The Ifo current conditions continue to increase to a new all-time high. This is much better than feared following yesterday's disappointing PMI data. The German Ifo expectations index decreased...

We expect the Fed to sound soft on growth but it may change its description of inflation to a more hawkish direction. The Fed's hands are tied for QE3 and will signal this in the press conference....

Private sector participation At the Eurogroup meeting on 19 June, finance ministers agreed that the second rescue package for Greece will be financed through both public and private sources and...