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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK BBA mortgage approvals surprisingly fell in December
In December, BBA mortgage approvals recorded an unexpected drop to 36.12 K in the UK, compared to market expectations of an advance to a level of 39.80 K. BBA mortgage approvals had recorded a revised reading of 39.01 K in the previous month.
UK CBI distributive trade survey’s retail sales balance fell in January
The CBI distributive trade survey’s retail sales balance in the UK dropped to 12.00% in January, compared to a level of 20.00% in the prior month. Markets were expecting the CBI distributive trade survey’s retail sales balance to fall to 13.00%.
ECB kept its monetary policy unchanged, warned over surging Euro
The European Central Bank (ECB), at its January monetary policy meeting, kept its ultra-easy monetary policy on hold and reiterated its pledge to keep the benchmark interest rates at present levels for an extended period and well past the end of its bond buying programme, until a sustained rebound in inflation is achieved. Further, the ECB Chief, Mario Draghi, stated that recent economic data confirmed a “robust pace” of economic expansion with inflation likely to rise in the medium term. However, he warned that the recent surge in the Euro represented a source of uncertainty for the inflation outlook and required further monitoring.
German consumer confidence index surprisingly rose in February
The consumer confidence index in Germany climbed unexpectedly to a level of 11.00 in February, higher than market expectations of a steady reading. The consumer confidence index had registered a reading of 10.80 in the previous month.
German Ifo current assessment index surprisingly advanced in January
In Germany, the Ifo current assessment index climbed unexpectedly to 127.70 in January, compared to a reading of 125.40 in the prior month. Markets were expecting the Ifo current assessment index to ease to 125.30.
German Ifo business expectations index fell in January
The Ifo business expectations index fell to a level of 108.40 in January, in Germany, compared to market expectations of a drop to a level of 109.30. The Ifo business expectations index had recorded a reading of 109.50 in the prior month.
German Ifo business climate index surprisingly climbed in January
The Ifo business climate index recorded an unexpected rise to a level of 117.60 in January, in Germany, compared to market expectations of a drop to 117.00. The Ifo business climate index had recorded a level of 117.20 in the previous month.
Italian industrial sales rose in November
On a monthly basis, the seasonally adjusted industrial sales registered a rise of 1.30% in November, in Italy. In the prior month, industrial sales had climbed 1.10%.
Italian industrial orders advanced in November
The seasonally adjusted industrial orders in Italy registered a rise of 0.30% on a MoM basis, in November. Industrial orders had climbed 1.90% in the previous month.
Italian industrial sales rose in November
The non-seasonally adjusted industrial sales climbed 5.10% on a YoY basis, in November, in Italy. Industrial sales had risen 6.00% in the prior month.
Italian industrial orders advanced in November
In November, on an annual basis, the non-seasonally adjusted industrial orders in Italy registered a rise of 8.90%. In the previous month, industrial orders had recorded a rise of 12.50%.
Spanish unemployment rate (survey) surprisingly rose in 4Q 2017
Unemployment rate (survey) advanced unexpectedly to 16.55% in 4Q 2017, in Spain, compared to a reading of 16.38% in the previous quarter. Market anticipation was for unemployment rate (survey) to ease to a level of 16.10%.
US leading indicator advanced more than expected in December
On a monthly basis, leading indicator recorded a rise of 0.60% in December, in the US, more than market expectations for a rise of 0.50%. Leading indicator had climbed by a revised 0.50% in the previous month.
US initial jobless claims record rose in the last week
In the week ended 20 January 2018, the seasonally adjusted initial jobless claims advanced to 233.00 K in the US, lower than market expectations of an advance to 235.00 K. In the previous week, initial jobless claims had registered a revised reading of 216.00 K.
US Kansas City Fed manufacturing activity index unexpectedly rose in January
In January, the Kansas City Fed manufacturing activity index recorded an unexpected rise to a level of 16.00 in the US, compared to market expectations of an unchanged reading. The Kansas City Fed manufacturing activity index had registered a reading of 14.00 in the previous month.
US new home sales eased in December
New home sales recorded a drop of 9.30%, on monthly basis, to a level of 625.00 K in December, in the US, lower than market expectations of 675.00 K. New home sales had recorded a revised reading of 689.00 K in the previous month.
US continuing jobless claims dropped in the last week
The seasonally adjusted continuing jobless claims eased to 1937.00 K in the week ended 13 January 2018, in the US, compared to a revised level of 1965.00 K in the prior week. Markets were expecting continuing jobless claims to ease to 1925.00 K.
Canadian retail sales rose less than expected in November
Retail sales in Canada advanced 0.20% in November on a MoM basis, compared to a revised rise of 1.60% in the previous month. Markets were expecting retail sales to climb 0.80%.
Canadian retail sales (ex-autos) rose more than expected in November
On a MoM basis, retail sales (ex-autos) in Canada registered a rise of 1.60% in November, compared to an advance of 0.80% in the prior month. Market anticipation was for retail sales (ex-autos) to rise 0.90%.
BoJ minutes: Few officials saw future room to raise rates, slow asset buying
As per the minutes of the Bank of Japan’s (BoJ) December monetary policy meeting, majority of policymakers believed that it was appropriate to stick to the central bank’s current monetary policy stance as inflation remains far from its 2.00% target. However, some officials expressed a need to consider raising interest rates or reducing purchases of risky assets if the economic recovery continued.
Japanese Tokyo CPI advanced more than expected in January
Tokyo consumer price index (CPI) recorded a rise of 1.30% on an annual basis in Japan, in January, compared to an advance of 1.00% in the prior month. Markets were expecting Tokyo consumer price index (CPI) to rise 1.10%.
Japanese national CPI advanced less than expected in December
On an annual basis in December, the national CPI advanced 1.00% in Japan, compared to an advance of 0.60% in the prior month. Market anticipation was for the national CPI to rise 1.10%.
Japanese supermarket sales advanced in December
On a YoY basis, supermarket sales in Japan registered a rise of 0.90% in December. In the prior month, supermarket sales had recorded a drop of 0.60%.
Japanese National CPI ex-fresh food advanced as expected in December
On an annual basis, National CPI ex-fresh food in Japan climbed 0.90% in December, compared to a similar rise in the previous month. Markets were expecting National CPI ex-fresh food to advance 0.90%.
Japanese Tokyo CPI excluding fresh food advanced less than expected in January
On a YoY basis in Japan, Tokyo CPI excluding fresh food rose 0.70% in January, lower than market expectations for a rise of 0.80%. Tokyo CPI excluding fresh food had advanced 0.80% in the prior month.
Japanese corporate service price index rose as expected in December
In December, on a YoY basis, the corporate service price index in Japan recorded a rise of 0.80%, compared to a similar rise in the previous month. Markets were expecting the corporate service price index to advance 0.80%.
Chinese industrial profits (YoY) climbed in December
In China, industrial profits (YoY) rose 10.80% in December on an annual basis. Industrial profits (YoY) had recorded a rise of 14.90% in the previous month.
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