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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

UK retail sales fell further in April

British consumer confidence rose in May to its highest in nearly two and a-half years. GfK Consumer Confidence rose in May by two points to -17.

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European equity markets

European equity markets were set to open lower on Friday, following the US and APAC indices. The FTSE 100 was poised to post its first weekly decline in five. Over in the US, Dow Jones and S&P500 are also set for weekly declines, while tech stocks led by NVIDIA secured another week of gains for the Nasdaq.

British consumer confidence

British consumer confidence rose in May to its highest in nearly two and a-half years. GfK Consumer Confidence rose in May by two points to -17. Economists anticipated a reading of -18. Joe Staton, client strategy director at GfK, is of the opinion that consumers are sensing that conditions are improving. Inflation fell to its lowest rate since mid-2021, at 2.3% in April. Britain's minimum wage rose by nearly 10% in April, and national insurance contributions paid by employees fell by 2 percentage points. Retail sales in April fell by another 2.3% month-over-month (MoM). it was the index's second straight month of decline largely beating expectations of a 0.4% fall.

Japanese inflation

Japan's inflation slowed for a second straight month in April. The headline consumer price index increased by 2.5% in April year-on-year (YoY), down from 2.7% the previous month. The core consumer price index, which excludes fresh food items, rose 2.2% from a year earlier after gaining 2.6% in March, matching the median market forecast.

The "core core" index, which excludes both fresh food and energy costs and is considered the Bank of Japan (BOJ)'s favorite gauge of broader inflation trends, rose 2.4% after increasing 2.9% in March. That marked the slowest growth since September 2022. Weak consumption has made it difficult to raise prices in April and May, and economists believe the BOJ will be patient in raising interest. For some, a rate hike in June or July seems a bit premature.

German GDP

In Germany, the final reading of Q1 gross domestic product (GDP) confirmed that the German economy expanded by 0.2% quarter-over-quarte (QoQ).

WTI and Brent

On Thursday, WTI and Brent set a new three-month low as traders remain worried about the state of global demand. Tonight, the market awaits the latest Baker Hughes rig count. Last Friday, the total rig count rose to 604 from 603 the previous week. The number of operating oil rigs rose by one to 497.

This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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