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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK ILO unemployment rate unexpectedly fell in the March-May 2017 period
The ILO unemployment rate dropped unexpectedly to a level of 4.50% in the UK, compared to a reading of 4.60% in the February-April 2017 period. Markets were anticipating the ILO unemployment rate to record a steady reading.
UK claimant count rate remained flat in June
The claimant count rate remained unchanged at 2.30% in June, in the UK.
UK average earnings excluding bonus rose more than expected in the March-May 2017 period
In the March-May 2017 period, on a YoY basis, the average earnings excluding bonus recorded a rise of 2.00% in the UK, more than market expectations for a rise of 1.90%. In the February-April 2017 period, the average earnings excluding bonus had recorded a revised rise of 1.80%.
Number of unemployment benefits claimants in the UK rose in June
Number of unemployment benefits claimants in the UK rose by 6.00 K in June, compared to a revised increase of 7.50 K in the previous month.
UK average earnings including bonus advanced as expected in the March-May 2017 period
In the March-May 2017 period, on an annual basis, the average earnings including bonus in the UK registered a rise of 1.80%, compared to a rise of 2.10% in the February-April 2017 period. Markets were anticipating the average earnings including bonus to climb 1.80%.
UK house price balance declined in June
House price balance in the UK fell to a level of 7.00 % in June, lower than market expectations of a drop to 15.00 %. House price balance had recorded a reading of 17.00 % in the prior month.
Employment in the UK rose in the March-May 2017 period
In the UK, employment climbed by 175.00 K in the March-May 2017 period, higher than market anticipations of an advance of 120.00 K. Employment had registered a gain of 109.00 K in the February-April 2017 period.
Euro-zone industrial production rose more than expected in May
The seasonally adjusted industrial production in the Euro-zone rose 1.30% on a monthly basis in May, compared to a revised rise of 0.30% in the previous month. Markets were expecting industrial production to advance 1.00%.
German WPI rose in June
The wholesale price index (WPI) in Germany recorded a rise of 2.50% on a YoY basis, in June. The WPI had advanced 3.10% in the previous month.
German WPI remained unchanged in June
That, in Germany, the WPI remained unchanged on a MoM basis, in June. In the previous month, the WPI had registered a drop of 0.70%.
Yellen said economy is robust, but indicated that Fed may not need to hike interest rates much more
In her testimony before the House Financial Services Committee, the Federal Reserve (Fed) Chairwoman, Janet Yellen delivered an upbeat message on the state of the American economy, highlighting the strength in job growth and indicating that the central bank remains on course to begin reducing its bond holdings “this year”. However, she also added that rates are close to a “neutral” level and not in need of a significant move higher.
Fed’s Beige Book indicated that the US economic growth is “slight to moderate”
The Fed’s Beige Book report indicated that economic activity expanded across all twelve districts in June, with the pace of growth ranging from slight to moderate. Additionally, labour markets tightened further, but price pressures were largely held in check. The report also highlighted the fact that there is a shortage of qualified workers in the US.
US mortgage applications dropped in the last week
Mortgage applications eased 7.40% on a weekly basis in the US, in the week ended 07 July 2017. In the prior week, mortgage applications had recorded a rise of 1.40%.
BoC raised benchmark interest rate to 0.75%
The Bank of Canada (BoC) raised its overnight lending rate to 0.75% from 0.50%, its first move upward in the cost of borrowing in seven years. In a statement accompanying the rate decision, the central bank indicated that the Canadian economy has been robust, fuelled by household spending.
Canadian house price index rose in June
On a MoM basis, the house price index in Canada climbed 2.60% in June. In the prior month, the house price index had recorded a rise of 2.20%.
Japanese average office vacancies in Tokyo advanced in June
On a MoM basis, average office vacancies in Tokyo registered a rise of 3.26% in Japan, in June. In the prior month, average office vacancies in Tokyo had registered a rise of 3.41%.
Japanese tertiary industry index dropped less than expected in May
In May, on a monthly basis, the tertiary industry index in Japan slid 0.10%, compared to a revised advance of 1.40% in the prior month. Market anticipation was for the tertiary industry index to drop 0.50%.
Foreign investors became net sellers of Japanese stocks in the previous week
Foreign investors remained net sellers of ¥35.00 billion worth of Japanese stocks in the week ended 07 July 2017, as compared to being net sellers of ¥14.00 billion worth of Japanese stocks in the prior week.
Foreign investors turned net sellers of Japanese bonds in the previous week
Foreign investors turned net sellers of ¥408.50 billion worth of Japanese bonds in the week ended 07 July 2017, as compared to being net buyers of ¥75.80 billion worth of Japanese bonds in the prior week.
Japanese investors remained net buyers of foreign stocks in the previous week
Japanese investors were net buyers of ¥324.90 billion worth of foreign stocks in the week ended 07 July 2017, from being net buyers of ¥149.70 billion worth of foreign stocks in the prior week.
Japanese investors turned net buyers of foreign bonds in the previous week
Japanese investors turned net buyers of ¥839.50 billion worth of foreign bonds in the week ended 07 July 2017, from being net sellers of ¥772.80 billion worth of foreign bonds in the prior week.
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