Few Data Releases on Another Late-Summer Day
August 22, 2023
In overnight financial market action, equities tried to muster a rally. Markets in the Pacific Rim closed up 1/0% in Hong Kong, 0.9% in Japan and China, and 0.7% in Indonesia, and the German DAX, Paris CAC, Spanish IBEX and Italian borsa are each up around 1.0%. U.S. stock futures are up to a lesser extent. The 10-year U.S. Treasury yield touched a 16-year high of 4.37% but settled back subsequently to 4.31%. Ten-year German bund and British gilt yields have fallen back four and six basis points. The dollar has softened 0.5% against the yen, 0.2% versus the Swiss franc and sterling, and 0.1% relative to the loonie and euro. The price of gold is 0.4% firmer, and that of bitcoin is 0.2% softer.
The orders subindex of the August British industrial trends survey relapsed six points, returning to June’s reading of -15. That’s not much better than the 2-year low of -20 in March and April and considerably weker than the 70-month high of +8 last October. British public sector net borrowing in July unexpectedly fell significantly below June’s level.
Euroland’s current account surplus of EUR 36.8 billion in June was its widest in 21 months. As a percent of GDP the current account was in deficit by just 0.1% during the twelve months ending in June, down from a shortfall of 1.0% in the prior one-year period.
The current account surplus of oil-exporting Indonesia fell to $1.05 billion in the first half of 2023 from $4.4 billion in the first half of 2022.
Consumer confidence in South Korea fell marginally in August but, at 103.1, remained will above the 86.5 reading last November.
Belgian consumer confidence ticked one point lower in August to -7, which compares to an average reading in April-July of -7.5.
Irish wholesale prices in July posted their largest year-on-year decline (5.2%) in 25 months.
Norwegian real GDP flat-lined in the second quarter. A 0.1% dip in the final quarter of 2022 had been followed by a 0.3% rise in 1Q 2023.
The Swiss trade surplus narrowed to a 3-month low of CHF 2.596 billion last month. Exports and imports each declined below June levels.
Today’s U.S. data release menu includes existing home sales and the Richmond Fed manufacturing survey.
Copyright 2023, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: Euroland current account