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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
OECD Outlook: Global economy is ‘better, but not good enough’
The Organisation for Economic Cooperation and Development (OECD) indicated that the global economy is doing better, but has not yet improved sufficiently to make a material difference to people’s lives. The Paris-based organisation forecasted the global economy to grow 3.50% in 2017, before nudging up to 3.60% in 2018. Further, the OECD warned policymakers to look beyond the broader based cyclical upturn and to continue efforts to improve growth fundamentals.
UK Halifax house price index surprisingly advanced in May
In the UK, the Halifax house price index recorded an unexpected rise of 0.40% in May, on a MoM basis, more than market expectations for a drop of 0.20%. In the previous month, the Halifax house price index had registered a revised unchanged reading.
UK Halifax house price index rose more than expected in the March-May 2017 period
On a YoY basis, the Halifax house price index rose 3.30% in the March-May 2017 period, in the UK, higher than market expectations for an advance of 3.00%. The Halifax house price index had climbed 3.80% in the February-April 2017 period.
UK house price balance dropped in May
House price balance in the UK dropped to 17.00 % in May, compared to a reading of 22.00 % in the previous month. Markets were anticipating house price balance to drop to a level of 20.00 %.
German factory orders rose less than expected in April
In April, the non-seasonally adjusted factory orders advanced 3.50% on an annual basis in Germany, less than market expectations for an advance of 4.70%. In the previous month, factory orders had recorded a revised rise of 2.50%.
German factory orders fell more than expected in April
The seasonally adjusted factory orders slid 2.10% in Germany on a monthly basis in April, compared to a revised rise of 1.10% in the previous month. Markets were expecting factory orders to ease 0.30%.
Italian retail sales unexpectedly fell in April
In April, the seasonally adjusted retail sales in Italy recorded an unexpected drop of 0.10% on a monthly basis, lower than market expectations for a rise of 0.20%. In the prior month, retail sales had registered a flat reading.
Italian retail sales advanced more than expected in April
In April, the non-seasonally adjusted retail sales climbed 1.20% on a YoY basis in Italy, higher than market expectations for a rise of 0.90%. Retail sales had recorded a revised drop of 0.50% in the prior month.
Swiss foreign currency reserves dropped in May
Foreign currency reserves registered a drop to CHF 693.70 billion in Switzerland, in May. In the previous month, foreign currency reserves had registered a revised level of CHF 696.60 billion.
US mortgage applications rose in the last week
On a weekly basis, mortgage applications recorded a rise of 7.10% in the week ended 02 June 2017, in the US. In the previous week, mortgage applications had fallen 3.40%.
US consumer credit advanced less than expected in April
Consumer credit in the US recorded a rise of $8.20 billion in April, compared to a revised rise of $19.54 billion in the previous month. Markets were expecting consumer credit to rise $15.00 billion.
Canadian building permits surprisingly eased in April
Building permits unexpectedly eased 0.20% on a MoM basis in April, in Canada, compared to a revised drop of 4.90% in the prior month. Markets were anticipating building permits to rise 3.00%.
Japanese GDP rose less than expected in 1Q 2017
On a QoQ basis, the final gross domestic product (GDP) recorded a rise of 0.30% in 1Q 2017, in Japan, less than market expectations for a rise of 0.60%. The preliminary figures had recorded a rise of 0.50%. GDP had registered a similar rise in the previous quarter.
Japanese investors turned net sellers of foreign bonds in the previous week
Japanese investors turned net sellers of ¥350.40 billion worth of foreign bonds in the week ended 02 June 2017, as compared to being net buyers of a revised ¥733.50 billion worth of foreign bonds in the prior week.
Japanese adjusted (total) current account surplus rose in April
Adjusted (total) current account surplus in Japan rose to ¥1807.40 billion in April, following a adjusted (total) current account surplus of ¥1731.20 billion in the previous month. Market anticipation was for the country’s adjusted (total) current account surplus to narrow to ¥1624.40 billion.
Foreign investors remained net buyers of Japanese stocks in the previous week
Foreign investors were net buyers of ¥543.30 billion worth of Japanese stocks in the week ended 02 June 2017, as compared to being net buyers of ¥129.60 billion worth of Japanese stocks in the previous week.
Japanese annualised GDP rose less than expected in 1Q 2017
On a QoQ basis, the final annualised GDP registered a rise of 1.00% in 1Q 2017, in Japan, compared to a revised rise of 1.40% in the previous quarter. The preliminary figures had indicated an advance of 2.20%. Market expectation was for annualised GDP to climb 2.40%.
Foreign investors remained net buyers of Japanese bonds in the previous week
Foreign investors remained net buyers of ¥484.50 billion worth of Japanese bonds in the week ended 02 June 2017, from being net buyers of a revised ¥456.50 billion worth of Japanese bonds in the previous week.
Japanese coincident index rose in April
The flash coincident index registered a rise to 117.70 in Japan, in April, higher than market expectations of a rise to 117.50. The coincident index had registered a reading of 114.40 in the previous month.
Japanese bank lending including trusts climbed in May
Bank lending including trusts recorded a rise of 3.20% on a YoY basis in Japan, in May. In the previous month, bank lending including trusts had registered a rise of 3.00%.
Japanese average office vacancies in Tokyo advanced in May
Average office vacancies in Tokyo rose 3.41% on a monthly basis, in May, in Japan. In the previous month, average office vacancies in Tokyo had advanced 3.39%.
Japanese investors became net buyers of foreign stocks in the previous week
Japanese investors were net buyers of ¥443.70 billion worth of foreign stocks in the week ended 02 June 2017, as compared to being net buyers of a revised ¥629.80 billion worth of foreign stocks in the previous week.
Japanese current account surplus dropped in April
In April, the non-seasonally adjusted current account surplus in Japan dropped to ¥1951.90 billion, compared to a current account surplus of ¥2907.70 billion in the prior month. Markets were anticipating the nation to post a current account surplus of ¥1698.80 billion.
Japanese nominal GDP unexpectedly eased in 1Q 2017
In 1Q 2017, on a QoQ basis, the final nominal GDP registered an unexpected drop of 0.30% in Japan, less than market expectations for an unchanged reading. In the previous quarter, nominal GDP had recorded a rise of 0.40%. The preliminary figures had recorded an unchanged reading.
Japanese leading economic index dropped in April
In April, the preliminary leading economic index dropped to 104.50 in Japan, compared to market expectations of a fall to a level of 104.30. The leading economic index had registered a reading of 105.50 in the previous month.
Japanese bank lending ex-trust rose more than expected in May
Bank lending ex-trust registered a rise of 3.30% on an annual basis in May, in Japan, compared to an advance of 3.00% in the prior month. Market expectation was for bank lending ex-trust to rise 3.00%.
Japanese (BOP basis) trade surplus dropped in April
Japan has reported (BOP basis) trade surplus of ¥553.60 billion in April, from a (BOP basis) trade surplus of ¥865.50 billion in the prior month. Markets were anticipating a (BOP basis) trade surplus of ¥494.00 billion.
Japanese GDP deflator dropped as expected in 1Q 2017
On a YoY basis, the final GDP deflator recorded a drop of 0.80% in 1Q 2017, in Japan, at par with market expectations. The preliminary figures had also recorded a fall of 0.80%. In the prior quarter, the GDP deflator had recorded a revised unchanged reading.
Chinese trade surplus expanded in May
Trade surplus in China rose to $40.81 billion in May, from a revised trade surplus of $38.03 billion in the previous month. Markets were expecting the nation to record a trade surplus of $47.80 billion.
Chinese exports advanced more than expected in May
Exports climbed 8.70% on a YoY basis in China, in May, higher than market expectations for an advance of 7.20%. In the previous month, exports had registered a rise of 8.00%.
Chinese imports advanced more than expected in May
Imports rose 14.80% on a YoY basis in China, in May, compared to a rise of 11.90% in the previous month. Market expectation was for imports to climb 8.30%
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