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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE stood pat on monetary policy, hinted at sooner and sharper rise in interest rates
The Bank of England’s (BoE) Monetary Policy Committee voted unanimously to retain the benchmark interest rate steady at 0.50%. In an accompanying statement, the central bank signalled that borrowing costs could rise sooner than expected and by a somewhat greater degree in order to prevent the Brexit-weakened economy from overheating. In its quarterly inflation report, the BoE nudged up Britain’s economic growth forecasts to 1.80% for this year, up from its prior estimate of 1.60%. Additionally, growth estimate for 2019 was revised up 0.10% to 1.80%. Meanwhile, the central bank projected that annual inflation rate would hit 2.40% in 2018 before slowing to 2.20% next year.
ECB Bulletin: Robust growth expected to continue in the near term
The European Central Bank (ECB), in its latest economic bulletin, stated that the Euro-zone economy is likely to continue its robust pace of economic expansion beyond the near term. While the central bank noted that underlying inflation lacks a convincing upward trend, it indicated that officials grew more optimistic that inflation will converge towards its 2.00% inflation target.
German trade surplus dropped in December
The seasonally adjusted trade surplus in Germany dropped to €18.20 billion in December, following a trade surplus of €23.70 billion in the previous month. Market anticipation was for the nation’s trade surplus to narrow to €21.00 billion.
German imports unexpectedly advanced in December
In December, on a monthly basis, the seasonally adjusted imports in Germany recorded an unexpected rise of 1.40%, compared to a revised rise of 2.20% in the prior month. Market expectation was for imports to fall 0.70%.
German current account surplus rose in December
In December, the non-seasonally adjusted current account surplus in Germany expanded to €27.80 billion, compared to a current account surplus of €25.40 billion in the prior month. Market anticipation was for the nation to record a current account surplus of €28.00 billion.
German exports surprisingly advanced in December
In December, the seasonally adjusted exports registered an unexpected rise of 0.30% on a monthly basis in Germany, higher than market expectations for a fall of 1.00%. In the prior month, exports had climbed 4.10%.
Spanish unadjusted industrial output climbed in December
In Spain, the unadjusted industrial output rose 2.90% in December on an annual basis. The unadjusted industrial output had climbed by a revised 4.90% in the previous month.
Spanish calendar adjusted industrial output advanced more than expected in December
On a YoY basis, the calendar adjusted industrial output advanced 6.10% in Spain, in December, higher than market expectations for a rise of 4.00%. In the previous month, the calendar adjusted industrial output had advanced by a revised 4.60%.
US continuing jobless claims fell in the last week
In the US, the seasonally adjusted continuing jobless claims eased to 1923.00 K in the week ended 27 January 2018, compared to a revised level of 1956.00 K in the previous week. Markets were expecting continuing jobless claims to ease to 1940.00 K.
US initial jobless claims surprisingly dropped in the last week
In the week ended 03 February 2018, the seasonally adjusted initial jobless claims in the US unexpectedly dropped to 221.00 K, compared to a level of 230.00 K in the prior week. Market expectation was for initial jobless claims to climb to a level of 232.00 K.
Canadian new housing price index climbed in December
In Canada, the new housing price index climbed 3.30% on a YoY basis, in December. In the previous month, the new housing price index had recorded a rise of 3.40%.
Canadian new housing price index remained flat in December
The new housing price index remained flat on a monthly basis in December, in Canada, compared to a rise of 0.10% in the previous month. Market anticipation was for the new housing price index to rise 0.10%.
Canadian housing starts dropped in January
The seasonally adjusted housing starts fell to a level of 216.20 K in January, in Canada, compared to market expectations of a fall to 210.00 K. Housing starts had recorded a revised level of 216.30 K in the previous month.
Japanese Eco Watchers Survey for current situation declined in January
Eco Watchers Survey for the current situation recorded a drop to 49.90 in Japan, in January, compared to a reading of 53.90 in the previous month. Market anticipation was for Eco Watchers Survey for the current situation to drop to 53.70.
Japanese Eco Watchers Survey surprisingly dropped in January
In January, Eco Watchers Survey for the future outlook dropped unexpectedly to a level of 52.40 in Japan, compared to a level of 52.70 in the prior month. Market anticipation was for Eco Watchers Survey for the future outlook to climb to a level of 53.60.
Japanese M3 money supply rose less than expected in January
In January, M3 money supply climbed 2.90% in Japan on an annual basis, less than market expectations for an advance of 3.10%. In the previous month, M3 money supply had registered a rise of 3.10%.
Japanese money supply M2+CD advanced less than expected in January
In Japan, money supply M2+CD registered a rise of 3.40% in January, on a YoY basis, lower than market expectations for a rise of 3.60%. In the prior month, money supply M2+CD had advanced 3.60%.
Japanese corporate bankruptcies climbed in January
In January, on a YoY basis, corporate bankruptcies recorded a rise of 4.95% in Japan. In the prior month, corporate bankruptcies had dropped 1.97%.
Chinese PPI rose as expected in January
In January, the producer price index (PPI) rose 4.30% on a YoY basis in China, meeting market expectations. The PPI had risen 4.90% in the prior month.
Chinese CPI rose as expected in January
The consumer price index (CPI) recorded a rise of 1.50% on an annual basis in January, in China, in line with market expectations. In the previous month, the CPI had risen 1.80%.
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