Euroland industrial production
Several Instances of Weak Data Released Today
August 13, 2014
Japanese real GDP fell 6.8% annualized in the second quarter. The decline reversed the first-quarter gain but was not quite as much as analysts had feared. Because of a 20.5% dive in imports, net exports enhanced the growth rate by 4.4 percentage points, and involuntary inventory building accounted for another 3.9 percentage points of growth. […] More
Quintet of Central Bank Policy Announcements
December 12, 2013
The Reserve Bank of New Zealand left the 2.5% official cash rate at its record low but served notice that such is headed higher and possibly soon. The Bank of Korea’s 7-day repo rate was kept at 2.5% as well, its level since May. Inflation is below target. Bank Indonesia did not raise its reference […] More
Bank of England Report Opens Door Wider to an Earlier Rate Hike
November 13, 2013
Sterling rose as high as $1.6004 following release of the central bank’s quarterly inflation report and shows a net gain of 0.4% from Tuesday’s close. The dollar otherwise climbed 0.5% against the kiwi and 0.1% versus the euro and Swiss franc. The dollar has softened 0.2% against the yen and 0.1% relative to the Australian […] More
U.S. Debt Deal Still Eluding
October 14, 2013
Three markets are on holiday today, dampening activity. U.S.: Columbus Day (partial closure). Japan: Health Sports Day Canada: Thanksgiving A deal to extend the $16.7 trillion U.S. debt ceiling and avert a default was not finalized over the weekend despite promising signs on Thursday-Friday. The government partial shutdown has begun a third week. Debt ceiling […] More
Slew of Second-Tier Central Bank Policy Decisions
September 12, 2013
The Reserve Bank of New Zealand left the Official Cash Rate at 2.5%, its level since March 2011, but gave a stronger indication that such will be raised in 2014. Bangko Sentral ng Pilipinas retained a 3.5% reverse repo rate and a 5.5% repo rate as expected. Officials expect in-target inflation over the forecast horizon. […] More
Partial Correction
June 12, 2013
Today saw a somewhat better market tone. Japan’s Nikkei recovered most of its initial 2% drop to close down only 0.2%. Share prices have climbed 1.8% in Spain and gained 1.9% in Indonesia, but declines were posted in Australia of 0.7%, South Korea of 0.6%, and Taiwan and India of 0.5%. The Australian and New […] More
Data Highlight Disinflation But Bond Yields Rise
May 14, 2013
The 10-year Japanese JGB yield jumped another ten basis points to 0.84%. The 30-year JGB auction had a yield of 1.775%, 28 basis points higher than the prior one. Ten-year German bund and British gilt yields are a basis point firmer. Spain’s auctions of six- and twelve-month sovereign paper drew a decent response with lower […] More
Awaiting the Fed’s Press Conference
December 12, 2012
There’s been no breakthrough in the U.S. fiscal negotiations. House Speaker Boehner rejected the White House plan of $1.4 trillion of budget cuts. The FOMC is expected to announce an aggressive extension of quantitative easing. The existing Operation Twist is scheduled to last only through end-2012. The FOMC decision will be announced at 12:30 EST, […] More
Some Tellingly Soggy Data Results
November 14, 2012
Industrial production in the euro area slumped 2.5% on month in September. Output was 1.3% than the average 3Q12 level and 2.3% weaker than a year earlier. British labor statistics suggest more softness. The claimant unemployment count jumped 10.1K in October, its biggest monthly rise in 13 months. Average weekly earnings growth in 3Q of […] More
Dollar Continues to Retrace Earlier Gains of 2012
September 12, 2012
Germany’s Federal Constitutional Court gave a conditional green light to the permanent EU bailout fund, the ESM, and to a new fiscal pact. This ruling removes a major impediment to the Draghi plan. The ESM will be functional October 8. The court said Germany’s contribution to the ESM cannot exceed EUR 190 billion without getting […] More
