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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Spring Statement: UK economic growth to pick-up slightly this year
UK Chancellor of the Exchequer, Philip Hammond, in his first Spring Statement, raised Britain’s growth projections and predicted a fall in government borrowing as well as national debt over the coming years. Hammond indicated that the Office for Budget Responsibility (OBR) has upgraded UK’s economic growth forecast to 1.50% for 2018, from an earlier prediction of 1.40%. However, growth outlook for 2021 and 2022 were revised lower to 1.40% and 1.50%, respectively. Further, the Chancellor stated that British inflation should fall back to the central bank’s 2.00% target over the next 12 months, while forecasting that public spending could increase in 2018’s Autumn Budget.
Spanish CPI rose as expected in February
In February, on a MoM basis, the final consumer price index (CPI) in Spain rose 0.10%, at par with market expectations. The preliminary figures had also indicated an advance of 0.10%. In the previous month, the CPI had dropped 1.10%.
Spanish HICP index rose as expected in February
In February, on a MoM basis, the final harmonised consumer price index (HICP) recorded a rise of 0.10% in Spain, in line with market expectations. The HICP index had recorded a drop of 1.50% in the prior month. The preliminary figures had also recorded an advance of 0.10%.
Spanish CPI advanced as expected in February
On an annual basis, the final CPI rose 1.10% in Spain, in February, at par with market expectations. In the previous month, the CPI had risen 0.60%. The preliminary figures had also indicated an advance of 1.10%.
Spanish HICP index rose as expected in February
The final HICP index registered a rise of 1.20% on an annual basis in February, in Spain, at par with market expectations. The preliminary figures had also indicated a rise of 1.20%. In the previous month, the HICP index had climbed 0.70%.
US CPI (ex-food & energy) advanced as expected in February
The CPI (ex-food & energy) advanced 0.20% on a monthly basis in February, in the US, at par with market expectations. In the previous month, the CPI (ex-food & energy) had climbed 0.30%.
US CPI rose as expected in February
The CPI in the US climbed 2.20% in February on an annual basis, in line with market expectations. The CPI had risen 2.10% in the prior month.
US CPI advanced as expected in February
On a monthly basis, the CPI advanced 0.20% in February, in the US, compared to a rise of 0.50% in the previous month. Markets were anticipating the CPI to rise 0.20%.
US small business optimism index advanced in February
The small business optimism index recorded a rise to 107.60 in the US, in February, higher than market expectations of an advance to 107.10. The small business optimism index had recorded a reading of 106.90 in the previous month.
US CPI rose in February
The non-seasonally adjusted consumer price index registered a rise to 248.99 in February, in the US, compared to market expectations of an advance to 248.93. The CPI had registered a level of 247.87 in the prior month.
US CPI advanced in February
In February, on a MoM basis, the non-seasonally adjusted consumer price index in the US rose 2.20%. CPI had risen 0.50% in the previous month.
US CPI (ex-food & energy) advanced as expected in February
In February, the CPI (ex-food & energy) advanced 1.80% on a YoY basis in the US, at par with market expectations. In the previous month, the CPI (ex-food & energy) had registered a similar rise.
US core CPI advanced in February
In the US, the seasonally adjusted core CPI registered a rise to 255.75 in February, compared to a level of 255.29 in the prior month. Markets were anticipating the core CPI to advance to 255.80.
BoJ minutes: Some board members urged scrutiny of current ultra-low monetary policy
Minutes of the Bank of Japan’s (BoJ) January meeting showed that some policymakers called for monitoring the impact of the current accommodative policy. Further, it revealed that most of the officials shared the view that the central bank should continue to pursue its powerful monetary easing until inflation hits its 2.00% target.
Japanese tertiary industry index fell more than expected in January
In January on a monthly basis, the tertiary industry index in Japan registered a drop of 0.60%, more than market expectations for a drop of 0.30%. In the previous month, the tertiary industry index had registered a revised flat reading.
Japanese machinery orders surprisingly advanced in January
In January, on a YoY basis, machinery orders in Japan registered an unexpected rise of 2.90%, more than market expectations for a fall of 0.70%. Machinery orders had registered a drop of 5.00% in the prior month.
Japanese machinery orders rose more than expected in January
In January, machinery orders in Japan climbed 8.20% on a MoM basis, more than market expectations for a rise of 5.20%. In the prior month, machinery orders had registered a drop of 11.90%.
Chinese industrial production (YTD) advanced more than expected in February
On a YoY basis, industrial production (YTD) in China rose 7.20% in February, compared to an advance of 6.60% in the prior month. Market anticipation was for industrial production (YTD) to rise 6.20%.
Chinese fixed assets investment excl. rural YTD advanced more than expected in February
In February, fixed assets investment excl. rural YTD in China rose 7.90% on an annual basis, compared to a revised similar rise in the previous month. Market anticipation was for fixed assets investment excl. rural YTD to rise 7.00%.
Chinese retail sales (YTD) rose less than expected in February
In February, retail sales (YTD) recorded a rise of 9.70% on an annual basis in China, less than market expectations for a rise of 9.80%. In the prior month, retail sales (YTD) had recorded a rise of 10.20%.
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