Both Germany and the Euro Zone reported the purchasing mangers index for May, the PMI manufacturing rose Germany to 53.5 after rising 53.6 back in April and higher than median estimates, while the PMI for services dropped to 53.7 from 54.9 and below the 54.0 expected estimate.

While for the 15-nation economy, PMI manufacturing slowed to 50.5 from 50.7 inline with median estimates, while the services PMI declined to 50.6 from 52.0 and below the 51.7 expected in the markets.

Rising food and energy prices are weighing down on consumers and businesses in the Euro area while the rising Euro is doing the rest, the ECB still see growth in the Euro area though moderating but the outlook remains way better than that in the United States and the United Kingdome, and the ECB accordingly are able to maintain their Hawkish stance to fight skyrocketing inflation.

The Office for National Statistics in U.K reported today that the preliminary Gross Domestic Product estimate for the first three months of this year, the U.K economy grew 0.4% over the quarter unchanged from the previous estimate and inline with the previous estimate, while over an annualized estimate the economy grew by 2.5 percent also unchanged from the previous and inline with median estimates.

Going through the details we can see that investments fell 1.6% after rising 1.8% the previous quarter, while consumer spending rose 1.3% after rising 0.1%, the BOE expected the economy to continue slowing throughout this year, yet the bank seems to have set his eyes on rising inflation