(Kitco News) – There has been a huge amount of data this morning across the major nations in Europe. First up was the U.K where analysts received the news that in Q1 the drop in GDP was deeper than reported in the initial flash estimate. The figure came in at -1.6% when -1.5% was expected. It was not all bad news as households increased their savings sharply at the beginning of the year as the third coronavirus lockdown closed pubs, restaurants, and shops. The UK’s savings ratio rose to 19.9 percent from 16.1 percent in the fourth quarter of 2020. This is the second-highest savings ratio on record after a leap to 25.9 percent between April and June last year during the first lockdown, according to the Office for National Statistics.
EU CPI (YoY) (Jun) 1.9% vs exp 1.9% prev 2.0%