Eurozone Deflation Narrows in May but More Stimulus Is Needed to Lift Growth

Fresh data on Tuesday showed eurozone deflation narrowed in May, but it could be just a matter of time before the ECB adds more stimulus.
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Fresh data on Tuesday showed eurozone deflation narrowed to 0.1 percent in May, compared to April's 0.2 percent year-over-year decline in consumer prices, but one analyst thinks it's simply a matter of time before the European Central Bank adds more stimulus. The ECB announced additional asset purchases and pushed interest rates further into negative territory back in March in an effort to rid the eurozone of deflation and lift economic growth. While the central bank holds another policy meeting on Thursday, Erlam thinks the ECB will give its current pace of stimulus more time before announcing additional measures. Erlam also commented on a key OPEC meeting this week and where the markets are headed next as the S&P 500 approaches the record high levels it reached in the spring of 2015. TheStreet's Scott Gamm reports from Wall Street.