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Prior -3.2%PPI -1.5% vs -1.3% y/y expectedPrior +1.0%; revised to +0.9%Looking at the breakdown, the heavy drag once again comes from the energy sector (-5.0%) as prices for intermediate goods (-1.0%) and non-durable consumer goods (-0.1%) also declined. The prices...
That's as clear a message that he does not support the idea of a rate hike beyond July (or maybe even the July move itself). He says that he does not understand the sentiment by his colleagues who would prefer the risk of tightening too much rather than tightening too...
Can also aim to maintain rates adequately high for a sufficient period of timeRate decision is taken on a meeting by meeting basis, depending on incoming dataVisco might be a bit biased here as he is also playing the role as Bank of Italy governor. In case you missed...
Prior 55.2Composite PMI 52.8 vs 52.8 prelimPrior 54.0No change to the initial estimates as the UK services sector growth loses momentum towards the end of Q2. The goods news is that cost pressures are seen easing but worries about the economic climate are evidently...
The consumer inflation expectations for the next 12 months is seen dropping to 3.9% in May, down from 4.1% previously in April. Meanwhile, the consumer inflation expectations for 3 years ahead remains stable at 2.5%.The trend is at least reflecting lower expectations...
Prior 55.1Composite PMI 49.9 vs 50.3 prelimPrior 52.8The lower revision sees the euro area services sector growth fall to a five-month low and that is dragging overall economic conditions to a standstill in June. HCOB notes that:“In the services sector, which after a...
Prior 57.2Composite PMI 50.6 vs 50.8 prelimPrior 53.9The services sector remains the only bright spot in the German economy but even the rate of expansion there has slowed markedly. Overall, it is still able to carry a marginal growth for the month of June but it...
> France June final services PMI 48.0 vs 48.0 prelim Latest data released by HCOB - 5 July 2023 <!--> Justin Low Wednesday, 05/07/2023 | 07:50 GMT-0 05/07/2023 | 07:50 GMT-0 --> <!--> Prior 52.5Composite PMI vs 47.3 prelimPrior 51.2 ADVERTISEMENT -...
Prior 54.0Composite PMI 49.7Prior 52.0The miss on estimates has is seeing Italy's overall economic activity fall marginally in June and that's not a good sign of confidence on the outlook. Things were looking bright for Italy in the first few months of the year but if...
Prior 56.7That's still solid growth but a notable miss on estimates for Spain's services sector. Overall activity and new business saw softer gains on the month but output was the weakest since January. HCOB notes that:“The Spanish service sector, which has shown a...
Too early to say how farWary of proclaiming a new era of high interest ratesPrice stability won't come about by itselfWhile hawkish, it's a bit of a vague one as this perhaps leaves the door open for September but doesn't explicitly confirm it. That said, it's not...
Eurostoxx -0.6%Germany DAX -0.6%France CAC 40 -0.6%UK FTSE -0.5%Spain IBEX -0.6%The turn in the mood is coming in the past hour, with US futures also being dragged lower. S&P 500 futures are now down 12 points, or 0.3%, on the day. There's no major headline...
After 2 days of subdued trading due to holidays in the US, we are back in full swing. Little happened yesterday except for news of new restrictions – this time from China – on the export of two metals critical to chip production, Gallium and Germanium....
Of note, the firm is revising lower the GDP growth forecast for Germany to 0.2% from 1.0% previously. That is somewhat offset by a revision higher for Italy to 1.3% from 0.4% previously though. But with Germany being the backbone of the euro area economy, the cut...
Things should start picking up now after the 4th of July holiday but keep in mind, that we do have a key data landmine to come later on Friday via the US non-farm payrolls. As such, markets could still be caught in a bit of a lull until then but at least there should...
There is just one to take note of, as highlighted in bold.That being for EUR/USD at the 1.0900 mark. That could see price action be more sticky around current levels with the expiries likely to keep a lid on any major upside momentum in the session ahead.For more...
This just confirms what we already knew from the spring wage negotiations back in March, with Rengo noting that the average wake hike for 2023 is seen at 3.58% - the biggest increase since 1993.If you recall, this was supposed to be the springboard for the BOJ to...
And even then, markets might not go running too much since we have the US non-farm payrolls report to deal with later on Friday. Major currencies are seeing light changes so far today with narrow ranges prevailing. As you can see below, EUR/USD is keeping within a 15...
Managing Director of the Monetary Authority of Singapore (MAS) Menon says the fight against inflation is not yet over. Comments from Menon and the MAS' reprot---The Monetary Authority of Singapore, the country's central bank, left its monetary policy unchanged after...
Members of the European Central Bank Governing Council coming up later include:1100 GMT/0700 US Eastern time: French central bank head Francois Villeroy de Galhau speaks at a financial conference in Paris1800 GMT/1400 US Eastern time: Bank of Spain's Governor Pablo...