The ECB meets Thursday in Dublin and no policy changes are expected. However, the puzzle pieces could be falling into place for an interest rate reduction down the road. The growth slowdown, initially drags from trade and inventories, are being magnified by the collapse of the technology and telecommunications sector. Sentiment readings, especially the German Ifo survey should reinforce - as if there was any doubt - that GDP growth has slid much more than the ECB expected. While inflation still is a concern, indications are that May was probably the peak in Europe and elsewhere. Price pressures should ease on slowing growth and receding energy prices.

Introduction   •   Global Stock Market Indexes   •   Recap of Global Markets   •   Currencies   •  Indicator Scoreboard

The Bottom Line   •   Looking Ahead