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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB kept monetary policy unchanged, dropped its pledge to expand stimulus if needed
The European Central Bank (ECB), at its March monetary policy meeting, opted to keep the benchmark interest rates unchanged at a record low of 0.00% and to continue its asset purchase programme at least until September 2018. In an accompanying statement, the central bank dropped its commitment to increase the size and duration of the asset purchases if the Euro-zone’s economic outlook deteriorates. Further, the central bank upgraded its economic growth forecast to 2.40% for this year, from an earlier prediction of 2.30%, while inflation was estimated to be at 1.40% in 2018.
German factory orders declined more than expected in January
In Germany, the seasonally adjusted factory orders eased 3.90% on a monthly basis in January, more than market expectations for a drop of 1.80%. In the previous month, factory orders had advanced by a revised 3.00%.
German factory orders rose less than expected in January
In January, the non-seasonally adjusted factory orders advanced 8.20% on an annual basis in Germany, lower than market expectations for a rise of 11.50%. Factory orders had registered a revised rise of 7.90% in the previous month.
Spanish housing price index rose in 4Q 2017
The housing price index in Spain rose 0.90% in 4Q 2017 on a QoQ basis. The housing price index had climbed 1.80% in the previous quarter.
Swiss unemployment rate dropped in February
The seasonally adjusted unemployment rate in Switzerland registered a drop to 2.90% in February, compared to a reading of 3.00% in the prior month. Markets were anticipating unemployment rate to drop to 2.90%.
Swiss unemployment rate slid in February
The non-seasonally adjusted unemployment rate recorded a drop to 3.20% in Switzerland, in February, at par with market expectations. In the previous month, unemployment rate had registered a reading of 3.30%.
US number of planned layoffs by US companies eased in February
On a YoY basis, the number of planned layoffs by US companies in the US eased 4.30% in February. In the prior month, the number of planned layoffs by US companies had registered a drop of 2.80%.
Canadian new housing price index remained steady in January
On a monthly basis, the new housing price index remained unchanged in Canada, in January, lower than market expectations for a rise of 0.10%. The new housing price index had recorded an unchanged reading in the previous month.
Canadian housing starts surprisingly advanced in February
In February, the seasonally adjusted housing starts in Canada registered an unexpected rise to 229.70 K, higher than market expectations of a drop to a level of 215.00 K. In the prior month, housing starts had recorded a revised level of 215.30 K.
Canadian building permits unexpectedly rose in January
Building permits recorded an unexpected rise of 5.60% on a monthly basis in Canada, in January, higher than market expectations for a fall of 1.50%. Building permits had climbed by a revised 2.50% in the prior month.
Canadian new housing price index rose less than expected in January
In January, the new housing price index climbed 3.20% in Canada on a YoY basis, lower than market expectations for an advance of 3.30%. In the previous month, the new housing price index had registered a rise of 3.30%.
BoJ held the benchmark interest rate steady at -0.10%
The Bank of Japan (BoJ), in its latest monetary policy meeting, voted 8-1 to keep the key interest rate unchanged at -0.10% and its target for 10-year Japanese government bond yields at around zero. Further, the central bank held its upbeat view of the economy, signalling its conviction that a robust economic recovery will gradually fuel inflation towards its 2.00% target.
Japanese corporate bankruptcies dropped in February
In Japan, corporate bankruptcies slid 10.31% on an annual basis, in February. In the prior month, corporate bankruptcies had climbed 4.95%.
Japanese labour cash earnings advanced as expected in January
On a YoY basis, labour cash earnings rose 0.70% in January, in Japan, meeting market expectations. In the prior month, labour cash earnings had registered a similar rise.
Japanese Eco Watchers Survey for future outlook dropped in February
In Japan, Eco Watchers Survey for the future outlook registered a drop to 51.40 in February, lower than market expectations of a fall to 51.70. In the prior month, Eco Watchers Survey for the future outlook had registered a reading of 52.40.
Japanese household spending surprisingly rose in January
In January, household spending unexpectedly rose 2.00% on a YoY basis in Japan, compared to a drop of 0.10% in the previous month. Market expectation was for household spending to drop 1.00%.
Japanese Eco Watchers Survey for current situation unexpectedly dropped in February
In February, Eco Watchers Survey for the current situation registered an unexpected drop to 48.60 in Japan, compared to market expectations of an advance to a level of 50.50. In the prior month, Eco Watchers Survey for the current situation had registered a reading of 49.90.
Chinese PPI rose less than expected in February
On an annual basis, the producer price index (PPI) in China registered a rise of 3.70% in February, lower than market expectations for a rise of 3.80%. The PPI had recorded a rise of 4.30% in the prior month.
Chinese new Yuan loans fell in February
In February, new Yuan loans in China fell to a level of CNY 839.30 billion, compared to market expectations of a drop to CNY 900.00 billion. New Yuan loans had registered a level of CNY 2900.00 billion in the previous month.
Chinese CPI advanced more than expected in February
In February, the consumer price index (CPI) in China, registered a rise of 2.90% on an annual basis, more than market expectations for an advance of 2.50%. The CPI had advanced 1.50% in the prior month.
Chinese aggregate financing dropped in February
In February, aggregate financing recorded a drop to CNY 1170.00 billion in China, compared to market expectations of a fall to a level of CNY 1066.50 billion. In the prior month, aggregate financing had recorded a revised level of CNY 3060.30 billion.
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