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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB kept monetary policy on hold and ruled out further rate cuts
The European Central Bank (ECB) left the benchmark interest rate unchanged and dropped any reference to future rate cuts. The ECB President, Mario Draghi indicated that interest rates are likely to remain at present levels for an extended period of time, but added that the central bank would be ready to extend its quantitative easing program if needed. Further, the ECB expects inflation this year at just 1.50%, down from its previous forecast of 1.70%.
Euro-zone GDP rose more than expected in 1Q 2017
The seasonally adjusted final gross domestic product (GDP) registered a rise of 1.90% on a YoY basis in 1Q 2017, in the Euro-zone, compared to a revised rise of 1.80% in the prior quarter. The preliminary figures had recorded an advance of 1.70%. Markets were anticipating GDP to advance 1.70%.
Euro-zone GDP advanced more than expected in 1Q 2017
In 1Q 2017, the seasonally adjusted GDP in the Euro-zone advanced 0.60% on a QoQ basis, compared to a revised advance of 0.50% in the previous quarter. Markets were anticipating GDP to climb 0.50%. The preliminary figures had indicated a rise of 0.50%.
Euro-zone government expenditure advanced as expected in 1Q 2017
On a quarterly basis, government expenditure recorded a rise of 0.40% in the Euro-zone, in 1Q 2017, in line with market expectations. In the prior quarter, government expenditure had recorded a revised rise of 0.30%.
Euro-zone gross fixed capital formation rose more than expected in 1Q 2017
On a QoQ basis in 1Q 2017, the gross fixed capital formation registered a rise of 1.30% in the Euro-zone, compared to a revised advance of 3.40% in the prior quarter. Market expectation was for the gross fixed capital formation to rise 0.80%.
Euro-zone household consumption expenditure rose less than expected in 1Q 2017
In the Euro-zone, household consumption expenditure advanced 0.30% on a QoQ basis in 1Q 2017, compared to a rise of 0.40% in the prior quarter. Market expectation was for household consumption expenditure to climb 0.40%.
German industrial production advanced more than expected in April
In April, the seasonally adjusted industrial production advanced 0.80% on a MoM basis in Germany, compared to a revised drop of 0.10% in the prior month. Markets were expecting industrial production to rise 0.50%.
German industrial production advanced more than expected in April
On an annual basis, the non-seasonally & working day adjusted industrial production registered a rise of 2.90% in April, in Germany, more than market expectations for a rise of 2.10%. Industrial production had advanced by a revised 2.20% in the prior month.
French trade deficit rose in April
In April, trade deficit in France expanded to €5.54 billion, following a revised trade deficit of €4.78 billion in the previous month. Markets were expecting the country’s trade deficit to widen to €5.95 billion.
French current account deficit widened in April
Current account deficit in France widened to €3.10 billion in April. France had reported a revised current account deficit of €2.10 billion in the prior month.
Spanish housing price index rose in 1Q 2017
The housing price index climbed 2.30% on a QoQ basis in Spain, in 1Q 2017. In the prior quarter, the housing price index had recorded a rise of 0.40%.
Swiss unemployment rate remained flat in May
In May, the seasonally adjusted unemployment rate remained flat at a level of 3.20% in Switzerland, lower than market expectations of an advance to a level of 3.30%.
Swiss unemployment rate declined in May
The non-seasonally adjusted unemployment rate registered a drop to 3.10% in May, in Switzerland, meeting market expectations. In the previous month, unemployment rate had recorded a level of 3.30%.
Swiss EU HICP advanced in May
The EU harmonised consumer price index (HICP) in Switzerland registered a rise of 0.40% on an annual basis, in May. The EU HICP had risen 0.70% in the prior month.
Swiss CPI rose more than expected in May
On a YoY basis, the consumer price index (CPI) in Switzerland advanced 0.50% in May, higher than market expectations for an advance of 0.30%. In the previous month, the CPI had risen 0.40%.
Swiss EU HICP dropped in May
The EU HICP in Switzerland registered a drop of 0.20% on a MoM basis, in May. In the prior month, the EU HICP had risen 0.50%.
Swiss CPI remained flat in May
In May, on a MoM basis, the CPI remained steady in Switzerland, meeting market expectations. The CPI had registered a rise of 0.20% in the prior month.
US initial jobless claims eased in the last week
In the week ended 03 June 2017, the seasonally adjusted initial jobless claims in the US dropped to 245.00 K, compared to a revised level of 255.00 K in the previous week. Market anticipation was for initial jobless claims to ease to 240.00 K.
US continuing jobless claims surprisingly fell in the last week
The seasonally adjusted continuing jobless claims recorded an unexpected drop to a level of 1917.00 K in the week ended 27 May 2017, in the US, compared to market expectations of an advance to 1920.00 K. In the previous week, continuing jobless claims had registered a revised level of 1919.00 K.
US household wealth climbed in 1Q 2017
In the US, household wealth registered a rise of $2347.00 billion, in 1Q 2017. In the prior quarter, household wealth had risen by a revised $1931.00 billion.
Canadian housing starts slid in May
The seasonally adjusted housing starts in Canada fell to a level of 194.70 K in May, lower than market expectations of a drop to 202.00 K. Housing starts had registered a revised reading of 213.50 K in the prior month.
Canadian new housing price index rose more than expected in April
In April, the new housing price index registered a rise of 3.90% on an annual basis in Canada, more than market expectations for an advance of 3.30%. The new housing price index had climbed 3.30% in the prior month.
Canadian new housing price index rose more than expected in April
In April, the new housing price index rose 0.80% in Canada on a MoM basis, higher than market expectations for a rise of 0.20%. The new housing price index had risen 0.20% in the prior month.
Japanese money supply M2+CD advanced less than expected in May
In May, money supply M2+CD climbed 3.90% in Japan on an annual basis, compared to a revised advance of 4.00% in the prior month. Markets were expecting money supply M2+CD to advance 4.30%.
Japanese corporate bankruptcies advanced in May
On an annual basis, corporate bankruptcies climbed 19.52% in May, in Japan. In the previous month, corporate bankruptcies had dropped 2.15%.
Japanese M3 money supply rose less than expected in May
M3 money supply climbed 3.40% in Japan on an annual basis in May, less than market expectations for an advance of 3.60%. In the previous month, M3 money supply had registered a revised similar rise.
Japanese Eco Watchers Survey for current situation advanced in May
Eco Watchers Survey for the current situation registered a rise to 48.60 in May, in Japan, compared to a reading of 48.10 in the prior month. Markets were anticipating Eco Watchers Survey for the current situation to advance to 48.60.
Japanese Eco Watchers Survey for future outlook unexpectedly rose in May
In May, Eco Watchers Survey for the future outlook climbed unexpectedly to a level of 49.60 in Japan, compared to market expectations of a fall to 48.50. Eco Watchers Survey for the future outlook had recorded a level of 48.80 in the prior month.
Chinese PPI advanced less than expected in May
In May, the producer price index (PPI) advanced 5.50% on an annual basis in China, less than market expectations for a rise of 5.60%. In the previous month, the PPI had risen 6.40%.
Chinese CPI advanced as expected in May
On a YoY basis, the CPI recorded a rise of 1.50% in May, in China, compared to a rise of 1.20% in the previous month. Markets were anticipating the CPI to climb 1.50%.
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