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Tankan survey underlines growing optimism in Japan’s economy

Posted on July 1, 2015 at 11:42 am GMT

The Bank of Japan’s Tankan quarterly survey of business sentiment showed improving sentiment across industries in Japan in the second quarter of the year. The Tankan large manufacturing index was the highlight as it improved for the first time in three quarters. The index rose to 15, against expectations that it would stay unchanged at 12. The large manufacturing outlook had its highest reading since the third quarter of 2007 as it came above estimates. The index climbed to 16 [..]

Eurozone flash inflation for June meets expectations, helps euro rebound

Posted on June 30, 2015 at 11:15 am GMT

Eurozone flash inflation for June was in line with expectations but slightly lower compared to the previous month, as the single currency area confirmed it was not flirting with deflation but that inflation was still relatively very low. Specifically, the headline number came in at 0.2% compared to last month’s 0.3% annual rate. Falling energy prices – down 5.1% year-on-year – have been holding inflation down. Excluding energy, consumer prices were up 0.9% compared to the previous year. The so-called [..]

Greek referendum decision causes turmoil in markets; Tsipras in last ditch effort to extend bailout

Posted on June 29, 2015 at 10:08 am GMT

The shock announcement on Friday by the Greek prime minister to put the bailout agreement to the Greek public caused turmoil in European markets on Monday. Greek PM Alexis Tsipras killed any hopes of an agreement being reached at Saturday’s Eurogroup meeting after he surprised everyone by announcing a referendum on the latest bailout terms for July 5. It’s been reported that the European Commission had just made an improved offer on the creditors’ bailout proposal before prime minister Tsipras [..]

Week Ahead – US jobs, Euro inflation and UK GDP should detract attention from Greece

Posted on June 26, 2015 at 12:31 pm GMT

Following an uneventful week where economic data took second string to the Greek crisis talks, important data out next week should provide better excitement for the markets. This is not to say that there will be lack of headlines on Greece as the deadline on the IMF’s debt repayments falls on Tuesday (June 30) and depending on the outcome of Saturday’s Eurogroup meeting, further meetings may be scheduled. Apart from the ongoing developments of the Greek negotiations, Eurozone data is [..]

US consumer spending jumps in May; points to accelerating growth

Posted on June 25, 2015 at 2:35 pm GMT

Consumer spending in the US rose at the fastest rate in May since August 2009 as consumers benefited from falling unemployment and rising incomes. Personal spending rose by 0.9% on the month after an upwardly revised 0.1% rise in April. Estimates were for an increase of 0.7%. Personal income also continued to grow, rising by 0.5% on the month, which was within forecasts. Disposable income was up by just 0.2% after a 0.4% rise in April. The strong personal spending [..]

German business confidence falls in June as Greek uncertainty weighs on sentiment

Posted on June 24, 2015 at 10:33 am GMT

German business confidence weakened to its lowest level in four months in June as the ongoing Greek debt negotiations have created uncertainty within the business community. The IFO Business Climate index fell to 107.4 in June, below estimates of 108.1 by a Reuters poll. GDP growth slowed to 0.3% in the first quarter of the year in Germany and although there were signs of a pick-up in growth in April and May, data is pointing to moderating growth in the [..]

Strong Eurozone flash PMI fails to lift euro

Posted on June 23, 2015 at 10:35 am GMT

The Markit flash PMI data for June showed a strong rebound in Eurozone momentum after disappointing figures for May. Eurozone activity reached a four-year high, while individual figures for Germany and France also showed significant improvement over the previous month. France, where growth had been lagging the rest of the Eurozone for much of the past year, showed the biggest improvement. Manufacturing PMI entered expansionary territory for the first time since April 2014, rising to 50.5 in June from 49.4 [..]

Eurogroup meeting ends without major progress on Greek debt proposals but to meet again on Thursday

Posted on June 22, 2015 at 2:24 pm GMT

The Eurozone finance ministers have ended their emergency meeting in Brussels today without any major progress for resolving the heightened impasse between the Greek government and the creditors. Before the Eurogroup meeting got underway, the European Central Bank met to discuss extending the emergency liquidity assistance to Greek banks. The ECB agreed to extend the ELA by 2 billion euros to 88 billion euros. As savers continued to raid Greek banks, with some reports are suggesting that the withdrawals for [..]

Week Ahead – US GDP could get revised again; Eurozone PMI to show slowing activity

Posted on June 19, 2015 at 10:28 am GMT

After a data-packed week, it will be a relatively quieter economic calendar with the Markit flash PMI for June being the main data of the week. With an emergency summit planned for Monday by Eurozone leaders to discuss the Greek crisis, fears of a Greek default and ongoing developments of the negotiations will likely keep investors on alert. Tuesday will be dominated by PMI data as the Markit flash manufacturing and services PMI for June is released for Germany, France [..]

US inflation rises but below forecast; weekly jobless claims continue to fall

Posted on June 18, 2015 at 2:05 pm GMT

Inflation in the US appeared to be picking up in May as the annual CPI rate rose to 0% from -0.2% in April, but the rise was lower than estimates of 0.1%. The month-on-month change showed signs of accelerating prices as it rose by 0.4%, though this was still below forecast of 0.5%. Core CPI, which excludes food and energy, also came in weaker-than-expected at 1.7% annually, against estimates of 1.8%. The month-on-month increase was 0.1%, the slowest pace since [..]

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