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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB kept key interest rate on hold, Draghi says no ‘convincing’ sign of inflation rise
The European Central Bank (ECB) held benchmark interest rate and bond-buying program steady, as widely expected. The ECB President, Mario Draghi, indicated that underlying inflation pressures in the Euro-zone remain subdued and that a very substantial degree of monetary policy accommodation is needed for Euro area inflation pressures to build up and support headline inflation in the medium term. He also added that the central bank’s governing body stands ready to intervene further, if conditions worsen.
Euro-zone current account surplus expanded in November
The seasonally adjusted current account surplus in the Euro-zone rose to €36.10 billion in November, following a revised current account surplus of €28.30 billion in the prior month.
Euro-zone current account surplus rose in November
The non-seasonally adjusted current account surplus in the Euro-zone rose to €40.50 billion in November, compared to a revised current account surplus of €32.60 billion in the prior month.
Italian current account surplus dropped in November
Current account surplus in Italy dropped to €4.64 billion in November. Italy had registered a current account surplus of €6.09 billion in the previous month.
Swiss producer and import price index advanced as expected in December
The producer and import price index rose 0.20% on a monthly basis in Switzerland, in December, compared to a rise of 0.10% in the previous month. Markets were anticipating the producer and import price index to advance 0.20%.
Swiss producer and import price index remained flat in December
On a YoY basis, in December, the producer and import price index remained flat in Switzerland, less than market expectations for a rise of 0.10%. In the prior month, the producer and import price index had dropped 0.60%.
US Philadelphia Fed manufacturing index rose unexpectedly in January
In the US, Philadelphia Fed manufacturing index advanced unexpectedly to 23.60 in January, compared to market expectations of a fall to 15.30. In the previous month, Philadelphia Fed manufacturing index had registered a revised reading of 19.70.
US continuing jobless claims registered a drop in the last week
The seasonally adjusted continuing jobless claims dropped to 2046.00 K in the week ended 07 January 2017, in the US, compared to market expectations of a fall to a level of 2075.00 K. In the previous week, continuing jobless claims had recorded a revised reading of 2093.00 K.
US building permits unexpectedly dropped in December
Building permits unexpectedly fell by 0.20%, on monthly basis, to an annual rate of 1210.00 K in December, in the US, compared to a revised reading of 1212.00 K in the prior month. Markets were expecting building permits to advance to 1225.00 K.
US initial jobless claims recorded an unexpected drop in the last week
In the week ended 14 January 2017, the seasonally adjusted initial jobless claims fell unexpectedly to 234.00 K in the US, lower than market expectations of an advance to 252.00 K. Initial jobless claims had recorded a revised level of 249.00 K in the previous week.
US housing starts climbed in December
Compared to a revised level of 1102.00 K in the prior month, housing starts registered a rise of 11.30%, on monthly basis, to an annual rate of 1226.00 K in the US, in December. Markets were expecting housing starts to climb to 1188.00 K.
Foreign investors remained net buyers of Canadian securities in the previous month
Foreign investors were net buyers of C$7.24 billion worth of Canadian securities in November, as compared to being net buyers of C$15.80 billion worth of Canadian securities in the previous month.
Canadian investors turned net sellers of foreign securities in the previous month
Canadian investors turned net sellers of C$7.87 billion worth of foreign securities in November, as compared to being net buyers of C$2.10 billion worth of foreign securities in the prior month.
Canadian manufacturing shipments advanced more than expected in November
In Canada, manufacturing shipments climbed 1.50% in November on a monthly basis, higher than market expectations for an advance of 1.00%. In the previous month, manufacturing shipments had dropped by a revised 0.60%.
Japanese machine tool orders advanced in December
The final machine tool orders rose 4.40% on an annual basis in Japan, in December. In the prior month, machine tool orders had fallen 5.60%. The preliminary figures had also indicated a rise of 4.40%.
Chinese industrial production (YTD) advanced as expected in December
Industrial production (YTD) advanced 6.00% in China, on a YoY basis in December, meeting market expectations. In the prior month, industrial production (YTD) had registered a similar rise.
Chinese GDP advanced as expected in 4Q 2016
On a quarterly basis, gross domestic product (GDP) advanced 1.70% in China, in 4Q 2016, compared to a rise of 1.80% in the prior quarter. Market anticipation was for GDP to rise 1.70%.
Chinese real GDP (YTD) advanced in 4Q 2016
On a YoY basis, real GDP (YTD) advanced 6.80% in China, in 4Q 2016. Real GDP (YTD) had advanced 6.70% in the previous quarter.
Chinese retail sales rose more than expected in December
On an annual basis, retail sales registered a rise of 10.90% in China, in December, compared to a rise of 10.80% in the prior month. Market anticipation was for retail sales to advance 10.70%.
Chinese retail sales (YTD) advanced as expected in December
Retail sales (YTD) in China recorded a rise of 10.40% in December on a YoY basis, meeting market expectations. In the prior month, retail sales (YTD) had registered a similar rise.
Chinese fixed assets investment excl. rural YTD rose less than expected in December
On an annual basis in December, fixed assets investment excl. rural YTD registered a rise of 8.10% in China, less than market expectations for an advance of 8.30%. In the previous month, fixed assets investment excl. rural YTD had climbed 8.30%.
Chinese GDP advanced more than expected in 4Q 2016
On a YoY basis, GDP advanced 6.80% in China, in 4Q 2016, compared to a rise of 6.70% in the prior quarter. Market anticipation was for GDP to rise 6.70%.
Chinese industrial production advanced less than expected in December
In December, on an annual basis, industrial production rose 6.00% in China, lower than market expectations for an advance of 6.10%. Industrial production had climbed 6.20% in the prior month.
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