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Eurozone growth revised up on higher household spending and exports

Posted on September 8, 2015 at 2:23 pm GMT

Eurozone output received a boost on Tuesday as a surprise upward revision in GDP growth figures showed a broadening recovery across the euro area. Growth was revised up for both the first and second quarters of the year. The Eurozone economy expanded by 0.5% q/q in the first quarter, versus initial estimates of 0.4%, and by 0.4% q/q in the second quarter, versus 0.3% in the first estimate. As a result of the revisions, euro area GDP stood 1.5% higher [..]

Japan GDP contracts less than expected but China weighs on outlook

Posted on September 8, 2015 at 11:44 am GMT

Japan’s economy contracted less than initially estimated in the second quarter of the year, according to the latest data. GDP shrank by 0.3% in the second quarter compared to the first quarter, up from previous estimates of a 0.4% contraction. Estimates were for GDP to be revised slightly down from -1.6% to -1.8% on an annualized basis. The upward revision to quarterly growth was mainly due to higher inventories. The improvement in inventories increased its contribution to GDP growth to [..]

Mixed US jobs report fails to deliver decisive rate hike case for Fed

Posted on September 7, 2015 at 11:59 am GMT

US nonfarm payrolls rose by 173,000 in August – the slowest pace in five months and below consensus estimates of a gain of 220,000. However, upward revision to previous months’ numbers revealed that jobs growth has been stronger than initially estimated, leading to a drop in the unemployment rate to 5.1% from 5.3% in July. This takes the unemployment rate to the lowest level since April 2008. But the drop in the unemployment rate looks less impressive when considering the [..]

Week Ahead – RBNZ expected to cut rates; China exports to come in focus again

Posted on September 4, 2015 at 12:01 pm GMT

The coming week will shed some light on how industrial production fared in August in Europe’s five largest economies, and the RBNZ, Bank of Canada and Bank of England meet for their September policy meeting. After the RBA and ECB left policy unchanged this week, the Reserve Bank of New Zealand may be the one to act next week as the Bank of England and Bank of Canada are not expected to announce any changes. The Reserve Bank of New [..]

ECB cuts Eurozone inflation and growth outlook; stresses willingness to act

Posted on September 3, 2015 at 2:48 pm GMT

The European Central Bank (ECB) kept its key interest rates unchanged at its latest monetary policy meeting. The size of its asset purchase program was also kept unchanged at €60 billion per month. However, the ECB announced changes to the limit of the share of a country’s debt issue that the central bank can purchase. It increased the issue share limit from 25% to 33%, following a review of the program after the first six months of purchases. In its [..]

Aussie at fresh 6-year low after Australian GDP slows more than expected

Posted on September 2, 2015 at 9:58 am GMT

GDP growth in Australia slowed to the lowest level since 2013 in the second quarter of the year as China’s economic woes appeared to be putting a strain on the Australian economy. Second quarter growth was up 0.2% from the previous quarter, below estimates that it would expand by 0.5%. This compares with an unusually robust first quarter when the economy grew by 0.9%. Compared with a year earlier, GDP was up 2.0%. As expected, the main downward effect on [..]

China manufacturing activity continues to slow; official PMI at 3-year low

Posted on September 1, 2015 at 10:55 am GMT

The official manufacturing gauge in China slipped below 50 in August for the first time since February to a three-year low. The manufacturing PMI fell to 49.7, in-line with estimates and down from July’s reading of 50.0. The service sector performed better with the non-manufacturing PMI showing expansion at 53.4 but at the slowest rate since May. Also released on Tuesday were the final readings of the Caixin PMI figures for August. The manufacturing PMI was revised higher to 47.3 [..]

Euro firms slightly after Eurozone inflation beats estimates

Posted on August 31, 2015 at 11:14 am GMT

Eurozone CPI was unchanged at 0.2% year-on-year in the flash reading for August. Consensus estimates were for the inflation rate to fall to 0.1%. Core CPI was also stronger-than-expected, coming in at 1.0% year-on-year, versus estimates of 0.9%. The core rate, which excludes food, energy and alcohol, was unchanged from July when it rose to a 16-month high. Inflation in the Eurozone has been running below the European Central Bank’s 2% target since February 2013 and briefly flirted with deflation [..]

US consumer spending rises less than expected; Core PCE eases in July

Posted on August 28, 2015 at 2:06 pm GMT

US personal consumption expenditure (PCE) rose by less than expected in July, increasing by 0.3% in July from the previous month. This was below estimates of 0.4% but there was upward revision to previous months’ numbers. The figure, while slightly below expectations, shows that consumer spending in the US is continuing to recover after a patchy 2014. There was a large jump in purchases for durable goods, which climbed by 1.3% in July versus a fall of 0.9% in the [..]

Week Ahead – RBA and ECB meetings, final US payrolls before Fed September meeting in focus

Posted on August 28, 2015 at 12:09 pm GMT

The first week of September sees the European Central Bank (ECB) and the Reserve Bank of Australia (RBA) meet for their latest monetary policy meetings. After a busy week of numbers for the US, the main US data that will be high on investors watch is the August payrolls data, which will be the final set before the FOMC meets later in the month. ECB’s Governing Council is to hold its latest monetary policy meeting on Thursday, which will be [..]

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