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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Euro-zone consumer confidence index registered a rise in May
In May, the preliminary consumer confidence index in the Euro-zone rose to -7.00, higher than market expectations of an advance to -9.00. The consumer confidence index had recorded a level of -9.30 in the prior month.
Euro-zone services PMI steadied in May
In May, the flash services PMI remained steady at a level of 53.10 in the Eurozone. Market expectation was for services PMI to advance to 53.20.
Euro-zone composite PMI dropped unexpectedly in May
The flash composite PMI fell unexpectedly to 52.90 in May, in the Euro-zone, lower than market expectations of a rise to a level of 53.20. In the prior month, composite PMI had registered a level of 53.00.
Euro-zone manufacturing PMI registered an unexpected drop in May
In the Euro-zone, the preliminary manufacturing PMI dropped unexpectedly to 51.50 in May, compared to market expectations of an advance to 51.90. In the prior month, the manufacturing PMI had registered a level of 51.70.
German services PMI advanced in May
The preliminary services PMI climbed to 55.20 in May, in Germany, compared to market expectations of an advance to 54.60. In the prior month, services PMI had recorded a reading of 54.50.
German manufacturing PMI climbed in May
Compared to a level of 51.80 in the previous month the flash manufacturing PMI in Germany advanced to 52.40 in May. Market anticipation was for manufacturing PMI to rise to 52.00.
French manufacturing PMI climbed in May
In May, the preliminary manufacturing PMI rose to 48.30 in France, lower than market expectations of a rise to 49.00. In the prior month, manufacturing PMI had registered a reading of 48.00.
French services PMI rose unexpectedly in May
The preliminary services PMI in France rose unexpectedly to 51.80 in May, higher than market expectations of an unchanged reading. In the prior month, services PMI had registered a level of 50.60.
Swiss M3 money supply registered a rise in April
On an annual basis, M3 money supply in Switzerland registered a rise of 2.30% in April. In the prior month, M3 money supply had risen by a revised 1.70%.
Fed’s Bullard stated that low rates for a prolonged period could be risky
The St. Louis Federal Reserve (Fed) President, James Bullard, a voting member of the Fed’s monetary policy-setting committee, warned that keeping US interest rates too low for too long could cause financial instability in future. He further added that the US labour market was performing well and global headwinds that had partly prevented the Fed from raising rates again have waned.
Philadelphia Fed’s Harker stated that he expects to see 2 to 3 rate hikes this year
The Federal Reserve (Fed) Bank of Philadelphia President, Patrick Harker, indicated that there could be two to three interest rate hikes this year, provided that the US economy continues to grow as projected. Further, he stated that wage pressures in the nation are building as the labour market moves beyond full employment and expressed confidence that prices will return towards the central bank’s inflation target over the medium term.
US Markit manufacturing PMI registered an unexpected drop in May
In the US, the preliminary Markit manufacturing PMI dropped unexpectedly to 50.50 in May, lower than market expectations of a rise to a level of 51.00. The Markit manufacturing PMI had registered a reading of 50.80 in the prior month.
Japanese leading economic index advanced in March
The final leading economic index in Japan recorded a rise to 99.30 in March. In the prior month, the leading economic index had recorded a reading of 96.80. The preliminary figures had indicated a rise to 98.40.
Japanese coincident index rose in March
The final coincident index rose to a level of 111.10 in Japan, in March, compared to a reading of 110.70 in the prior month. The preliminary figures had indicated a rise to 111.20.
Japanese all industry activity index rose less than expected in March
In Japan, the all industry activity index rose 0.10% in March on a MoM basis, lower than market expectations for a rise of 0.50%. In the prior month, the all industry activity index had fallen by a revised 0.90%.
Japanese supermarket sales slid in April
Supermarket sales in Japan fell 0.70% in April on an annual basis. In the previous month, supermarket sales had registered a drop of 0.30%.
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