The ECB Kept Today Its Monetary Policy Unchanged as was Widely Expected
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European shares traded volatile today, but dropped lower in the afternoon, reversing earlier gains. Currently, most European indices trade slightly lower. US Equities opened slightly lower, although economic data were close to expectations.
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The ECB kept today its monetary policy unchanged as was widely expected. Draghi repeated policy rates will remain at current or lower levels for an extended period of time, and well past the horizon of their net asset purchases.
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OPEC failed to agree a new production ceiling at its meeting in Vienna today, several delegates said, although Kuwait's Oil Minister said they had a positive meeting. The Brent crude oil price dropped lower after the announcement, trading currently around $49/barrel after having peaked above $50/barrel earlier in the session.
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US initial jobless claims dropped slightly lower in the week ending the 28th of May, falling from 268 000 to 267 000, while a limited increase was expected. The Labour Department said there were no special factors, but claims of five states were estimated.
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Spanish unemployment showed in May its biggest drop on record as resorts are hiring staff for what is expected to be a very strong holiday season. The number of registered unemployed dropped by 3% from April, below the 4 million threshold for the first time in six years.
