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The Davos Forum returns after two years of hiatus due to the pandemic

Posted on May 24, 2022 This week the German IFO and the Chicago Fed National Activity Index are released. The focus will be on the speech by the Governor of the Bank of England Andrew Bailey and the World Economic Forum in Davos, which began yesterday after a two-year lockdown due to the pandemic and where issues such as the crisis in Ukraine will be discussed. , the isolation of Russia, the economic recovery after the pandemic or the fight against climate change. In the Eurozone and in relation to the PMI data, activity indicators are expected to decline in May for all of Europe, as disruptions in the supply chain have led to stoppages in manufacturing production and the rebound in services after de Ómicron is beginning to lose strength, so this will be seen in real income, which will begin to decline. It is true that the results of the sentiment and impact of activity surveys were possibly somewhat exaggerated and the chances of contraction in the coming quarters are increasingly likely. The preliminary data of the consumer confidence index of the Euro Zone in the month of May was -21.1 points, improving with respect to the data of the previous month (-22 points) and slightly above the market consensus (-21, 5 points). The president of the ECB, Christine Lagarde, stated that she sees the first interest rate hike in July as likely after the end of the asset purchase program, but ruled out that the rise will be 50bp as other members of the entity affirmed. . In the United Kingdom, the consumer confidence index for the month of May was -40 points, worsening compared to the estimated figure (-39 points) and the figure for April (-38 points) due to fears of stagflation in the British economy . Despite this, retail sales for April presented a monthly growth of 1.4%, exceeding analysts’ expectations (-0.2%). INFORMATIONTitleThe Davos Forum returns after a two-year break due to the pandemicDescriptionThe focus will be on the speech by the Governor of the Bank of England Andrew Bailey and the World Economic Forum in Davos, which began yesterday after a two-year blockade due to the pandemic and where topics such as the crisis in Ukraine, the isolation of Russia, the economic recovery after the pandemic or the fight against climate change will be discussed. Author GLOBALCAJA