The consolidation of Eurozone public finances has made good progress in recent years, but the legacy of the European debt crisis still looms large.

The German economy’s start to the second quarter proved very disappointing

Stocks have increased continuously since Q1 2018 – and accelerated markedly in Q1 2019.

Exports made their best start since 2011, with gains of +EUR9bn in the first four months of 2019.

Second estimates show that Q1 GDP growth eased to +4.7% y/y from +4.9% in Q4 2018.

The May employment report was a major disappointment, showing job gains of only +75k vs. expectations of +180k, and downward revisions of -75k from the previous two months.

Last week, Ukraine’s new President Volodymyr Zelensky made his first foreign trip since his inauguration on 20 May, visiting officials of the EU and NATO in Brussels.

Africa’s growth in 2019 is set to be cut widely from +2.8% in previous estimates to just +2% due to abnormally low rains in various parts of the continent, especially in the east, south and north. This has two consequences