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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK GDP rose as expected in 2Q 2017
On a YoY basis, the preliminary gross domestic product (GDP) advanced 1.70% in 2Q 2017, in the UK, at par with market expectations. GDP had recorded a rise of 2.00% in the prior quarter.
UK GDP rose as expected in 2Q 2017
The preliminary GDP recorded a rise of 0.30% in the UK, in 2Q 2017, meeting market expectations. GDP had advanced 0.20% in the previous quarter.
UK index of services rose more than expected in May
On a MoM basis in May, the index of services recorded a rise of 0.20% in the UK, compared to a revised advance of 0.10% in the prior month. Markets were anticipating the index of services to advance 0.10%.
UK BBA mortgage approvals slid in June
In June, BBA mortgage approvals dropped to 40.20 K in the UK, compared to a revised level of 40.29 K in the prior month. Market anticipation was for BBA mortgage approvals to ease to a level of 40.00 K.
UK index of services advanced as expected in May
On a MoM basis, in the UK, the index of services registered a rise of 0.40% in May, in line with market expectations. The index of services had risen 0.20% in the February-April 2017 period.
French consumer confidence unexpectedly dropped in July
Consumer confidence dropped unexpectedly to a level of 104.00 in July, in France, lower than market expectations of a steady reading. Consumer confidence had registered a reading of 108.00 in the prior month.
Italian consumer confidence index unexpectedly rose in July
The consumer confidence index in Italy climbed unexpectedly to a level of 106.70 in July, compared to a reading of 106.40 in the prior month. Market expectation was for the consumer confidence index to fall to 106.30.
Italian business confidence index surprisingly rose in July
In July, the business confidence index in Italy recorded an unexpected rise to 107.70, compared to a reading of 107.30 in the previous month. Market expectation was for the business confidence index to fall to a level of 107.00.
Spanish retail sales rose more than expected in June
Retail sales advanced 2.50% in Spain on a YoY basis in June, more than market expectations for a rise of 2.20%. Retail sales had advanced by a revised 2.80% in the previous month.
Swiss UBS consumption indicator rose in June
In Switzerland, UBS consumption indicator recorded a rise to 1.38 in June, compared to a revised reading of 1.32 in the previous month.
Swiss economic expectations index climbed in July
The economic expectations index recorded a rise to 34.70 in July, in Switzerland, compared to a level of 20.70 in the prior month.
Fed held key interest rate steady and indicated that stimulus wind down would start ‘relatively soon’
The Federal Reserve (Fed) held benchmark interest rate unchanged at a target range of 1.00% to 1.25%, as it remained a tad concerned about recent inflation trends in the US. However, the central bank indicated that it is close to paring down its $4.5 trillion balance sheet ‘relatively soon’.
US mortgage applications rose in the last week
In the US, mortgage applications climbed 0.40% on a weekly basis, in the week ended 21 July 2017. Mortgage applications had risen 6.30% in the previous week.
US new home sales climbed in June
New home sales in the US climbed 0.80%, on MoM basis, to a level of 610.00 K in June, lower than market expectations of 615.00 K. New home sales had recorded a revised reading of 605.00 K in the prior month.
Foreign investors turned net sellers of Japanese bonds in the previous week
Foreign investors turned net sellers of ¥157.70 billion worth of Japanese bonds in the week ended 21 July 2017, from being net buyers of a revised ¥413.10 billion worth of Japanese bonds in the previous week.
Japanese investors became net buyers of foreign stocks in the previous week
Japanese investors remained net buyers of ¥205.80 billion worth of foreign stocks in the week ended 21 July 2017, as compared to being net buyers of a revised ¥478.60 billion worth of foreign stocks in the previous week.
Japanese small business confidence index climbed in July
The small business confidence index registered a rise to 50.00 in July, in Japan, compared to market expectations of an advance to 49.80. In the previous month, the small business confidence index had registered a reading of 49.20.
Japanese investors became net buyers of foreign bonds in the previous week
Japanese investors were net buyers of ¥1178.60 billion worth of foreign bonds in the week ended 21 July 2017, from being net buyers of a revised ¥946.70 billion worth of foreign bonds in the previous week.
Foreign investors became net buyers of Japanese stocks in the previous week
Foreign investors were net buyers of ¥292.40 billion worth of Japanese stocks in the week ended 21 July 2017, as compared to being net buyers of a revised ¥377.00 billion worth of Japanese stocks in the prior week.
Chinese industrial profits (YoY) rose in June
In June, on an annual basis, industrial profits (YoY) registered a rise of 19.10% in China. In the prior month, industrial profits (YoY) had advanced 16.70%.
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