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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE Governor indicated more interest rate hikes ahead, stayed vague on timing
The Bank of England (BoE) Governor, Mark Carney, stated that interest rates may have to rise quicker than initially expected in order to keep inflation at bay, as domestic inflationary pressures are beginning to firm. However, Carney offered little clarity on the timing of the next rate hike.
UK claimant count rate declined in January
In January, the claimant count rate eased to 2.30% in the UK. The claimant count rate had recorded a level of 2.40% in the previous month.
Employment in the UK climbed in the October-December 2017 period
In the UK, employment rose by 88.00 K in the October-December 2017 period, compared to an advance of 102.00 K in the September-November 2017 period. Market anticipation was for employment to advance 165.00 K.
UK average earnings excluding bonus advanced more than expected in the October-December 2017 period
In the October-December 2017 period, on an annual basis, the average earnings excluding bonus recorded a rise of 2.50% in the UK, compared to a revised rise of 2.30% in the September-November 2017 period. Markets were anticipating the average earnings excluding bonus to climb 2.40%.
UK average earnings including bonus advanced as expected in the October-December 2017 period
In the October-December 2017 period, the average earnings including bonus rose 2.50% in the UK, on a YoY basis, meeting market expectations. The average earnings including bonus had registered a similar rise in the September-November 2017 period.
UK public sector net borrowing reported a surplus in January
The public sector net borrowing (excluding temporary effects of financial interventions) has reported a surplus £10.00 billion in January, in the UK, as compared to a revised deficit of £1.90 billion in the prior month. Markets were expecting public sector net borrowing to report a surplus of £9.50 billion.
UK public sector net cash requirement recorded a surplus in January
In the UK, in January, public finances (public sector net cash requirement) has posted a surplus £26.40 billion, following a revised deficit of £25.30 billion in the previous month.
Number of unemployment benefits claimants in the UK dropped in January
Number of unemployment benefits claimants eased by 7.20 K in the UK, in January. Number of unemployment benefits claimants had registered a revised increase of 6.20 K in the prior month.
UK public sector net borrowing reported a surplus in January
In the UK, in January, the public sector net borrowing has posted a surplus of £11.60 billion, from a revised deficit of £0.30 billion in the previous month. Markets were anticipating public sector net borrowing to report a surplus of £11.40 billion.
UK ILO unemployment rate unexpected rose in the October-December 2017 period
In the October-December 2017 period, the ILO unemployment rate registered an unexpected rise to a level of 4.40% in the UK, compared to market expectations of an unchanged reading. In the September-November 2017 period, the ILO unemployment rate had recorded a reading of 4.30%.
Euro-zone services PMI dropped in February
In the Eurozone, the preliminary services PMI registered a drop to 56.70 in February, compared to market expectations of a drop to a level of 57.60. In the previous month, services PMI had registered a reading of 58.00.
Euro-zone composite PMI dropped in February
In February, the preliminary composite PMI recorded a drop to 57.50 in the Eurozone, compared to market expectations of a drop to 58.40. In the prior month, composite PMI had registered a reading of 58.80.
Euro-zone manufacturing PMI fell in February
The preliminary manufacturing PMI in the Eurozone fell to a level of 58.50 in February, compared to market expectations of a drop to a level of 59.20. In the prior month, the manufacturing PMI had registered a reading of 59.60.
German Markit composite PMI dropped in February
The preliminary Markit composite PMI dropped to 57.40 in Germany, in February, compared to market expectations of a fall to a level of 58.50. In the prior month, Markit composite PMI had registered a level of 59.00.
German manufacturing PMI dropped in February
In Germany, the preliminary manufacturing PMI fell to a level of 60.30 in February, lower than market expectations of a drop to a level of 60.50. In the prior month, manufacturing PMI had registered a level of 61.10.
German services PMI declined in February
The flash services PMI in Germany fell to a level of 55.30 in February, compared to a reading of 57.30 in the previous month. Market anticipation was for services PMI to ease to 57.00.
French manufacturing PMI slid in February
In February, the preliminary manufacturing PMI registered a drop to 56.10 in France, compared to market expectations of a drop to 58.00. In the prior month, manufacturing PMI had recorded a reading of 58.40.
French Markit composite PMI fell in February
The flash Markit composite PMI in France eased to 57.80 in February, compared to a reading of 59.60 in the previous month. Market anticipation was for Markit composite PMI to drop to 59.20.
French services PMI eased in February
In February, the flash services PMI in France registered a drop to 57.90, compared to a reading of 59.20 in the previous month. Market expectation was for services PMI to ease to 59.00.
Swiss M3 money supply advanced in January
In Switzerland, M3 money supply rose 4.10% on a YoY basis, in January. M3 money supply had climbed by a revised 3.60% in the previous month.
FOMC minutes: Policymakers expressed growing confidence on inflation and economic outlook
According to the minutes of the Federal Reserve’s (Fed) January monetary policy meeting, policymakers offered an upbeat assessment of the US economy and were increasingly optimistic on reaching their 2.0% inflation target over the medium term. Further, a number of officials upgraded their economic growth forecasts and pointed to the recent tax cuts as well as the improved global economic outlook as factors contributing to the US economic growth this year. Additionally, committee members agreed that a strengthening economy supported future gradual increases in interest rates, while cautioning that the impact of the tax cuts is not yet clear.
US Markit manufacturing PMI surprisingly advanced in February
The flash Markit manufacturing PMI rose unexpectedly to 55.90 in February, compared to a reading of 55.50 in the prior month in the US. Markets were expecting the Markit manufacturing PMI to remain unchanged.
US existing home sales unexpectedly eased in January
Existing home sales in the US unexpectedly eased by 3.20%, on MoM basis, to a level of 5.38 million in January, compared to market expectations of 5.60 million. Existing home sales had registered a revised reading of 5.56 million in the previous month.
US mortgage applications declined in the last week
Mortgage applications registered a drop of 6.60% on a weekly basis, in the week ended 16 February 2018, in the US. Mortgage applications had dropped 4.10% in the previous week.
US Markit composite PMI climbed in February
In February, the flash Markit composite PMI in the US advanced to 55.90, compared to a reading of 53.80 in the previous month.
US Markit services PMI advanced in February
In the US, the flash Markit services PMI advanced to 55.90 in February, compared to market expectations of an advance to 53.70. In the previous month, Markit services PMI had recorded a level of 53.30.
Japanese Tokyo department store sales eased in January
Tokyo department store sales slid 0.20% on a YoY basis in Japan, in January. In the previous month, Tokyo department store sales had climbed 0.90%.
Japanese supermarket sales rose in January
In Japan, supermarket sales climbed 0.60% in January on a YoY basis. Supermarket sales had climbed 0.90% in the previous month.
Japanese nationwide department store sales dropped in January
On an annual basis, nationwide department store sales dropped 1.20% in Japan, in January. Nationwide department store sales had recorded a drop of 0.60% in the prior month.
Japanese all industry activity index rose more than expected in December
In December, on a monthly basis, the all industry activity index rose 0.50% in Japan, compared to a rise of 1.00% in the prior month. Market anticipation was for the all industry activity index to advance 0.40%.
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