1.7% increase in April, but the faster than the 0.2% increase expected by economists.
The industrial production report released by the U.K. Office for National Statistics showed that U.K.’smanufacturing output fell by 0.4% month-over-month in April, marking the first decline since January this year. Economists had estimated a 0.5% increase. Industrial output fell 0.4%, reversing all of the 3.7% increase in the previous month. Annually, manufacturing output was 3.4% higher compared to a 3.7% increase in the previous month.
A separate report released by the statistical agency showed that U.K.’s output prices climbed 5.7% year-over-year in May compared to a 5.9% increase in April. Economists had expected an inflation rate of 5.8%. On a monthly basis, the output price inflation eased to 0.3% from a 1.6% rate in April. At the same time, input prices fell 0.6% month-over-month in May, while economists expected a drop of 0.7%.
Minneaopolis Federal Reserve Bank President Narayana Kocherlakota is scheduled to speak on entrepreneurship and the economy to the Metropolitan Economic Development Association in Minneapolis.
A Commerce Department report showed that retail sales unexpectedly fell in May, with the decline primarily due to a sharp pullback in sales at building materials and garden equipment stores and lower gasoline sales. Retail sales fell 1.1% month-over-month in May following upwardly revised 0.6% growth in April.
The decline came as a surprise to economists, who had been looking for a 0.2% increase in retail sales for the month. Retail sales, excluding autos fell 1.1% in May following a 0.6% increase last month, also belying expectations for a 0.1% increase.
Building material and garden equipment sales slumped 9.3%, while gasoline sales fell 3.3%. Motor vehicle and parts sales also fell, dropping 1.7% following a 0.6% increase in the previous month. On the other hand, furniture and home furnishing store sales and sales of non-store retailers showed some strength.
The preliminary report of the Reuters/University of Michigan's consumer sentiment survey for June is scheduled to be released at 9.55 AM ET. The consumer sentiment index is expected to rise to 74.5 from May's 73.6.
The Commerce Department is scheduled to release its business inventories report for April at 10 AM ET. The report summarizes the results from the monthly retail trade, wholesale trade and factory goods orders surveys. The report is expected to show a 0.5% increase in business inventories for the month.
In March, business inventories rose 0.4% month-over-month, although they declined 5% compared with the year-ago period. Meanwhile, business sales rose 2.3% on a monthly basis and surged up 11.9% year-over-year. The business inventories to sales ratio was 1.24, lower than 1.46 in the year-ago period.
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