Welcome Visitor! Register with us to review, join our growing community and use our broker search.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.

The Brazilian economy contracted more-than-expected, at the fastest pace in six years, during the second quarter to enter a technical recession, preliminary figures from the statistical office IBGE showed Friday.

Gross domestic product declined 1.9 percent from the first quarter, when the economy shrunk 0.7 percent, which was revised down sharply from a 0.2 percent contraction reported earlier. Economists had expected a 1.7 percent slump. The latest contraction was the most severe since 2009.

Two consecutive quarters of GDP decline leads to a technical recession. In the fourth quarter of last year, the economy stagnated.

Gross fixed capital formation dropped 8.1 percent, marking its eighth consecutive quarter of decline. Households' consumption expenditure decreased 2.1 percent, down for a second straight quarter.

"As expected, the driver was a complete collapse in domestic demand," Capital Economics economist Neil Shearing said.

...
Continue reading

Potentially reflecting the recent sell-off on Wall Street, the University of Michigan released a report on Friday showing a bigger than previously estimated drop in U.S. consumer sentiment in the month of August.

The report said the final reading on the consumer sentiment index for August came in at 91.9 compared to the preliminary reading of 92.9. The index is down from 93.1 in July.

The downward revision came as a surprise to economists, who had expected the index to be upwardly revised to 93.0.

Richard Curtin, the survey's chief economist, said, "The Black Mondays of October 17, 1987 and August 24, 2015 represent two episodes when the stock market declined mainly due to reasons other than the domestic economy."

"Consumers quickly dismissed the 1987 episode since it didn't involve their jobs or incomes, and today's consumers hold similar favorable views about their job and income prospects," he added.

...
Continue reading

While the Commerce Department released a report on Friday showing that U.S. personal income increased in line with economist estimates in the month of July, the report also showed that personal spending rose by slightly less than expected.

The report said personal income rose by 0.4 percent in July, matching the increases seen in the three previous months as well as the consensus estimate.

Disposable personal income, or personal income less personal current taxes, increased by 0.5 percent in July after rising by 0.4 percent in June.

Meanwhile, the Commerce Department also said personal spending increased by 0.3 percent for the second consecutive month. Economists had expected spending to climb by 0.4 percent.

Real spending, which is adjusted to remove price changes, edged up by a more modest 0.2 percent in July after coming in nearly unchanged in June.

...
Continue reading

Eurozone economic sentiment improved for a second straight month to set a fresh four-year high in August, led by domestic demand even as morale weakened in the industrial sector due to concerns over a stronger euro and a possible sharp slowdown in China.

The economic sentiment index rose to 104.2 from 104 in July, the European Commission said, while economists had forecast the indicator to fall to 103.8. The score was the highest since June 2011, when the index was 106.0.

"The increase shows resilience in the Eurozone economy, because it has not been affected much by the Chinese turmoil," ING Bank economist Bert Colijn said.

"The weak global environment is countered by improving domestic demand on the back of slow but steady labor market improvements and lower oil prices."

The services confidence index grew to 10.2 in August from 8.9 a month ago. That was also the best score in more than four years and reflected managers' significantly brighter views on demand expectations, the past business situation and, to a lesser degree, past demand.

...
Continue reading

Personal income in the U.S. increased in line with economist estimates in the month of July, the Commerce Department revealed in a report on Friday.

The report said personal income rose by 0.4 percent, matching the increases seen in the three previous months as well as the consensus estimate.

The Commerce Department also said personal spending increased by 0.3 percent for the second consecutive month. Economists had expected spending to climb by 0.4 percent.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

...
Continue reading

German consumer prices rose faster-than-expected in August, preliminary data from Destatis showed Friday.

The consumer price index rose 0.2 percent year-on-year, same as in July. Economists had expected 0.1 percent gain. The measure climbed for a seventh month running.

Energy prices tumbled 7.6 percent, while food prices gained 0.8 percent.

On a monthly basis, consumer prices were unchanged in August, while economists had expected them to decline 0.1 percent.

The harmonized index of consumer prices, meant for EU comparison purposes, edged up 0.1 percent annually, in line with economists' expectations. In July, prices rose 0.1 percent after a 0.7 percent sure in May. The index climbed for the sixth straight month.

...
Continue reading

Greece's producer prices declined for the thirteenth straight month in July at a steepest rate in six months, figures from the Hellenic Statistical Authority showed Friday.

The overall producer price index fell 6.7 percent year-over-year in July, faster than June's 5.7 percent decline. It was steepest drop since January 2015, when prices had fallen 9.6 percent.

Producer prices in the domestic market dropped by 5.4 percent annually in July and foreign market prices plunged by 10.3 percent.

Prices in the energy sector plunged 17.5 percent, that in the capital goods industry decreased by 0.5 percent and non-durable consumer goods industrial prices declined by 0.1 percent.

On a monthly basis, producer prices decreased 1.6 percent in July, following a 0.7 percent decline in the previous month. It was the second straight monthly decline.

...
Continue reading

Ireland's retail sales growth quickened to a three-month high in July, preliminary figures from the Central Statistical Office showed Friday.

The retail sales volume grew a seasonally adjusted 9.9 percent year-over-year in July, faster than previous month's 4.4 percent rise. In May, the rate of growth was 8.6 percent.

On a monthly basis, the volume of retail sales increased 11.6 percent in July, following a 5.6 percent drop in the preceding month. It was first rise in three months.

Excluding automobile sale, the retail sales volume grew 6.6 percent yearly and rose 0.6 percent monthly in July.

The retail sales value also increased in July. It grew 6.5 percent annually in July after a 1.8 percent rise in June. Month-on-month, sales value climbed 9.4 percent in July, reversing a 4.1 percent decline in June.

...
Continue reading

The Greece economy grew slightly more than initially estimated in the second quarter, final data from the Hellenic Statistical Authority showed Friday.

Gross domestic product grew a seasonally-and-calendar adjusted 0.9 percent sequentially in the second quarter, revised up from 0.8 percent growth estimated on August 13.

For the first quarter, growth was revised to 0.1 percent from stable rate. It was the second consecutive quarter of economic expansion.

On an unadjusted basis, GDP grew 1.7 percent annually, revised from 1.5 percent initially estimated. It is the second highest since the first quarter of 2008, when economy had risen 2.1 percent. In the prior quarter, the growth was 0.2 percent.

The annual growth for the second quarter was revised to a seasonally-and-calendar adjusted 1.6 percent from 1.4 percent. In the first quarter, the growth rate was revised to 0.6 percent from 0.5 percent.

...
Continue reading

Eurozone economic confidence rose unexpectedly in August to the highest since June 2011, survey results from European Commission showed Thursday.

The economic sentiment index came in at 104.2 in August. Economists had forecast the indicator to fall to 103.8 from 104 in July. This is the highest since June 2011, when the index was 106.0.

Meanwhile, the industrial sentiment index fell to -3.7 from -2.9 in July. It was driven by managers' less optimistic views on the current level of order books and on the level of stocks of finished products, while their appraisal of the expected production remained virtually unchanged.

The services confidence index grew to 10.2 in August from 8.9 a month ago. It reflected managers' significantly brighter views on demand expectations, the past business situation and, to a lesser degree, past demand.

Consumer confidence improved marginally, with consumers' more positive assessment of the future general economic situation being almost outweighed by their less optimistic views on future unemployment, while expectations of financial situation and future savings remained broadly unchanged. The index rose to -6.9 from -7.2 a month ago.

...
Continue reading

House prices in England and Wales climbed at a slower pace in July, data from the Land Registry showed Friday.

The house price index rose 4.6 percent year-over-year in July, slower than previous month's 4.9 percent climb. In May, prices had risen 4.5 percent.

On a monthly basis, house prices climbed 1.7 percent in July, following a 0.7 percent mere rise in the preceding month. It was the fourth month of climb in row.

The average price for a property was GBP 183,861 in July, up from GBP 180,765 in the preceding month.

East region logged the biggest annual increase in the average property value, up 8.9 percent followed by London with 8.3 percent growth, while North East saw the lowest annual price increase of 0.4 percent.

...
Continue reading

Italy's consumer confidence improved more-than-expected in August, while business sentiment weakened unexpectedly, survey figures from ISTAT showed Friday.

The consumer confidence index rose to 109.0 in August from 106.7 in the previous month, revised up from 106.5. Economists had expected the index to rose to 107.

The survey showed that all components of the consumer confidence index on economic and personal financial expectations increased in August.

The balance on inflation perceptions referring to the last 12 months rose to -14 in August from -17 in the previous month, and that for the next 12 months grew to -14 from -22. Meanwhile, the unemployment expectations declined slightly to 27 from 28.

However, the confidence index in manufacturing declined to 102.5 in August from 103.5 in the preceding month. The index was expected to rise to 103.6.

...
Continue reading

Sweden's retail sales growth quickened to a fifteen-month high in July, figures from Statistics Sweden showed Friday.

The retail sales volume grew a working-day-adjusted 5.9 percent year-over-year in July, faster than June's 4.1 percent increase. This is the highest since April 2014, when sales had risen 6.3 percent.

Economists had expected the growth to accelerate to 5.5 percent. In May, sales volume has risen 4.2 percent.

Retail sales for durables rose 12.6 percent in June from a year ago, while that of consumables dropped by 1.7 percent.

On a monthly basis, retail sales increased a seasonally adjusted 0.5 percent in July, in line with economists expectations, following the 0.3 percent rise in the previous month. In May, sales had fallen 0.1 percent.

...
Continue reading

Austria's producer prices continued to decline in July at a slightly faster pace from the previous month, preliminary figures from Statistics Austria showed Friday.

The producer price index fell 1.1 percent year-over-year in July, slightly faster than previous month's 1.0 percent decrease. Producer prices have been falling since February 2013.

Prices in the energy sector dropped 4.9 percent in July from a year ago, and that in the consumer goods sector declined by 0.3 percent.

Meanwhile, prices in the capital goods sector increased by 0.8 percent and that in the intermediate goods sector rose by 0.1 percent.

On a monthly basis, producer prices declined by 0.2 percent in July after remaining stable in the previous two months. This is first fall in six months.

...
Continue reading

Switzerland's economy avoided recession in the second quarter on the back of rising spending and investment, data published by the State Secretariat for Economic Affairs showed Friday.

Gross domestic product grew unexpectedly by 0.2 percent sequentially in the second quarter, offsetting a 0.2 percent fall in the prior quarter. Economists had forecast a 0.1 percent fall.

On a yearly basis, the economy expanded 1.2 percent, the same rate of growth as seen in the prior quarter. The rate was forecast to slow to 0.9 percent.

On the expenditure side, household consumption grew 0.3 percent from the first quarter, and government spending climbed 0.2 percent. Equipment and software investment was up 1.5 percent and construction investment by 0.1 percent.

The balance of trade in goods made a positive contribution to GDP growth because imports fell more than exports, SECO said. On the other hand, the balance of trade in services had a negative impact.

...
Continue reading

Hungary's unemployment rate decreased in the three months ended July, figures from the Hungarian Central Statistical Office showed Friday.

The unemployment rate fell to 6.8 percent in the May to July period from 6.9 percent in the April to June period. In the March to May period, the rate was 7.1 percent.

In the corresponding period of the previous year, the jobless rate was 8.0 percent.

The number of unemployed people declined to 305,800 in the three-month period to July from 310,400 in the previous three months. A year ago, the jobless figure totaled 356,400.

The youth unemployment rate, which applies to the 15 to 24 age group, decreased by 4.1 percentage points to 17.7 percent in the May to July period.

...
Continue reading

Corrects typo in headline

French producer prices continued the decreasing trend in July, figures from the statistical office INSEE revealed Friday.

Producer prices for the French market fell 1.6 percent year-over-year in July, but slower than previous month's 1.9 percent drop.

On a monthly basis, producer prices in the domestic market edged down 0.1 percent in July, reversing a 0.1 percent rise in June.

The decline in prices for refined petroleum products was offset by the rise in prices for mining and quarrying products, energy, water and food products, the agency said.

...
Continue reading

Singapore's producer prices continued to decline in July although at a slightly slower pace than in the previous month, figures from the Department of Statistics showed Friday.

The manufactured products price index dropped 8.0 percent year-over-year in July, following a 8.1 percent decrease in June. Producer prices have been falling since May 2014.

The oil index plunged 36.9 percent, while the non-oil index rose 0.3 percent.

Domestic supply prices dipped 15.7 percent in July from a year ago, but faster than the prior month's 13.6 drop.

On a monthly basis, producer prices slid 1.1 percent in July, following a 0.6 percent decline in the preceding month. The Domestic supply price index decreased 3.3 percent in July, faster than a 0.6 percent decline in June.

...
Continue reading

Consumer prices from Germany and economic confidence from euro area are due on Friday, headlining a busy day for the European economic news.

At 1.45 am ET, the Swiss Federal Statistical Office is set to issue quarterly national accounts for the second quarter. GDP is forecast to fall 0.1 percent sequentially following a 0.2 percent drop in the first quarter.

At 2.45 am ET, producer prices report for July is due from France. Producer prices were down 1.9 percent year-on-year in June.

At 3.00 am ET, Spain's flash consumer prices and retail sales reports are due. Consumer prices are forecast to fall 0.1 percent annually in August offsetting July's 0.1 percent rise. Retail sales growth is seen rising to 2.7 percent in July from 2.3 percent in June.

Also, Hungary's unemployment and Czech GDP figures are due at 3.00.

...
Continue reading

Profits earned by Chinese industrial enterprises decreased in July after rising in the previous month, figures from the National Bureau of Statistics showed Friday.

Industrial profits fell 2.9 percent year-over-year to CNY 471.56 billion in July following a 0.3 percent rise in the preceding month.

The agency said the fall in industrial profit for the month was impacted by a slowdown in industrial production and sales growth, a decline in industrial producer prices and raw material purchase price, and a fall in investment income.

During the first seven months of the year, total industrial profits declined by 1.0 percent as compared to the corresponding period last year.

Among sub sectors, profits earned by mining industry plunged 57.4 percent in the January to July period, while manufacturing sector registered profit growth of 5.7 percent.

...
Continue reading