European markets opened this morning with analysts still assessing the results of the first round of the French parliamentary elections, more information below. For our readers based in and around Dublin, there was a plethora of sporting and cultural events across the capital. Taylor Swift in the Aviva garnered most of the attention, but over half a million attended performances over the weekend, including various concerts, Pride marches, and the All-Ireland Quarter Finals.


Economists argue on whether such weekends can have a material impact on economic data, and subsequent policy. The Taylor Swift tour and the Euro 2024 football tournament can give rise to short term inflation, particularly in the services and hospitality sectors. Indeed, eurozone services inflation was 4.1% in May, the highest since last October. Elsewhere, the Atlanta Federal Reserve famously referenced Taylor Swift in 2023, and there were suggestions in June that the Bank of England should delay rate cuts in response to the ‘Eras Tour’. However, policymakers should remain keenly focused on the medium-term inflation expectations of businesses and consumers, and not short term, once-off, spikes.


Finally, with the half year mark upon us, we are compiling our updated Investment Outlook which will be discussed on our upcoming webinar on Wednesday 10th July at 11am. More details and registration are here.


As always, if you wish to discuss anything in further detail, please do get in touch.