Prior 50.9 Manufacturing PMI 43.7 vs 42.6 expected Prior 42.7 Composite PMI 47.0 vs 48.5 expected Prior 48.6 The services and composite readings are at 30-month and 33-month lows respectively. That is the key thing to note as the euro area economy is slumping further in August. The ECB is going to have a tough
Trade balance data from Japan for July 2023, along with Machinery orders for June. exports fell for the first time in 29 months Exports to: China -13.4% y/y the US +13.5% y/y the EU +12.4% y/y I think you can see the problem, right? China’s economic stumble out of COVID-zero reopening is impacting globally, not
Coming up at 2pm New Zealand time on Wednesday, 16 August 2023 is the RBNZ policy decision. 0200 GMT and 10pm US Eastern time (on Tuesday, 15 August 2023) RBNZ Governor Orr’s press conference will follow an hour later Preview comments via ANZ: We expect the RBNZ will leave the OCR unchanged at 5.50%, reiterating
Prior +11.3% New yuan loans ¥345.9 billion vs ¥800.0 billion expected Prior ¥3.05 trillion The slowdown in broad money growth in China continues with new yuan loans also dipping after the huge surge at the end of Q2. Beijing has a tough task in trying to balance out tighter credit conditions, providing more stimulus while
US PPI y/y Prior was +0.1% y/y (revised to +0.2%) PPI final demand m/m +% vs +0.2% y/y expected Prior was +0.1% m/m (revised to 0.0%) Ex food and energy: +2.4% y/y vs +2.3% expected (prior +2.4%) +0.3% m/m vs +0.2% expected (prior +0.1% revised to -0.1%) Goods ex food and energy 0.0% m/m More
Prior was 71.6 Current conditions 77.4 vs 76.9 expected (76.6 prior) Expectations 67.3 vs 68.1 expected (68.3 prior) 1-year inflation 3.3% vs 3.4% prior 5-10 year 2.9% vs 3.0% prior I don’t have much use for this survey. It was pointing to a severe drop in consumer spending late last year and the consumer has
Canada building permits Prior was +10.5% Permits at $11.6 billion 67.2% monthly increase in the institutional component largely due to two hospital permits Non-residential permits increased 20.4% Residential permits declined 1.8% to $6.9 billion in June The total value of building permits in the second quarter declined 1.0% from the first quarter but residential up
People’s Bank of China USD/CNY reference rate is due around 0115 GMT. The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate
Caixin / S&P Global Services PMI for July is a beat and an improved 54.1 and a seventh consecutive month of expansion expected 52.5, prior 53.9 The Composite, however, is down from June at 51.9 “In terms of policies, the top priorities should still be guaranteeing employment, stabilizing expectations and increasing household income,” said Wang
Brazil’s central bank, Banco Central do Brasil, has cut its benchmark rate, Selic target rate, by 50 basis points. The consensus was for a 25bp cut. The Bank says that 25 was considered but the improvement in inflation dynamics was enough for a 50 point move: the current situation demands serenity and moderation in the
