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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE narrowly voted in favour of maintaining record low interest rates
The Bank of England’s (BoE) Monetary Policy Committee voted 5-3 to keep interest rate on hold at a record low of 0.25% and the bond purchase programme remains unchanged at £435.00 billion. The MPC’s meeting minutes suggested that it regards the robust British labour market as a sign that rates may need to rise sooner than expected.
UK retail sales dropped more than expected in May
In May, retail sales dropped 1.20% in the UK on a MoM basis, higher than market expectations for a drop of 0.80%. Retail sales had climbed by a revised 2.50% in the previous month.
UK retail sales ex-fuel fell more than expected in May
On a monthly basis in May, retail sales ex-fuel eased 1.60% in the UK, compared to a revised advance of 2.20% in the prior month. Market expectation was for retail sales ex-fuel to ease 1.00%.
UK retail sales rose less than expected in May
In May, retail sales recorded a rise of 0.90% on a YoY basis in the UK, less than market expectations for an advance of 1.60%. In the prior month, retail sales had advanced by a revised 4.20%.
Euro-zone trade surplus narrowed in April
The non-seasonally adjusted trade surplus in the Euro-zone dropped to €17.90 billion in April, compared to a trade surplus of €30.90 billion in the previous month. Markets were expecting the region to record a trade surplus of €28.50 billion.
Euro-zone trade surplus fell in April
The seasonally adjusted trade surplus in the Euro-zone dropped to €19.60 billion in April, from a revised trade surplus of €22.20 billion in the previous month. Markets were anticipating the region to register a trade surplus of €22.30 billion.
French CPI (ex-tobacco) rose as expected in May
On an annual basis, the final consumer price index (CPI) (ex-tobacco) advanced 0.80% in France, in May, in line with market expectations. In the previous month, the CPI (ex-tobacco) had advanced 1.20%. The preliminary figures had also indicated a rise of 0.80%.
French EU normalised CPI remained unchanged in May
In May, on a MoM basis, the final EU normalised CPI in France remained unchanged, compared to a rise of 0.10% in the previous month. The preliminary figures had also indicated a flat reading. Markets were anticipating EU normalised CPI to record an unchanged reading.
French CPI (ex-tobacco) remained unchanged in May
In May, on a MoM basis, the final CPI (ex-tobacco) in France remained flat, less than market expectations for a rise of 0.10%. In the previous month, the CPI (ex-tobacco) had risen 0.10%. The preliminary figures had recorded a rise of 0.10%.
Italian CPI rose as expected in May
The final CPI in Italy climbed 1.40% on an annual basis in May, in line with market expectations. The CPI had advanced 1.90% in the prior month. The preliminary figures had also recorded a rise of 1.40%.
Italian EU normalised CPI dropped less than expected in May
On a MoM basis, in May, the final EU normalised CPI registered a drop of 0.10% in Italy, lower than market expectations for a fall of 0.20%. The preliminary figures had also recorded a fall of 0.10%. The EU normalised CPI had advanced 0.80% in the previous month.
Italian CPI dropped as expected in May
In May, the final CPI dropped 0.20% in Italy on a monthly basis, in line with market expectations. The CPI had climbed 0.40% in the previous month. The preliminary figures had also recorded a drop of 0.20%.
Italian EU normalised CPI rose more than expected in May
In May, the final EU normalised CPI climbed 1.60% on an annual basis in Italy, compared to a rise of 2.00% in the previous month. The preliminary figures had recorded a rise of 1.50%. Markets were expecting the EU normalised CPI to rise 1.50%.
SNB kept rate at record low, trimmed inflation forecasts
The Swiss National Bank (SNB) held the sight deposit rate unchanged at -0.75%, as widely expected. The central bank indicated that it would continue with its ultra-loose monetary policy as part of continued efforts to tackle low inflation and negative output. The SNB also reiterated that the Swiss Franc is still significantly overvalued and that it would remain active in the foreign exchange market as necessary. Further, it kept its 2017 inflation forecast steady at 0.30% but trimmed its 2018 outlook to 0.30% from 0.40% and its 2019 forecast to 1.00% from 1.10%.
Swiss producer and import price index declined more than expected in May
In May, on a monthly basis, the producer and import price index registered a drop of 0.30% in Switzerland, higher than market expectations for a fall of 0.10%. The producer and import price index had dropped 0.20% in the prior month.
Swiss producer and import price index advanced less than expected in May
The producer and import price index in Switzerland rose 0.10% on a YoY basis in May, lower than market expectations for an advance of 0.20%. In the prior month, the producer and import price index had registered a rise of 0.80%.
US net treasury international capital (TIC) long term purchases dropped in April
In April, net treasury international capital (TIC) long term purchases in the US dropped to $1.80 billion. Net treasury international capital (TIC) long term purchases had registered a revised level of $59.70 billion in the prior month.
US export price index rose in May
The export price index rose 1.40% in the US on an annual basis, in May. In the prior month, the export price index had registered a revised rise of 3.20%.
US import price index dropped more than expected in May
In May, the import price index slid 0.30% on a MoM basis in the US, compared to a revised rise of 0.20% in the prior month. Market anticipation was for the import price index to fall 0.10%.
US industrial production remained steady in May
On a monthly basis, in May, industrial production remained flat in the US, compared to a revised rise of 1.10% in the previous month. Markets were expecting industrial production to advance 0.20%.
US total net TIC flows rose in April
In the US, total net TIC flows rose to a level of $65.80 billion in April. Total net TIC flows had recorded a revised level of $9.30 billion in the prior month.
US Philadelphia Fed manufacturing index dropped in June
Philadelphia Fed manufacturing index recorded a drop to 27.60 in the US, in June, compared to a reading of 38.80 in the previous month. Markets were expecting Philadelphia Fed manufacturing index to ease to a level of 24.90.
US housing market index unexpectedly slid in June
In June, the housing market index in the US eased unexpectedly to a level of 67.00, compared to a revised level of 69.00 in the previous month. Markets were anticipating the housing market index to rise to a level of 70.00.
US manufacturing production unexpectedly declined in May
On a monthly basis, in May, manufacturing production unexpectedly fell 0.40% in the US, lower than market expectations for a rise of 0.10%. In the previous month, manufacturing production had recorded a revised rise of 1.10%.
US initial jobless claims dropped in the last week
The seasonally adjusted initial jobless claims fell to a level of 237.00 K in the week ended 10 June 2017, in the US, lower than market expectations of a fall to 241.00 K. Initial jobless claims had recorded a level of 245.00 K in the prior week.
US NY Empire State manufacturing index advanced in June
The NY Empire State manufacturing index in the US recorded a rise to 19.80 in June, compared to a level of -1.00 in the prior month. Market anticipation was for the NY Empire State manufacturing index to rise to 4.00.
US import price index advanced less than expected in May
In May, the import price index rose 2.10% in the US on a YoY basis, compared to a revised advance of 3.60% in the previous month. Market expectation was for the import price index to climb 2.90%.
US export price index unexpectedly fell in May
In May, on a monthly basis, the export price index unexpectedly fell 0.70% in the US, compared to an advance of 0.20% in the prior month. Markets were anticipating the export price index to advance 0.20%.
US continuing jobless claims surprisingly rose in the last week
In the week ended 03 June 2017, the seasonally adjusted continuing jobless claims in the US recorded an unexpected rise to 1935.00 K, compared to market expectations of a fall to 1920.00 K. Continuing jobless claims had recorded a revised reading of 1929.00 K in the previous week.
US capacity utilisation eased unexpectedly in May
In May, capacity utilisation eased unexpectedly to 76.60% in the US, lower than market expectations of a rise to a level of 76.80%. In the prior month, capacity utilisation had registered a level of 76.70%.
Canadian manufacturing shipments advanced more than expected in April
Manufacturing shipments in Canada registered a rise of 1.10% on a MoM basis in April, more than market expectations for an advance of 0.90%. Manufacturing shipments had advanced by a revised 0.80% in the previous month.
Canadian existing home sales dropped in May
Existing home sales recorded a drop of 6.20% on a MoM basis, in May, in Canada. In the previous month, existing home sales had registered a drop of 1.70%.
BoJ kept policy steady, revised up view on consumption
The Bank of Japan (BoJ) kept monetary policy steady and offered a more upbeat view on private consumption and overseas growth, signalling its confidence that an export-driven economic recovery was broadening and gaining momentum.
Japanese Tokyo condominium sales eased in May
On a YoY basis, Tokyo condominium sales in Japan registered a drop of 13.30% in May. Tokyo condominium sales had risen 38.60% in the previous month.
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