Prospects for a swift pivot toward looser monetary policy in the US and Europe have been diminished by persistent inflationary pressures and stronger-than-expected labour market conditions over the past few weeks. Equity market sentiment in most major economies, however, has remained resilient, buoyed by a positive stream of corporate earnings news, especially from the technology sector. In our charts this week we focus on:

·       Consumer confidence in the US and Europe

·       US technological innovation

·       Semiconductor inventories in Asia

·       The Italian bond market

·       Credit conditions in the euro area

·       Internet sales in the UK