In her speech, she reiterated that the inflation level for instance is still below the 2.0% target which is the optimum point to spur the economy according to the Fed. Her full speech can be viewed here.
Friday, September 25, 2015
Janet Yellen`s speech on inflation and monetary policy
The Federal Reserve Chair Janet Yellen spoke on inflation and monetary policy in front of an audience in the University of Massachusetts.
Thursday, September 24, 2015
Targeted LTROs frustrate
The European Central Bank (ECB) is giving a mere 15.5 billion euros in this month`s longer-term refinancing option (LTRO). In comparison, this was set at 73.8 billion euros in the previous period. Italian banks are set to request less than 3 billion euros worth of funds.
Reuters has a write up on this.
Reuters has a write up on this.
Unemployment claims at 267 thousand
The weekly unemployment claims gained slightly this week to 267 thousand claims.
Durable goods orders drop
Core durable goods orders were flat in September, down from a 0.4% growth in August. MarketWatch has brief write up on this.
Business confidence in Germany rises
The Ifo business climate index rose to 108.5 in September from 108.4 in the previous month.
However, the manufacturing sector continues to deteriorate. The full report can be found here.
Tuesday, September 22, 2015
FOMC Lockhart`s speech
Dennis Lockhart, a Federal Open Market Committee (FOMC) member spoke at the Buckhead Rotary Club. He commented on the recent monetary policy decision which did not raise rates in September. His speech can be viewed here.
Friday, September 18, 2015
RBA Stevens`s speech on economics
Governor Stevens of the Reserve Bank of Australia (RBA) touched on economics in his speech to the House of Representatives Economics Committee. Interestingly, he expects the Federal Reserve to hike rates by Christmas.
His full speech can be viewed here.
His full speech can be viewed here.
FOMC statement: No rate hike
Thursday, September 17, 2015
Philly Fed manufacturing index negative
The Philly Fed manufacturing index entered negative territory in September. The survey can be found here.
New home construction falls in August
Housing starts in the US fell in August to 1.13 million permits from an annualized pace of 1.16 million. Bloomberg has a write up on this.
Weekly unemployment claims down to 264 thousand
The weekly unemployment claims dropped to 264 thousand from 275 thousand recorded last week.
UK retail sales accelerates by 0.2%
Retail sales in the UK expanded at a pace of 0.2% in August.
Other key points include:
Other key points include:
- The underlying pattern in the data, as suggested by the 3 month on 3 month movement in the quantity bought, showed growth for the 30th consecutive month, increasing by 0.4%.
- Compared with July 2015, the quantity bought in the retail industry is estimated to have increased by 0.2%.
- Average store prices (including petrol stations) fell by 3.3% in August 2015 compared with August 2014; the 14th consecutive month of year-on-year price falls.
- The amount spent in the retail industry increased by 0.2% in August 2015 compared with August 2014, but decreased by 0.3% compared with July 2015.
- The value of online sales increased by 7.4% in August 2015 compared with August 2014, but decreased by 2.7% compared with July 2015.
- Revisions in this release were caused by the incorporation of late data. The earliest revisions point for current price, non-seasonally adjusted data was August 2014. More information on revisions can be found in the background notes.
The report can be found here.
SNB monetary policy statement unchanged
The Swiss National Bank (SNB) left its monetary policy statement unchanged.
Services and primary industries contributed to New Zealand`s GDP growth
New Zealand`s gross domestic product (GDP) grew by 0.4% in the June quarter. This was mainly attributed to the increase in meat and dairy farming.
The economic report can be viewed here.
The economic report can be viewed here.
Wednesday, September 16, 2015
UK inflation report hearings
The video stream for the UK inflation report hearings can be found here.
Average earnings index up to 2.6%
The average earnings index grew at a rate of 2.6% in September. This is a 6 year high in terms of wage growth. The full labour market statistics report for September can be found here.
Tuesday, September 15, 2015
Retail sales in the US increases
In a Bloomberg write up, it was stated that retail sales in the US increased as "consumers may be looking past the recent volatility in financial markets. Well, sales grew but only at a pace of 0.1% for core retail sales and 0.2% for retail sales. This is deterioration from the previous period`s growth of 0.6% and 0.7% respectively.
Zerohedge has a more critically written article on this.
Zerohedge has a more critically written article on this.
ZEW indicator: EM dampens outlook
The ZEW indicator of business confidence decreased to 12.1 in September from a level of 25.0 in the previous period. Emerging markets (EM) have been said to dampen Germany`s export oriented economy while the Eurozone economy has weakened as well.
The press release can be viewed here.
The press release can be viewed here.
BoJ`s monetary polict statement
The Bank of Japan`s monetary policy statement can be read here. As usual, the statement is virtually unchanged.
RBA`s monetary policy minutes
The September meeting minutes can be found here, The members observed that financial markets have experienced increased volatility with the recent developments in China. Equity markets are affected the most while fixed income and foreign exchange markets are somewhat more stable.
Low interest rates would continue to support growth in Australia. Hence the rate remained unchanged at 2.0%.
Low interest rates would continue to support growth in Australia. Hence the rate remained unchanged at 2.0%.
Monday, September 14, 2015
China`s industrial output less than estimated
China`s industrial production growth was at 6.1%, lower than the 6.0% predicted by economists. Bloomberg has a write up on it.
Friday, September 11, 2015
US PPI flat
The producer price index indicated no growth in August. The output remained flat. The official report can be found here.
UoM consumer sentiment at a one year low
The preliminary University of Michigan consumer sentiment declined to 85.7 in September, making it a one year low. Bloomberg has a write up on on this.
Thursday, September 3, 2015
Australia`s trade balance deficit shrinks
The first good news for Australia this week- the trade balance deficit was reduced to 2.46 billion in July compared to 3.05 billion in the previous period. Retail sales however contracted by 0.1%.
An in depth breakdown can be found in the trade report.
An in depth breakdown can be found in the trade report.
ADP non-farm employment change: 190 thousand new jobs created
The ADP report indicated that 190 thousand new jobs were created in August. Do take note that this is not the official non-farm employment change report that will be out tomorrow.
UK`s construction sector up slightly
The construction PMI (purchasing managers` index) was up slightly to 57.3 in August from 57.1 in the previous period. Any level above 50.0 indicates an expansion in the industry.
The full report can be read here.
The full report can be read here.
Australian economy grows a lot slower than expected
The Australian economy grew at a pace of 0.2% in the June quarter, half of what economists were predicting. Bloomberg has a write up on the economy woes. In terms of currency, the Australian dollar dropped to a 6 year low against the greenback. By being a proxy economy to China, the Australian market is certainly feeling the heat.
The full GDP report can be found here.
The full GDP report can be found here.
New Zealand`s GDT up by 10.9%
The GDT index, the leading indicator of dairy prices was up by 10.9% on Tuesday.
Tuesday, September 1, 2015
UK`s manufacturing PMI down
Markiteconomics used the terms "expansion remains subdued" in terms of UK`s manufacturing output in August. The manufacturing PMI was at a level at 51.1 compared to 51.9 in July.
RBA statement
The Reserve Bank of Australia`s monetary policy statement can be found here. The cash rate remained unchanged at 2.0%.
China`s manufacturing PMI falls
The official PMI for August fell to 49.7 compared to 50.0 in July. This is in line with the fall in oil prices. CNBC has a write up on the PMI.
Australian building approvals grew by 4.2%
Building approvals picked up by 4.2% in July. The full report can be found here.
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