Archive for March 5th, 2014

Deeper Analysis

U.S.-Minus-Ezone PMI Disadvantage Widened in February

March 5, 2014

The U.S. non-manufacturing purchasing managers index according to the Institute of Supply Management fell by 2.4% to 51.6 in February, which signaled the slowest rate of expansion since February.  According to Markit Economics, Euroland’s services PMI rose 1.0 point to 52.6, a 32-month high.  The resulting 3.4-point swing from a U.S.-minus-Euroland 2.4-point advantage in January […] More

Central Bank Watch

Bank of Canada Kept 1.0% Overnight Rate Target and Neutral Forward Guidance

March 5, 2014

A statement released after the second of eight scheduled interest rate policy meetings in 2014 said “the current stance of monetary policy is appropriate.”  Upside and downside inflation risks both exist and are roughly balanced.  The statement makes the following assertions. Recent softer U.S. data are attributable to weather distortions and therefore considered temporary. Global […] More

New Overnight Developments Abroad - Daily Update

European PMIs Surpass Expectations But Ukraine Risks Still in Play

March 5, 2014

Russian President Putin has not stood down even though his orchestrated turmoil in neighboring Ukraine has hammered sentiment toward the Russian economy, exposing such to a possible slide into recession. The euro area’s service-sector and composite purchasing managers indices for February were revised higher, and the British result exceeded forecasts. Australia scored a much higher-than-projected […] More