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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Chancellor predicted UK GDP growth at 2.4% in 2015
In the Autumn Statement on the UK economy, the Chancellor of the Exchequer George Osborne stated that growth was revised upwards from the Budget forecast in the next two years, to 2.4% in 2015-16, 2.5% in 2016-17. In the long term trend, growth is expected to return to 2.4% in 2017-18 and 2.3% in 2019-20. Also, the Office for Budget Responsibility (OBR) predicted that debt would fall this year and will continue to decline every year that follows. The Chancellor also slightly raised his budget surplus target for the end of the decade and abandoned a controversial plan to make big savings in one part of the welfare budget.
UK BBA mortgage approvals advanced in October
BBA mortgage approvals in the UK rose to a level of 45.44 K in October, compared to a revised level of 44.83 K in the previous month. Markets were anticipating BBA mortgage approvals to advance to a level of 45.50 K.
French consumer confidence remained flat in November
Consumer confidence remained flat at 96.00 in France, in November, compared to market expectations of a fall to 95.00.
Italian industrial sales dropped in September
On a YoY basis, the non-seasonally adjusted industrial sales in Italy eased 0.90% in September. Industrial sales had registered a revised drop of 2.50% in the previous month.
Italian retail sales registered an unexpected drop in September
On a MoM basis, in September, the seasonally adjusted retail sales unexpectedly fell 0.10% in Italy, compared to a revised rise of 0.20% in the previous month. Market expectation was for retail sales to advance 0.50%.
Italian industrial sales slid in September
On a MoM basis, the seasonally adjusted industrial sales in Italy fell 0.10% in September. Industrial sales had fallen 1.60% in the previous month.
Italian industrial orders registered a drop in September
The non-seasonally adjusted industrial orders in Italy dropped 0.80% on an annual basis, in September. Industrial orders had registered a revised rise of 2.80% in the prior month.
Italian industrial orders slid in September
The seasonally adjusted industrial orders eased 2.00% on a MoM basis in Italy, in September. In the prior month, industrial orders had registered a revised drop of 5.20%.
Italian retail sales advanced more than expected in September
In September, the non-seasonally adjusted retail sales in Italy climbed 1.50% on an annual basis, higher than market expectations for an advance of 1.40%. In the previous month, retail sales had climbed 1.30%.
Spanish PPI eased in October
On a monthly basis, the producer price index (PPI) slid 0.70% in Spain, in October. In the prior month, the producer price index had recorded a drop of 0.90%.
Spanish PPI eased in October
In Spain, the PPI eased 3.50% on a YoY basis, in October. The PPI had registered a drop of 3.60% in the prior month.
Swiss UBS consumption indicator climbed in October
In October, UBS consumption indicator climbed to 1.60 in Switzerland. UBS consumption indicator had recorded a revised level of 1.56 in the previous month.
US Markit services PMI advanced in November
The flash Markit services purchasing managers index (PMI) registered a rise to 56.50 in the US, in November, compared to a reading of 54.80 in the previous month. Markets were anticipating Markit services PMI to climb to 55.10.
US Markit composite PMI climbed in November
In November, the preliminary Markit composite PMI rose to a level of 56.10 in the US. Markit composite PMI had registered a reading of 55.00 in the prior month.
US non-defense capital goods shipments (ex aircraft) fell more than expected in October
The non-defense capital goods shipments (ex aircraft) fell 0.40% on a monthly basis in October, in the US, higher than market expectations for a drop of 0.30%. The non-defense capital goods shipments (ex aircraft) had risen by a revised 0.70% in the prior month.
US initial jobless claims recorded a drop in the last week
In the week ended 21 November 2015, the seasonally adjusted initial jobless claims in the US recorded a drop to 260.00 K, lower than market expectations of a drop to a level of 270.00 K. In the previous week, initial jobless claims had recorded a revised level of 272.00 K.
US continuing jobless claims rose surprisingly in the last week
The seasonally adjusted continuing jobless claims in the US climbed unexpectedly to a level of 2207.00 K in the week ended 14 November 2015, compared to market expectations of a fall to 2161.00 K. Continuing jobless claims had recorded a revised reading of 2173.00 K in the prior week.
US core personal consumption expenditure remained flat in October
Core personal consumption expenditure in the US remained unchanged on a MoM basis in October, compared to a revised rise of 0.20% in the previous month. Market expectation was for core personal consumption expenditure to climb 0.10%.
US non-defence capital goods orders (ex aircraft) rose more than expected in October
On a MoM basis, in the US, the non-defence capital goods orders (ex aircraft) advanced 1.30% in October, higher than market expectations for a rise of 0.20%. In the prior month, the non-defence capital goods orders (ex aircraft) had climbed by a revised 0.40%.
US personal consumption expenditure deflator rose less than expected in October
On a monthly basis in the US, personal consumption expenditure deflator rose 0.10% in October, lower than market expectations for an advance of 0.20%. Personal consumption expenditure deflator had dropped 0.10% in the prior month.
US housing price index advanced more than expected in September
On a MoM basis, the housing price index advanced 0.80% in September, in the US, higher than market expectations for an advance of 0.40%. The housing price index had risen 0.30% in the prior month.
US Reuters/Michigan consumer sentiment index climbed in November
In November, the final Reuters/Michigan consumer sentiment index in the US rose to a level of 91.30, compared to a level of 90.00 in the prior month. Market anticipation was for the Reuters/Michigan consumer sentiment index to rise to a level of 93.10. The preliminary figures had indicated a rise to 93.10.
US personal spending rose less than expected in October
In the US, personal spending registered a rise of 0.10% on a MoM basis in October, lower than market expectations for an advance of 0.30%. Personal spending had registered a similar rise in the previous month.
US personal consumption expenditure deflator advanced less than expected in October
In October, personal consumption expenditure deflator rose 0.20% in the US on an annual basis, less than market expectations for an advance of 0.30%. In the previous month, personal consumption expenditure deflator had registered a similar rise.
US house price purchase index climbed in 3Q 2015
On a QoQ basis, the house price purchase index registered a rise of 1.30% in 3Q 2015, in the US. The house price purchase index had recorded a revised rise of 1.40% in the prior quarter.
US core personal consumption expenditure rose less than expected in October
Core personal consumption expenditure in the US advanced 1.30% in October on a YoY basis, compared to a similar rise in the previous month. Market anticipation was for core personal consumption expenditure to advance 1.40%.
US new home sales climbed in October
New home sales recorded a rise of 10.70%, on MoM basis, to a level of 495.00 K in October, in the US, lower than market expectations of 500.00 K. In the previous month, new home sales had recorded a revised reading of 447.00 K.
US personal income advanced as expected in October
On a MoM basis, in October, personal income registered a rise of 0.40% in the US, at par with market expectations. Personal income had recorded a revised rise of 0.20% in the prior month.
US durable goods orders rose more than expected in October
On a MoM basis, durable goods orders climbed 3.00% in the US, in October, more than market expectations for an advance of 1.70%. Durable goods orders had registered a revised drop of 0.80% in the previous month.
US mortgage applications slid in the last week
Mortgage applications in the US slid 3.20% in the week ended 20 November 2015 on a weekly basis. Mortgage applications had advanced 6.20% in the prior week.
US durable goods orders (ex transportation) rose more than expected in October
On a monthly basis, in October, durable goods orders (ex transportation) registered a rise of 0.50% in the US, more than market expectations for an advance of 0.30%. Durable goods orders (ex transportation) had registered a revised drop of 0.10% in the previous month.
Japanese leading economic index declined in September
The final leading economic index recorded a drop to 101.60 in Japan, in September. In the previous month, the leading economic index had registered a level of 103.50. The preliminary figures had recorded a drop to 101.40.
Japanese coincident index recorded a rise in September
The final coincident index climbed to 112.30 in Japan, in September, compared to a reading of 112.20 in the prior month. The preliminary figures had indicated a fall to 111.90.
Japanese small business confidence index climbed in November
In November, the small business confidence index registered a rise to 49.90 in Japan. The small business confidence index had registered a reading of 48.70 in the prior month.
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