Lots of Data but Not Much Market Movement as Monthend Approaches

August 30, 2018

The dollar’s down 0.3% against the yen but up 0.2% relative to the loonie, euro, Aussie dollar and Chinese yuan.

Ten-year sovereign debt yields have slid back 3 basis points in Germany, 2 bps in the U.S. and 1 basis point in Great Britain, but the 10-year Japanese JGB firmed a basis point.

Gold and oil prices climbed 0.7% and 0.5% overnight.

Share prices fell 1.1% in China and Hong Kong, 0.8% in Indonesia and 0.1% in Taiwan and South Korea. Stocks in Europe are down 0.6% in the U.K. and Spain, 0.5% in Germany and 0.3% in Switzerland and France.

Canadian real GDP growth accelerated to a 2.9% annualized rate last quarter, almost twice as much as in the previous three quarters. But June alone saw GDP stagnate.

U.S. personal income and spending rose 0.3% and 0.4%, respectively, in July. The PCE price deflator rose 0.1% on month and moved up 0.1 percentage point to a 2.3% 12-month increase.

Euroland economic sentiment fell another half point to a reading of 111.6 in August. Such crested at 115.2 at the end of 2017. The largest declines were in consumer confidence and the service sector. Retail and construction rose to 6- and 3-month highs, however.

German unemployment dropped 8K in August, its 14th straight drop. But on-year employment growth slowed to 1.2% in July from 1.4% in 2Q and 1.5% in 1Q.

German CPI inflation edged lower in 4 of 6 reporting states and remained unchanged in the other two.

German import price inflation accelerated to 5.0% overally in July. Mineral oil were 39.2% higher than a year earlier, while non-energy import price inflation remained subdued at 1.4%.

The Swiss index of leading economic indicators slipped to a 14-month low in August.

Japanese retail sales recorded on-year growth of 1.5% in July but an uptick of just 0.1% compared to June.

Australian building permits in July were 5.6% lower than the year-earlier level. Business investment in Australia fell 2.5% last quarter. New Zealand building permits fell 10.3% on month in July.

Copyright 2018, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

The latest PPI inflation rates in Iceland, Austria, and South Africa are 7.0%, 3.4%, and 6.1%.

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