Afternoon comment courtesy of Spreadex

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European markets remain little changed on Tuesday after UK CPI and German ZEW figures came in slightly below expectations. UK inflationary figures came in 0.1% lower than the 3% forecast. With slowing inflation here in the UK, this could leave more room for the Bank of England to maintain its accommodative monetary policy. Tomorrow the BoE will shed further light on how policy makers voted to leave interest rates unchanged. 

Positive earnings from Goldman Sachs, Coca-Cola and Johnson & Johnson failed to lift markets despite all beating Wall Street estimates. Date from the US showed the cost of living rose in June by the most in four months helped by rising gasoline prices. Month-on-month Core CPI figures coming in higher than expected to 0.5%, a sign inflation is advancing toward the Federal Reserve’s goal.

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