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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
OPEC and non-OPEC members considered extending oil output cut by 6 months
A joint committee of ministers from the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers are considering a review of whether a global pact to limit crude supplies should be extended by six months. Further, the OPEC Secretary General, Mohammad Sanusi Barkindo encouraged all participating countries to ensure full conformity to individual production limits set under the producer group’s output deal last year. He added that total compliance to the agreement is expected to ease oversupply by mid-2017, with the market expected to rebalance towards the end of the year.
UK BBA mortgage approvals slid unexpectedly in February
BBA mortgage approvals registered an unexpected drop to 42.61 K in February, in the UK, lower than market expectations of an advance to a level of 44.90 K. BBA mortgage approvals had recorded a revised level of 44.14 K in the previous month.
Euro-zone services PMI advanced unexpectedly in March
In March, the preliminary services PMI advanced unexpectedly to a level of 56.50 in the Euro-zone, compared to a reading of 55.50 in the previous month. Markets were expecting services PMI to fall to a level of 55.30.
Euro-zone composite PMI surprisingly climbed in March
In March, the flash composite PMI climbed unexpectedly to 56.70 in the Euro-zone, higher than market expectations of a drop to 55.80. In the previous month, composite PMI had registered a reading of 56.00.
Euro-zone manufacturing PMI unexpectedly rose in March
In the Euro-zone, the preliminary manufacturing PMI rose unexpectedly to 56.20 in March, compared to a reading of 55.40 in the prior month. Market expectation was for the manufacturing PMI to ease to a level of 55.30.
German manufacturing PMI surprisingly advanced in March
The flash manufacturing PMI recorded an unexpected rise to 58.30 in March, in Germany, compared to a level of 56.80 in the prior month. Market anticipation was for manufacturing PMI to ease to a level of 56.50.
German services PMI advanced in March
In March, the flash services PMI recorded a rise to 55.60 in Germany, compared to a reading of 54.40 in the previous month. Markets were expecting services PMI to advance to 54.50.
French services PMI surprisingly climbed in March
In France, the preliminary services PMI rose unexpectedly to 58.50 in March, compared to market expectations of a drop to a level of 56.10. In the prior month, services PMI had recorded a reading of 56.40.
French GDP advanced less than expected in 4Q 2016
In 4Q 2016, on a YoY basis, the final gross domestic product (GDP) climbed 1.10% in France, lower than market expectations for a rise of 1.20%. The preliminary figures had indicated a rise of 1.20%. GDP had registered a revised rise of 0.90% in the previous quarter.
French manufacturing PMI rose in March
Compared to a reading of 52.20 in the previous month the preliminary manufacturing PMI registered a rise to 53.40 in France, in March. Markets were anticipating manufacturing PMI to advance to 52.40.
French GDP rose as expected in 4Q 2016
In 4Q 2016, on a quarterly basis, the final GDP in France climbed 0.40%, meeting market expectations. GDP had risen 0.20% in the previous quarter. The preliminary figures had also indicated a rise of 0.40%.
US durable goods orders rose more than expected in February
The preliminary durable goods orders advanced 1.70% in the US on a monthly basis in February, higher than market expectations for an advance of 1.40%. Durable goods orders had advanced 2.00% in the previous month.
US Markit manufacturing PMI surprisingly dropped in March
The flash Markit manufacturing PMI fell unexpectedly to 53.40 in the US, in March, lower than market expectations of a rise to 54.80. The Markit manufacturing PMI had registered a reading of 54.20 in the prior month.
US non-defence capital goods orders (ex aircraft unexpectedly dropped in February
The flash non-defence capital goods orders (ex aircraft) in the US unexpectedly fell 0.10% on a monthly basis in February, lower than market expectations for an advance of 0.50%. In the previous month, the non-defence capital goods orders (ex aircraft) had registered a similar fall.
US non-defence capital goods shipments (ex aircraft) advanced more than expected in February
In February, the flash non-defence capital goods shipments (ex aircraft) rose 1.00% on a monthly basis in the US, higher than market expectations for a rise of 0.20%. The non-defence capital goods shipments (ex aircraft) had recorded a drop of 0.40% in the prior month.
US durable goods orders (ex transportation) advanced less than expected in February
On a MoM basis, the flash durable goods orders (ex transportation) climbed 0.40% in February, in the US, lower than market expectations for a rise of 0.60%. In the previous month, durable goods orders (ex transportation) had registered a flat reading.
Canadian CPI rose as expected in February
The consumer price index (CPI) recorded a rise of 0.20% in Canada, on a monthly basis, at par with market expectations. The CPI had risen 0.90% in the prior month.
Canadian core CPI climbed in February
In February, on a monthly basis, the core CPI rose 0.40% in Canada. The core CPI had climbed 0.50% in the prior month.
Canadian core CPI advanced in February
The seasonally adjusted core CPI in Canada rose 0.20% on a monthly basis, in February. In the prior month, core CPI had advanced 0.40%.
Canadian CPI registered a rise in February
In February, the CPI in Canada climbed, on monthly basis, to a level of 129.70. In the previous month, the CPI had registered a reading of 129.50.
Canadian CPI recorded a drop in February
The seasonally adjusted CPI in Canada fell 0.20% on a monthly basis, in February. CPI had recorded a rise of 0.70% in the previous month.
Canadian core CPI climbed in February
On an annual basis, the core CPI advanced 1.60% in Canada, in February. The core CPI had recorded a rise of 1.70% in the prior month.
Canadian CPI rose less than expected in February
The CPI recorded a rise of 2.00% on an annual basis in February, in Canada, lower than market expectations for an advance of 2.10%. In the previous month, the CPI had risen 2.10%.
BoJ March Meeting Minutes indicated that the monetary policy would remain easy for some time
The Bank of Japan’s (BoJ) March meeting minutes indicated that easy monetary policy will be in place for some time as consumer price growth is still distant from the central bank’s 2% inflation target.
Japanese coincident index slid in January
The final coincident index recorded a drop to 115.10 in Japan, in January. The coincident index had recorded a revised reading of 115.60 in the prior month. The preliminary figures had recorded a drop to 114.90.
Japanese corporate service price index advanced more than expected in February
The corporate service price index in Japan climbed 0.80% on a YoY basis in February, higher than market expectations for an advance of 0.50%. In the prior month, the corporate service price index had registered a rise of 0.50%.
Japanese leading economic index remained steady in January
The final leading economic index in Japan remained flat at 104.90 in January. The preliminary figures had indicated an advance to 105.50.
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