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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
OECD upgraded global economic outlook for 2017
The Organisation for Economic Cooperation and Development (OECD) has indicated that global economic growth will pick up faster than previously expected in the coming months as Donald Trump’s planned fiscal stimulus is likely to provide a boost to major economies. The OECD estimated that world gross domestic product will now expand 3.3% next year, up by 0.1 percentage point from its September forecast. In 2018, the world economy is projected to grow 3.6%, the fastest pace of growth since 2011.
ECB’s Draghi: Stimulus is a key ingredient of ongoing Euro-zone recovery
The ECB President, Mario Draghi at a hearing of the Committee on Economic and Monetary Affairs of the European Parliament stated that the Euro-zone proved to be resilient in 2016, despite uncertainty arising from the global economic and political environment. He further added that inflation has gradually edged up, and that the ECB’s monetary stimulus has been a key ingredient of the ongoing recovery. Regarding the impact of ‘Brexit’ on the Euro-zone, Draghi urged the British government to disclose more information about its Brexit plans and stated that it was difficult to predict the precise economic implications of the event as it would depend on the timing, progress and outcome of the upcoming negotiations.
Euro-zone private sector loans rose in October
On an annual basis, private sector loans in the Euro-zone advanced 1.80% in October. Private sector loans had registered a similar rise in the prior month.
Euro-zone M3 money supply advanced less than expected in October
In October, M3 money supply climbed 4.40% on an annual basis in the Euro-zone, less than market expectations for a rise of 5.00%. M3 money supply had recorded a revised rise of 5.10% in the previous month.
Italian consumer confidence index declined in November
In November, the consumer confidence index dropped to 107.90 in Italy, compared to a reading of 108.00 in the prior month. Markets were expecting the consumer confidence index to fall to a level of 107.60.
US Dallas Fed manufacturing business index recorded a rise in November
In November, the Dallas Fed manufacturing business index rose to a level of 10.20 in the US, higher than market expectations of a rise to 2.00. The Dallas Fed manufacturing business index had registered a level of -1.50 in the prior month.
Japanese household spending fell less than expected in October
In October, on a YoY basis, household spending recorded a drop of 0.40% in Japan, compared to a fall of 2.10% in the previous month. Market anticipation was for household spending to fall 1.00%.
Japanese retail trade fell less than expected in October
Retail trade in Japan recorded a drop of 0.10% in October on a YoY basis, compared to a revised drop of 1.70% in the prior month. Markets were expecting retail trade to drop 1.60%.
Japanese retail trade advanced more than expected in October
Retail trade in Japan rose 2.50% on a MoM basis in October, higher than market expectations for a rise of 1.10%. Retail trade had registered an unchanged reading in the previous month.
Japanese large retailer’s sales declined more than expected in October
On a monthly basis, large retailer’s sales in Japan slid 1.00% in October, higher than market expectations for a fall of 0.90%. Large retailer’s sales had fallen 3.20% in the prior month.
Japanese job to applicant ratio advanced in October
Job to applicant ratio in Japan registered a rise to 1.40 in October, compared to market expectations of a rise to a level of 1.39. In the prior month, job to applicant ratio had registered a reading of 1.38.
Japanese unemployment rate steadied in October
In Japan, unemployment rate remained steady at a level of 3.00% in October, in line with market expectations.
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