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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB’s Draghi: Euro-zone still requires extraordinary monetary policy support
In his testimony to the European Parliament, the European Central Bank (ECB) President, Mario Draghi, stated that economic upswing in the Euro-zone is becoming increasingly solid and continuing to broaden across sectors and economies. However, he reiterated that underlying inflation pressures have remained subdued and that the central bank will not act to tighten monetary policy until there is a durable and self-sustaining convergence of inflation towards the medium term objective of 2.00%. He further added that the ECB will be in a better position at its 08 June meeting to reassess the outlook for growth and inflation.
Euro-zone M3 money supply rose less than expected in April
On a YoY basis, M3 money supply recorded a rise of 4.90% in the Euro-zone, in April, less than market expectations for an advance of 5.20%. In the previous month, M3 money supply had recorded a rise of 5.30%.
Italian consumer confidence index dropped in May
In May, the consumer confidence index fell to a level of 105.40 in Italy, lower than market expectations of a fall to 107.30. The consumer confidence index had registered a revised reading of 107.40 in the previous month.
Italian business confidence index fell unexpectedly in May
In May, the business confidence index in Italy eased unexpectedly to a level of 106.90, compared to market expectations of an advance to a level of 108.00. In the prior month, the business confidence index had recorded a revised reading of 107.70.
Spanish retail sales rose more than expected in April
On an annual basis, in April, retail sales recorded a rise of 1.80% in Spain, higher than market expectations for an advance of 1.20%. Retail sales had recorded a revised rise of 1.30% in the previous month.
US durable goods orders declined less than expected in April
On a monthly basis, the preliminary durable goods orders slid 0.70% in April, in the US, less than market expectations for a drop of 1.50%. In the prior month, durable goods orders had registered a rise of 0.90%.
US non-defence capital goods shipments (ex aircraft) surprisingly dropped in April
The preliminary non-defence capital goods shipments (ex aircraft) unexpectedly eased 0.10% in the US, on a monthly basis in April, less than market expectations for an advance of 0.50%. In the prior month, the non-defence capital goods shipments (ex aircraft) had recorded a rise of 0.50%.
US annualised GDP advanced more than expected in 1Q 2017
In 1Q 2017, the second estimate of annualised gross domestic product (GDP) recorded a rise of 1.20% on a QoQ basis in the US, more than market expectations for a rise of 0.90%. The preliminary figures had indicated a rise of 0.70%. In the prior quarter, the annualised GDP had registered a rise of 2.10%.
US core personal consumption expenditure advanced in 1Q 2017
The second estimate of core personal consumption expenditure rose 2.10% in the US on a quarterly basis, in 1Q 2017. Core personal consumption expenditure had risen 1.30% in the previous quarter. The preliminary figures had recorded an advance of 2.00%.
US personal consumption rose more than expected in 1Q 2017
The second estimate of personal consumption rose 0.60% on a QoQ basis in 1Q 2017, in the US, compared to a rise of 3.50% in the previous quarter. Markets were anticipating personal consumption to rise 0.40%. The preliminary figures had recorded an advance of 0.30%.
US GDP price index advanced less than expected in 1Q 2017
In 1Q 2017, on a QoQ basis, the second estimate of GDP price index registered a rise of 2.20% in the US, compared to an advance of 2.10% in the prior quarter. The preliminary figures had recorded an advance of 2.30%. Markets were anticipating the GDP price index to climb 2.30%.
US durable goods orders (ex transportation) unexpectedly declined in April
The preliminary durable goods orders (ex transportation) unexpectedly eased 0.40% on a MoM basis in April, in the US, less than market expectations for a rise of 0.40%. In the previous month, durable goods orders (ex transportation) had recorded a flat reading.
US non-defence capital goods orders (ex aircraft) remained unchanged in April
On a MoM basis in April, the flash non-defence capital goods orders (ex aircraft) remained flat in the US, lower than market expectations for a rise of 0.50%. In the prior month, the non-defence capital goods orders (ex aircraft) had recorded a rise of 0.50%.
US Reuters/Michigan consumer sentiment index advanced in May
In May, the final Reuters/Michigan consumer sentiment index in the US advanced to 97.10, compared to market expectations of a rise to a level of 97.50. The preliminary figures had recorded an advance to 98.00. In the previous month, the Reuters/Michigan consumer sentiment index had recorded a level of 97.00.
Japanese retail trade advanced more than expected in April
Retail trade recorded a rise of 1.40% in Japan on a MoM basis in April, compared to an advance of 0.20% in the previous month. Market expectation was for retail trade to climb 0.10%.
Japanese job to applicant ratio climbed in April
In April, job to applicant ratio rose to a level of 1.48 in Japan, compared to a reading of 1.45 in the prior month. Markets were expecting job to applicant ratio to advance to a level of 1.46.
Japanese retail trade rose more than expected in April
In April, on a YoY basis, retail trade in Japan climbed 3.20%, higher than market expectations for a rise of 2.30%. Retail trade had registered a rise of 2.10% in the prior month.
Japanese unemployment rate steadied in April
Unemployment rate remained unchanged at 2.80% in April, in Japan. Markets were expecting unemployment rate to record a steady reading.
Japanese household spending declined more than expected in April
Household spending dropped 1.40% in Japan on an annual basis in April, more than market expectations for a drop of 0.90%. In the previous month, household spending had dropped 1.30%.
Japanese large retailer’s sales rose in April
Large retailer’s sales in Japan climbed 1.10% on a MoM basis, in April. Large retailer’s sales had fallen 0.80% in the previous month.
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