U.S. equity futures are following the sell-off in European stocks Friday morning. Fears over a potential euro crisis in France are behind the risk-off sentiment, as a coalition of French left-wing parties announced their intention to refuse the European Union’s fiscal pact and undo the economic reforms undertaken by Emmanual Macron. With France’s snap, two round legislative ballot set for June 30th and July 7th, uncertainty around the future of French fiscal policy has the potential to weigh on risk assets in the near term. Demand for haven assets jumped in response, with Treasury yields and gold both rallying in the early trading session.
Michael Oravetz Managing Director, Investment Management Group
Date Event Survey Actual Prior Revised 6/14/2024 Import Price Index MoM -0.10% -0.40% 0.90% — 6/14/2024 Import Price Index ex Petroleum MoM 0.20% -0.30% 0.70% 0.60% 6/14/2024 Import Price Index YoY 1.30% 1.10% 1.10% — 6/14/2024 Export Price Index MoM 0.10% -0.60% 0.50% 0.60% 6/14/2024 Export Price Index YoY 0.60% 0.60% -1.00% -0.90% 6/14/2024 U. of Mich. Sentiment 72 — 69.1 — 6/14/2024 U. of Mich. Current Conditions 72.2 — 69.6 — 6/14/2024 U. of Mich. Expectations 72 — 68.8 — 6/14/2024 U. of Mich. 1 Yr Inflation 3.20% — 3.30% — 6/14/2024 U. of Mich. 5-10 Yr Inflation 3.00% — 3.00% —
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