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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
German factory orders surprisingly fell in July
On a MoM basis, the seasonally adjusted factory orders unexpectedly dropped 0.70% in Germany, in July, lower than market expectations for an advance of 0.20%. Factory orders had advanced by a revised 0.90% in the prior month.
German factory orders rose less than expected in July
In Germany, the non-seasonally adjusted factory orders advanced 5.00% in July on a YoY basis, lower than market expectations for an advance of 5.80%. In the previous month, factory orders had risen 5.10%.
Italian retail sales remained unchanged in July
In July, the non-seasonally adjusted retail sales remained unchanged on a YoY basis in Italy, less than market expectations for an advance of 1.20%. Retail sales had registered a revised rise of 1.30% in the previous month.
Italian retail sales dropped as expected in July
The seasonally adjusted retail sales recorded a drop of 0.20% on a monthly basis in Italy, in July, compared to a rise of 0.60% in the prior month. Markets were expecting retail sales to fall 0.20%.
Fed Beige Book indicated that the economy expanded at modest pace, expressed concern about health of the US auto industry
The Federal Reserve’s (Fed) Beige Book report indicated that the US economy expanded at a modest to moderate pace in July through mid-August but signs of an acceleration in inflation remained slight. Majority of the US districts reported limited wage pressures and modest to moderate wage growth. There were reports of worker shortages in numerous industries, most notably in manufacturing and construction. Also, business contacts were becoming worried about a prolonged slowdown in the auto industry.
US non-manufacturing PMI advanced in August
In August, the non-manufacturing PMI in the US climbed to 55.30, compared to market expectations of a rise to 55.60. In the previous month, the non-manufacturing PMI had registered a level of 53.90.
US trade deficit widened in July
The trade deficit in the US widened to $43.70 billion in July, following a revised trade deficit of $43.50 billion in the previous month. Markets were expecting the country’s trade deficit to expand to $44.70 billion.
US Markit composite PMI advanced in August
The final Markit composite PMI in the US climbed to 55.30 in August. In the previous month, Markit composite PMI had registered a level of 54.60. The preliminary figures had indicated an advance to 56.00.
US Redbook index advanced in the last week
The Redbook index rose 4.40% on a YoY basis in the US, in the week ended 01 September 2017. In the previous week, the Redbook index had registered a rise of 4.30%.
US Markit services PMI advanced in August
The final Markit services PMI in the US recorded a rise to 56.00 in August, lower than market expectations of an advance to a level of 56.90. In the previous month, Markit services PMI had registered a level of 54.70. The preliminary figures had indicated an advance to 56.90.
US Redbook index advanced in the last week
In the week ended 01 September 2017, on a monthly basis, the seasonally adjusted Redbook index in the US registered a rise of 0.30%. In the previous week, the Redbook index had climbed 2.00%.
US mortgage applications rose in the last week
On a weekly basis, mortgage applications climbed 3.30% in the week ended 01 September 2017, in the US. Mortgage applications had recorded a drop of 2.30% in the previous week.
BoC hiked key interest rate to 1.00% amid healthy economic growth
The Bank of Canada (BoC) surprised markets by raising the benchmark interest rate from 0.75% to 1.00%, as recent economic data have been stronger than expected, supporting the central bank’s view that growth in Canada is becoming more broadly-based and self-sustaining. However, the BoC indicated that its appetite for further tightening may be curbed by a rising domestic currency and sluggish price pressures. It also added that future monetary policy decisions are not predetermined and will be guided by incoming economic data and financial market developments as they inform the outlook for inflation.
Canadian international merchandise trade deficit dropped in July
Canada has posted the international merchandise trade deficit of C$3.04 billion in July, from a revised international merchandise trade deficit of C$3.76 billion in the previous month. Markets were anticipating the nation to post an international merchandise trade deficit of C$3.30 billion.
Canadian labour productivity slid in 2Q 2017
Labor productivity in Canada fell 0.10% on a QoQ basis, in 2Q 2017. In the previous quarter, labour productivity had risen by a revised 1.30%.
Japanese foreign exchange reserves climbed in August
In August, foreign exchange reserves rose to a level of $1268.00 billion in Japan, compared to a level of $1260.00 billion in the prior month.
Japanese investors became net buyers of foreign stocks in the previous week
Japanese investors remained net buyers of ¥161.40 billion worth of foreign stocks in the week ended 01 September 2017, from being net buyers of a revised ¥217.60 billion worth of foreign stocks in the prior week.
Foreign investors turned net buyers of Japanese stocks in the previous week
Foreign investors turned net buyers of ¥158.30 billion worth of Japanese stocks in the week ended 01 September 2017, from being net sellers of ¥246.00 billion worth of Japanese stocks in the prior week.
Japanese investors became net buyers of foreign bonds in the previous week
Japanese investors were net buyers of ¥117.90 billion worth of foreign bonds in the week ended 01 September 2017, as compared to being net buyers of a revised ¥397.00 billion worth of foreign bonds in the prior week.
Foreign investors remained net buyers of Japanese bonds in the previous week
Foreign investors were net buyers of ¥1359.20 billion worth of Japanese bonds in the week ended 01 September 2017, as compared to being net buyers of a revised ¥500.20 billion worth of Japanese bonds in the prior week.
Japanese average office vacancies in Tokyo climbed in August
Average office vacancies in Tokyo in Japan registered a rise of 3.35% on a MoM basis, in August. Average office vacancies in Tokyo had risen 3.22% in the prior month.
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