In June 2019, European and American central banks decided to keep leading rates unchanged and opened the way to rate decreases if the economic outlook does not improve. This is a radical change in tone compared to the decisions taken in late 2018, which heralded more restrictive monetary policies on both sides of the Atlantic.

• Economic activity: Modest growth in Q1 yet to be confirmed

• Manufacturing: No steely sentiment in Europe

• Real estate: Housing prices remain under pressure

• Financial sector: Foreign households start saving again

• Inflation: Pork prices set to soar?

• Labour market: Job creations stay stable in early 2019

• International: Destocking in the euro zone