Archive for June 5th, 2013

Central Bank Watch

Another Rate Cut at the National Bank of Poland

June 5, 2013

A 25-basis point reduction to a record low 2.75% 7-day Polish repo rate brings the cumulative relief since last November to 200 basis points.  A statement from Poland’s Monetary Council justified today’s action by citing weak domestic demand, lessening support from exports, sub-target inflation, deterioration of the labor market that points to weak wage growth, […] More

Deeper Analysis

Service Sector PMI Results: Modest Improvement in the U.S. and Ezone

June 5, 2013

Despite a 1.9-point decline in the jobs sub-component that bodes poorly for Friday’s labor department report, the U.S. service sector purchasing managers index rose 0.6 points to 53.7.  Readings above 50 connote expansion, and the larger May reading implies a somewhat faster rate of positive growth, thanks to a 1.5-point advances in both sales and […] More

New Overnight Developments Abroad - Daily Update

Disappointments

June 5, 2013

Japanese Prime Minister Abe’s proposed deregulations lacked urgency and left investors uninspired. Australian GDP growth of 0.6% in the first quarter was slightly shy of expectations.  Investment fell 0.8%.  On-year GDP growth slowed 0.6 percentage points to 2.5%. Australia’s service-sector purchasing managers index fell 3.5 points to a 13-month low of 40.6.  That’s nine full […] More

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