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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE leaves interest rate at 0.50%
The BoE held interest rates at a historic low level of 0.50% and kept its quantitative easing programme on hold at £375.0 billion. amid signs of a slowdown in the UK economy and fears over a possible exit from the European Union. The BoE minutes showed that all nine policymakers on the Monetary Policy Committee (MPC) voted to leave rates unchanged and indicated that a vote for Britain to leave the EU might lead to uncertainty surrounding export growth, while also weighing on demand in the short term. However, the MPC gave no clues as to how it might adjust monetary policy if Britain headed for the European exit door and warned that the committee is likely to react more cautiously to economic data during this period than would normally be the case. The MPC also stood by its stance that the next move for rates would be a rise rather than a cut.
Euro-zone CPI rose as expected in March
In the Eurozone, the consumer price index (CPI) climbed 1.20% in March on a MoM basis, in line with market expectations. The CPI had climbed 0.20% in the previous month.
Italian EU normalised CPI advanced more than expected in March
The final EU normalised CPI in Italy climbed 2.10% in March on a MoM basis, more than market expectations for a rise of 2.00%. In the previous month, the EU normalised CPI had registered a drop of 0.40%. The preliminary figures had indicated a rise of 2.00%.
Italian CPI rose as expected in March
In March, on a MoM basis, the final CPI in Italy recorded a rise of 0.20%, in line with market expectations. The preliminary figures had also indicated a rise of 0.20%. In the prior month, the CPI had recorded a drop of 0.20%.
Swiss producer and import price index remained unchanged in March
On a monthly basis, the producer and import price index in Switzerland remained steady in March, more than market expectations for a drop of 0.20%. In the previous month, the producer and import price index had recorded a drop of 0.60%.
Swiss producer and import price index dropped less than expected in March
The producer and import price index in Switzerland dropped 4.70% on an annual basis in March, compared to a drop of 4.60% in the prior month. Market expectation was for the producer and import price index to drop 5.00%.
US CPI advanced in March
The non-seasonally adjusted CPI in the US advanced to 238.13 in March, compared to market expectations of a rise to 238.55. In the prior month, the CPI had registered a reading of 237.11.
US CPI (ex-food & energy) advanced less than expected in March
The CPI (ex-food & energy) advanced 0.10% on a monthly basis in the US, in March, compared to a rise of 0.30% in the previous month. Market expectation was for the CPI (ex-food & energy) to rise 0.20%.
US CPI (ex-food & energy) rose less than expected in March
The CPI (ex-food & energy) recorded a rise of 2.20% on an annual basis in the US, in March, less than market expectations for an advance of 2.30%. In the prior month, the CPI (ex-food & energy) had climbed 2.30%.
Fed’s Lockhart opposes near-term rate hike as US growth slows
The Atlanta Federal Reserve (Fed) President, Dennis Lockhart, indicated that weak inflation and consumer spending data have caused him to change his mind and oppose an interest rate increase later this month and set a high bar for supporting any move even at the Fed’s June meeting. He further stated that a potential British exit from the European Union would be a “big event” although it should not “stop the music” on a potential interest rate hike in June.
US initial jobless claims recorded an unexpected drop in the last week
The seasonally adjusted initial jobless claims in the US recorded an unexpected drop to 253.00 K in the week ended 09 April 2016, compared to market expectations of a rise to a level of 270.00 K. Initial jobless claims had registered a revised level of 266.00 K in the previous week.
US core CPI advanced in March
The seasonally adjusted core CPI in the US registered a rise to 246.10 in March, compared to market expectations of a rise to 246.33. In the prior month, the core CPI had recorded a level of 245.93.
US CPI rose less than expected in March
On a YoY basis, the CPI in the US climbed 0.90% in March, compared to a rise of 1.00% in the previous month. Market anticipation was for the CPI to advance 1.10%.
US CPI rose less than expected in March
In the US, the CPI recorded a rise of 0.10% on a MoM basis in March, less than market expectations for an advance of 0.20%. In the previous month, the CPI had recorded a drop of 0.20%.
US continuing jobless claims recorded a drop in the last week
The seasonally adjusted continuing jobless claims registered a drop to 2171.00 K in the US, in the week ended 02 April 2016, compared to market expectations of a fall to a level of 2183.00 K. In the previous week, continuing jobless claims had recorded a revised reading of 2189.00 K.
Canadian new housing price index rose as expected in February
On an annual basis, the new housing price index registered a rise of 1.80% in Canada, in February, at par with market expectations. In the previous month, the new housing price index had registered a similar rise.
Canadian new housing price index advanced more than expected in February
In February, the new housing price index in Canada rose 0.20% on a MoM basis, compared to a rise of 0.10% in the prior month. Markets were anticipating the new housing price index to rise 0.10%.
Japanese Tokyo condominium sales dropped in March
On an annual basis, Tokyo condominium sales recorded a drop of 39.60% in Japan, in March. Tokyo condominium sales had fallen 13.90% in the previous month.
Chinese industrial production (YTD) advanced more than expected in March
In China, industrial production (YTD) recorded a rise of 5.80% in March on a YoY basis, compared to an advance of 5.40% in the prior month. Market expectation was for industrial production (YTD) to advance 5.50%.
Chinese M1 money supply rose more than expected in March
In March, on a YoY basis, M1 money supply in China rose 22.10%, higher than market expectations for a rise of 18.40%. In the prior month, M1 money supply had risen 17.40%.
Chinese M0 money supply rose more than expected in March
In China, M0 money supply climbed 4.40% in March on a YoY basis, more than market expectations for a rise of 4.30%. In the previous month, M0 money supply had registered a drop of 4.80%.
Chinese GDP rose as expected in 1Q 2016
On an annual basis in China, gross domestic product (GDP) registered a rise of 6.70% in 1Q 2016, in line with market expectations. GDP had advanced 6.80% in the prior quarter.
Chinese new Yuan loans climbed in March
In March, new Yuan loans in China advanced to CNY 1370.00 billion, higher than market expectations of an advance to a level of CNY 1100.00 billion. In the prior month, new Yuan loans had recorded a reading of CNY 726.60 billion.
Chinese retail sales (YTD) advanced more than expected in March
In March, on an annual basis, retail sales (YTD) advanced 10.30% in China, compared to an advance of 10.20% in the prior month. Market expectation was for retail sales (YTD) to rise 10.20%.
Chinese fixed assets investment excl. rural YTD rose more than expected in March
On a YoY basis, fixed assets investment excl. rural YTD in China advanced 10.70% in March, higher than market expectations for a rise of 10.40%. Fixed assets investment excl. rural YTD had risen 10.20% in the prior month.
Chinese M2 money supply advanced less than expected in March
On a YoY basis, M2 money supply in China recorded a rise of 13.40% in March, lower than market expectations for a rise of 13.50%. M2 money supply had recorded a rise of 13.30% in the previous month.
Chinese industrial production rose more than expected in March
On an annual basis, industrial production in China registered a rise of 6.80% in March, compared to a rise of 5.90% in the previous month. Markets were anticipating industrial production to advance 5.90%.
Chinese retail sales advanced more than expected in March
In March, retail sales recorded a rise of 10.50% in China on a YoY basis, more than market expectations for a rise of 10.40%. In the prior month, retail sales had registered a rise of 11.10%.
Chinese aggregate financing climbed in March
Aggregate financing in China registered a rise to CNY 2340.00 billion in March, higher than market expectations of an advance to a level of CNY 1400.00 billion. In the previous month, aggregate financing had registered a level of CNY 780.20 billion.
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