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| As on Dec 10, 2019 12:00 AM |
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Germany's economic sentiment strengthened notably to the highest level in 22 months in December as strong exports and labor market conditions boosted expectations among financial experts, survey data from the ZEW - Leibniz Centre for European Economic Research in Mannheim showed on Tuesday. The ZEW Indicator of Economic Sentiment rose to 10.7 in December from -2.1 in November. This was the highest reading since February 2018, when the score was 17.8. The score was also well above the forecast of 3.5 points. The indicator for the current situation improved to -19.9 from -24.7 in the previous month. Powered by Commodity Insights |
UK gross domestic product remained unchanged in October from September, when it was down 0.1 percent, data from the Office for National Statistics showed Tuesday. The dominant service sector grew 0.2 percent on month after showing nil growth. This was also slightly faster than the expected 0.1 percent. Industrial production gained 0.1 percent and manufacturing grew 0.2 percent. Meanwhile, due to adverse weather, construction output decreased 2.3 percent on month, which was the biggest fall since January 2018. Rolling three-month growth was flat in October, following growth of 0.3 percent in the third quarter. On a yearly basis, industrial and manufacturing production declined 1.3 percent and 1.2 percent, respectively. At the same time, construction output dropped 2.1 percent annually. Powered by Commodity Insights |
The Indian Rupee broke under 71 per US dollar mark, extending its continued wining spree. The INR hit a one month high of 70.85 per US dollar and currently quotes at 70.86 per US dollar, up 18 paise on the day. INR gained after the RBI's surprise move of keeping the rate unchanged last week. RBI's Monetary Policy Committee (MPC) at its meeting today (5 December 2019) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 5.15%. Consequently, the reverse repo rate under the LAF remains unchanged at 4.90%, and the marginal standing facility (MSF) rate and the bank rate at 5.40%. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target. These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/-2%, while supporting growth. Meanwhile, elevated foreign investment inflows and a tepid undertone in the US dollar overseas are also benefitting the local currency. The US dollar index is quoting at 97.50, down marginally on the day. The index had tested a one month low of 97.20 last week, extending a downward movement despite steady gains in the US equities. Powered by Commodity Insights |
Australia's business confidence index dropped two points to zero in November suggesting that on average firms see no change in business conditions going forward, survey data from National Australia Bank showed Tuesday. Forward-looking indicators weakened largely offsetting their improvement over recent months. The forward orders indicator fell to 2 points, while capacity utilization and capex edged lower. Meanwhile, the business conditions index was unchanged at +4 points. The employment index held steady at +4 points, while trading conditions edged down one point to +6. Profitability gained three points to +3 points. The NAB said the business survey is consistent with ongoing weakness in GDP growth and suggests there has been little improvement in the fourth quarter for GDP. Powered by Commodity Insights |
China consumer prices were up 4.5 percent on year in November, the National Bureau of Statistics said on Tuesday, up from 3.8 percent in October. On a monthly basis, consumer prices climbed 0.4 percent after gaining 0.9 percent in October. The bureau also said that producer prices sank 1.4 percent on year following the 1.6 percent fall in the previous month. Powered by Commodity Insights |
Germany's exports grew 1.2 percent on a monthly basis in October, while imports remained flat in October, figures from Destatis revealed Monday. Imports remained unchanged from September, when it advanced 1.2 percent. As a result, the trade surplus rose to a seasonally adjusted EUR 20.6 billion from EUR 19.2 billion in September. On a yearly basis, exports growth eased sharply to 1.9 percent from 4.6 percent in September. Meanwhile, imports declined 0.6 percent, in contrast to a 2.2 percent rise a month ago. The trade surplus increased to EUR 21.5 billion in October from EUR 18.7 billion in the same period last year. Powered by Commodity Insights |
| China's exports fell 1.1% from a year earlier in November 2019, marking a fourth successive monthly decline. The latest drop followed last month's 0.9% fall. China's imports grew 0.3% in November though, marking their first monthly increase since April. China's trade balance for November stood at US$38.73 billion, down from US$42.91 billion in October. Powered by Commodity Insights |
Japan posted a current account surplus of 1,816.8 billion yen in October, the Ministry of Finance said on Monday, up from 1,612.9 billion in September. The trade balance reflected a surplus of 254.0 billion yen following the 1.1 billion yen surplus in the previous month. Imports were down 15.3 percent on year to 6,285.9 billion yen, while exports fell an annual 7.9 percent to 6,539.9 billion yen. The capital account posted a deficit of 45.4 billion yen, while the financial account saw a surplus of 879.9 billion yen. The adjusted current account surplus was 1,732.2 billion yen, beating forecasts for 1,731.1 billion yen and up from 1,485.2 billion yen a month earlier. Powered by Commodity Insights |
US job growth showed a substantial acceleration in the month of November, according to a closely watched report released by the Labor Department on Friday. The report said non-farm payroll employment surged up by 266,000 jobs in November after climbing by an upwardly revised 156,000 jobs in October. The much stronger than expected job growth was partly due to a rebound in manufacturing employment, which climbed by 54,000 jobs in November after falling by 43,000 jobs in October amid the return of striking General Motors (GM) workers. The Labor Department also pointed to notable job gains in the healthcare and professional and technical services industries. With the stronger than expected job growth, the unemployment rate edged down to 3.5 percent in November from 3.6 percent in October. The unemployment rate was expected to remain unchanged. Powered by Commodity Insights |
Japan's gross domestic product was up to a seasonally adjusted annualized 1.8 percent in the third quarter of 2019, the Cabinet Office said in Monday's revision. That was a sharp upward move from the 0.2 percent gain originally reported last month for Q3. On a seasonally adjusted quarterly basis, GDP was moved up to 0.4 percent from 0.1 percent in the preliminary reading. Nominal GDP was knocked up to 0.6 percent on Powered by Commodity Insights |
US preliminary data released by the University of Michigan on Friday showed the consumer sentiment index climbed to 99.2 in December from the final November reading of 96.8. With the much bigger than expected increase, the consumer sentiment index reached its highest level since hitting 100.0 in May. The current economic index jumped to 115.2 in December from 111.6 in November, while the index of consumer expectations rose to 88.9 from 87.3. Powered by Commodity Insights |
US wholesale inventories crept up by slightly less than expected in the month of October, according to a report released by the Commerce Department on Friday. The Commerce Department said wholesale inventories inched up by 0.1 percent in October after falling by a revised 0.7 percent in September. Inventories of non-durable goods climbed by 0.7 percent in October after tumbling by 1.3 percent in September, but inventories of durable goods fell by 0.3 percent for the second straight month. Meanwhile, the report said wholesale sales slid by 0.7 percent in October after edging down by 0.1 percent in September. Powered by Commodity Insights |
Germany's industrial production decreased 1.7 percent on a monthly basis in October, bigger than the revised 0.6 percent fall logged in September, data from Destatis revealed on Friday. On a yearly basis, industrial output declined sharply by 5.3 percent after easing 4.5 percent in September. Production was expected to decline 3.6 percent in October. Excluding energy and construction, production was down by 1.7 percent. Powered by Commodity Insights |
Japan's leading index, which measures the future economic activity, came in at 91.8 in October, down from 91.9 in September, data from the Cabinet Office showed on Friday. The latest index was the lowest since November 2009, when it was 90.5. The coincident index that reflects the current economic activity decreased to 94.8 in October from 100.4 in the preceding month. Meanwhile, the lagging index rose to 104.4 in October from 104.2 in the prior month. Powered by Commodity Insights |
UK house prices increased 2.1 percent on a yearly basis in three months to November, following a 0.9 percent rise in three months to October, from the Lloyds Bank subsidiary Halifax and IHS Markit showed on Friday. Prices increased at the fastest pace since April, when inflation was 2.6 percent. Month-on-month, house prices advanced by a more-than-expected 1 percent, in contrast to a 0.1 percent fall in October. Prices were expected to gain 0.2 percent. Powered by Commodity Insights |
The Labor Department released a report on Thursday showing an unexpected decrease in first-time claims for U.S. unemployment benefits in the week ended November 30th. The report said initial jobless claims slipped to 203,000, a decrease of 10,000 from the previous week's unrevised level of 213,000. With the unexpected decrease, jobless claims fell to their lowest level since hitting 193,000 in the week ended April 13th. Powered by Commodity Insights |
US new orders for manufactured goods rose by 0.3 percent in October after falling by a revised 0.8 percent in September, according to a report released by the Commerce Department on Thursday. Orders for durable goods climbed by 0.5 percent compared to the previously reported 0.6 percent increase, while orders for non-durable goods came in unchanged. The report said shipments of manufactured goods were virtually unchanged in October after falling by 0.4 percent in September. Inventories crept up by 0.1 percent after rising by 0.3 percent in the previous month. Powered by Commodity Insights |
The Eurozone economy grew as initially estimated in the third quarter, revised data from Eurostat showed Thursday. Gross domestic product grew 0.2% from the second quarter, when the economy expanded at the same rate. The figure matched the estimate published on November 14. On a yearly basis, GDP growth came in at 1.2%, in line with the previous estimate and the second quarter growth. Eurozone retail sales declined for the second straight month in October, data from Eurostat showed Thursday. Retail sales decreased 0.6% month-on-month in October, bigger than the 0.2% fall in September and the expected drop of 0.5%.
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UK car sales decreased 1.3 percent on a yearly basis to 156,621 units in November, as weak business and consumer confidence along with economic uncertainty weighed on demand, data published by the Society of Motor Manufacturers and Traders, or SMMT, showed Thursday. The decline was driven primarily by a 6.1 percent fall in private registrations and a 3.2 percent drop in the business market. Meanwhile, fleet registrations fared better, rising 2.8 percent. For the second consecutive month, total alternatively fueled vehicle registrations reached a record market share. Year-to-date, the overall UK new car market was down 2.7 percent, with 2.2 million cars registered. Powered by Commodity Insights |
Germany's factory orders fell a seasonally and calendar adjusted 0.4 percent month-on-month in October following a 1.5 percent increase in September, which was revised from the initially reported 1.3 percent gain, preliminary figures from the Federal Statistical Office showed on Thursday. Domestic orders dropped 3.2 percent, while foreign demand grew 1.5 percent. Orders from the euro area surged 11.1 percent, while those from other countries fell 4.1 percent. On a year-on-year basis, factory orders dropped 5.5 percent in October after a 5 percent slump in the previous month. Powered by Commodity Insights |
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