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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK new car registrations registered a rise in March
On a YoY basis, new car registrations rose 5.30% in the UK, in March. New car registrations had risen 8.40% in the prior month.
German industrial production advanced more than expected in February
In February, the non-seasonally & working day adjusted industrial production rose 1.30% on an annual basis in Germany, compared to a revised advance of 1.80% in the prior month. Market anticipation was for industrial production to rise 0.40%.
German industrial production fell less than expected in February
On a MoM basis, the seasonally adjusted industrial production in Germany dropped 0.50% in February, less than market expectations for a drop of 1.80%. Industrial production had advanced by a revised 2.30% in the prior month.
Fed sends signal that April rate hike is unlikely
Minutes of the FOMC March 15-16 meeting showed that there was a noticeable disagreement between members as some liked to keep open the possibility for a hike in April, while others preferred more caution. Two officials supported a March rate hike and expressed concerns that waiting too long could force the Fed to move more quickly in the future, risking economic instability. However, a majority of the Fed officials expected economic headwinds to subside only slowly and didn’t want to appear to be in a rush to push interest rates higher. The policymakers had signaled at the close of the meeting that they expected to raise rates twice in 2016 but the timing of the hikes still appears up in the air.
Fed’s Mester expects gradual rate hikes
The Cleveland Fed President, Loretta Mester at a meeting of the Cleveland Association for Business Economic and the Risk Management Association, reiterated that interest rates should continue to rise at a gradual pace this year and that the Fed is not actually “behind the curve” in rate hikes. However, she also warned that there is risk in waiting too long to follow up on the last hike of 0.25%. Further, she anticipates economic growth to pick up to a 2.25%-2.5% range this year, which is slightly lower than her last forecast, reflecting weakness seen in the fourth quarter and tighter financial conditions.
Fed’s Bullard: US needs more growth, not stimulus
St. Louis Fed President James Bullard, while speaking at an economic address at the St. Louis Fed, stated that the US needs a long-term economic plan including tax and education reforms to revive growth and not rely on more monetary or fiscal stimulus for a short-term boost. He also indicated that a growth slowdown in the first quarter is probably related to seasonal factors and hasn’t fundamentally changed the US economic outlook, as inflation has picked up.
US mortgage applications registered a rise in the last week
In the US, mortgage applications rose 2.70% on a weekly basis, in the week ended 01 April 2016. In the prior week, mortgage applications had fallen 1.00%.
Canadian Ivey PMI fell unexpectedly in March
The seasonally adjusted Ivey PMI eased unexpectedly to a level of 50.10 in Canada, in March, compared to market expectations of a rise to a level of 54.80. Ivey PMI had recorded a level of 53.40 in the previous month.
Canadian Ivey PMI climbed in March
The non-seasonally adjusted Ivey PMI in Canada advanced to 57.90 in March. Ivey PMI had registered a level of 56.80 in the prior month.
Japanese average office vacancies in Tokyo registered a rise in March
Average office vacancies in Tokyo climbed 4.34% on a MoM basis in Japan, in March. Average office vacancies in Tokyo had advanced 4.04% in the prior month.
Japanese investors turned net sellers of foreign bonds in the previous week
Japanese investors turned net sellers of ¥1555.10 billion worth of foreign bonds in the week ended 01 April 2016, as compared to being net buyers of a revised ¥1164.30 billion worth of foreign bonds in the prior week.
Foreign investors turned net buyers of Japanese stocks in the previous week
Foreign investors turned net buyers of ¥415.20 billion worth of Japanese stocks in the week ended 01 April 2016, as compared to being net sellers of a revised ¥358.80 billion worth of Japanese stocks in the prior week.
Japanese investors remained net sellers of foreign stocks in the previous week
Japanese investors remained net sellers of ¥50.10 billion worth of foreign stocks in the week ended 01 April 2016, from being net sellers of a revised ¥32.30 billion worth of foreign stocks in the prior week.
Foreign investors turned net buyers of Japanese bonds in the previous week
Foreign investors turned net buyers of ¥30.20 billion worth of Japanese bonds in the week ended 01 April 2016, from being net sellers of a revised ¥1826.80 billion worth of Japanese bonds in the previous week.
Japanese coincident index recorded a drop in February
In February, the flash coincident index in Japan eased to 110.30, meeting market expectations. In the prior month, the coincident index had registered a reading of 113.50.
Japanese leading economic index fell in February
The flash leading economic index dropped to 99.80 in Japan, in February, in line with market expectations. In the prior month, the leading economic index had recorded a reading of 101.80.
Japanese foreign exchange reserves registered a rise in March
Foreign exchange reserves recorded a rise to $1262.10 billion in March, in Japan, compared to a reading of $1254.10 billion in the previous month.
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