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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK Halifax house price index rose more than expected in the January-March 2016 period
On an annual basis, the Halifax house price index rose 10.10% in the January-March 2016 period, in the UK, compared to a rise of 9.70% in the December-February 2016 period. Market anticipation was for the Halifax house price index to advance 9.50%.
UK Halifax house price index rose more than expected in March
On a monthly basis, in March, the Halifax house price index climbed 2.60% in the UK, higher than market expectations for an advance of 0.90%. In the prior month, the Halifax house price index had fallen by a revised 1.50%.
ECB President Draghi wary about global economic outlook
The ECB President, Mario Draghi, indicated in the central bank’s annual report, that the Eurozone is prone to challenges from global shocks and 2016 will be a no less challenging year for the ECB. He further stated that the monetary authority will do “whatever is needed” to push up inflation from its dangerously low levels.
ECB minutes hint further cut rates are possible
According to a summary of the ECB’s March 9-10 monetary policy meeting, policymakers discussed the possibility of a sharper interest rate cut, but decided that a smaller one was appropriate as further reductions cannot be ruled out if the inflation outlook worsens. The ECB cut its three interest rates, expanded its asset purchases by one third and launched a new round of cheap loans for banks at its March meeting. The minutes also revealed that policymakers did not rule out further fresh interest rate cuts.
French imports registered a rise in February
In February, imports registered a rise to €43.31 billion in France, compared to a revised reading of €42.13 billion in the prior month.
French exports eased in February
Exports eased to €38.13 billion in February, in France, compared to a revised reading of €38.22 billion in the prior month.
French current account deficit widened in February
Current account deficit in France expanded to €3.90 billion in February. France had posted a revised current account deficit of €2.20 billion in the prior month.
French trade deficit widened in February
Trade deficit in France expanded to €5.18 billion in February, from a revised trade deficit of €3.91 billion in the previous month. Markets were anticipating the nation’s trade deficit to narrow to €3.70 billion.
Spanish calendar adjusted industrial output rose less than expected in February
On a YoY basis, in February, the calendar adjusted industrial output climbed 2.20% in Spain, compared to a revised advance of 3.40% in the prior month. Market anticipation was for the calendar adjusted industrial output to rise 3.00%.
Swiss foreign currency reserves registered a rise in March
In Switzerland, foreign currency reserves advanced to CHF 575.80 billion in March, compared to a revised reading of CHF 570.90 billion in the prior month.
Janet Yellen calms recession fears
The Federal Reserve (Fed) Chair, Janet Yellen, defended the decision of the Federal Open Market Committee (FOMC) to raise interest rates last December. The Fed leader said that the economy has shown a lot of improvement in hiring, with the current jobless rate of 5.0% close to full employment and that US inflation would not be held down much longer by the strong dollar and low oil prices. She also reiterated that a gradual path of rate increase will be appropriate.
US continuing jobless claims advanced surprisingly in the last week
The seasonally adjusted continuing jobless claims rose unexpectedly to a level of 2191.00 K in the US, in the week ended 26 March 2016, compared to market expectations of a drop to 2170.00 K. In the prior week, continuing jobless claims had recorded a revised reading of 2172.00 K.
US initial jobless claims registered a drop in the last week
The seasonally adjusted initial jobless claims registered a drop to 267.00 K in the US, in the week ended 02 April 2016, compared to a reading of 276.00 K in the prior week. Markets were anticipating initial jobless claims to fall to a level of 270.00 K.
US consumer credit advanced more than expected in February
In February, consumer credit in the US advanced $17.22 billion, compared to a revised rise of $14.90 billion in the previous month. Markets were anticipating consumer credit to climb $14.90 billion.
Canadian building permits rose more than expected in February
On a MoM basis, building permits in Canada advanced 15.50% in February, compared to a revised drop of 9.50% in the prior month. Markets were anticipating building permits to climb 4.00%.
Japan recorded (BOP basis) trade surplus in February
Japan has reported (BOP basis) trade surplus of ¥425.20 billion in February, following a (BOP basis) trade deficit of ¥411.00 billion in the previous month. Markets were expecting the nation to record a (BOP basis) trade surplus of ¥429.70 billion.
Japanese current account surplus widened in February
Japan has posted the non-seasonally adjusted current account surplus of ¥2434.90 billion in February, compared to a current account surplus of ¥520.80 billion in the previous month. Market anticipation was for the nation to post a current account surplus of ¥2032.30 billion.
Japanese adjusted (total) current account surplus widened in February
Japan has reported adjusted (total) current account surplus of ¥1733.50 billion in February, following an adjusted (total) current account surplus of ¥1492.40 billion in the previous month. Markets were expecting the nation to record an adjusted (total) current account surplus of ¥1571.90 billion.
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