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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Autumn Statement: UK growth to slow to 1.4% next year
UK Chancellor Philip Hammond in his first Autumn Statement indicated that the Office for Budget Responsibility has upgraded Britain’s growth forecast to 2.1% from 2.0% for this year, but then revised its 2017 growth forecast to 1.4%, a drastic downgrade from its prior estimate of 2.2%. Additionally, the government is no longer seeking a budget surplus in 2019-20 and is committed to returning public finances to balance “as soon as practicable”.
Euro-zone services PMI advanced in November
In November, the flash services PMI in the Euro-zone recorded a rise to 54.10, higher than market expectations of an advance to 52.90. Services PMI had registered a reading of 52.80 in the previous month.
Euro-zone composite PMI surprisingly advanced in November
The preliminary composite PMI recorded an unexpected rise to 54.10 in November, in the Euro-zone, compared to a level of 53.30 in the prior month. Market expectation was for composite PMI to record a steady reading.
Euro-zone manufacturing PMI recorded an unexpected rise in November
In the Euro-zone, the flash manufacturing PMI advanced unexpectedly to 53.70 in November, compared to market expectations of a drop to 53.30. In the prior month, the manufacturing PMI had recorded a reading of 53.50.
German manufacturing PMI slid in November
In November, the flash manufacturing PMI in Germany fell to a level of 54.40, compared to market expectations of a drop to a level of 54.80. In the previous month, manufacturing PMI had registered a reading of 55.00.
German services PMI registered an unexpected rise in November
The flash services PMI recorded an unexpected rise to 55.00 in November, in Germany, compared to market expectations of a fall to 54.00. Services PMI had recorded a reading of 54.20 in the prior month.
French services PMI rose in November
The preliminary services PMI in France recorded a rise to 52.60 in November, compared to market expectations of a rise to 51.90. In the prior month, services PMI had recorded a reading of 51.40.
French manufacturing PMI recorded a decline in November
Compared to a level of 51.80 in the prior month the preliminary manufacturing PMI fell to a level of 51.50 in France, in November. Market expectation was for manufacturing PMI to ease to a level of 51.50.
November FOMC minutes signalled an interest rate rise “relatively soon”
According to the minutes of the Federal Open Market Committee’s (FOMC) November meeting, most policymakers believed that it would be appropriate to raise interest rates relatively soon. They also noted that the expectation for a near-term rate hike is contingent on incoming data providing some further evidence of continued progress toward the Fed’s objectives.
US mortgage applications rose in the last week
Mortgage applications recorded a rise of 5.50% on a weekly basis, in the week ended 18 November 2016, in the US. In the prior week, mortgage applications had registered a drop of 9.20%.
US continuing jobless claims rose in the last week
In the US, the seasonally adjusted continuing jobless claims advanced to 2043.00 K in the week ended 12 November 2016, compared to a revised reading of 1983.00 K in the prior week. Markets were expecting continuing jobless claims to climb to a level of 2008.00 K.
US initial jobless claims advanced in the last week
In the US, the seasonally adjusted initial jobless claims climbed to 251.00 K in the week ended 19 November 2016, higher than market expectations of a rise to 250.00 K. Initial jobless claims had registered a revised reading of 233.00 K in the previous week.
US non-defence capital goods shipments (ex aircraft) rose more than expected in October
In the US, the preliminary non-defence capital goods shipments (ex aircraft) rose 0.20% in October on a monthly basis, higher than market expectations for an advance of 0.10%. The non-defence capital goods shipments (ex aircraft) had advanced 0.40% in the previous month.
US durable goods orders rose more than expected in October
In October, the preliminary durable goods orders recorded a rise of 4.80% on a MoM basis in the US, compared to a drop of 0.30% in the prior month. Market anticipation was for durable goods orders to climb 1.70%.
US non-defence capital goods orders (ex aircraft) rose more than expected in October
In October, the preliminary non-defence capital goods orders (ex aircraft) advanced 0.40% in the US on a MoM basis, higher than market expectations for an advance of 0.30%. In the previous month, the non-defense capital goods orders (ex aircraft) had dropped 1.30%.
US durable goods orders (ex transportation) advanced more than expected in October
The flash durable goods orders (ex transportation) rose 1.00% in the US on a MoM basis in October, compared to a rise of 0.10% in the prior month. Markets were expecting durable goods orders (ex transportation) to rise 0.20%.
US Reuters/Michigan consumer sentiment index advanced in November
Compared to a reading of 87.20 in the prior month, the final Reuters/Michigan consumer sentiment index registered a rise to 98.30 in November, in the US. The preliminary figures had indicated an advance to 91.60. Markets were expecting the Reuters/Michigan consumer sentiment index to advance to.
US new home sales surprisingly eased in October
New home sales registered an unexpected drop of 1.90%, on MoM basis, to a level of 563.00 K in October, in the US, compared to market expectations of 590.00 K. In the previous month, new home sales had registered a revised reading of 574.00 K.
US Markit manufacturing PMI advanced in November
The preliminary Markit manufacturing PMI advanced to 53.90 in the US, in November, higher than market expectations of a rise to a level of 53.50. In the prior month, the Markit manufacturing PMI had recorded a level of 53.40.
US housing price index advanced as expected in September
The housing price index advanced 0.60% in the US, on a monthly basis in September, at par with market expectations. In the prior month, the housing price index had risen 0.70%.
US house price purchase index registered a rise in 3Q 2016
The house price purchase index recorded a rise of 1.50% on a quarterly basis, in 3Q 2016, in the US. The house price purchase index had risen by a revised 1.30% in the prior quarter.
Japanese manufacturing PMI dropped in November
In Japan, the preliminary manufacturing PMI registered a drop to 51.10 in November. Manufacturing PMI had registered a reading of 51.40 in the prior month.
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