Japan Q2 GDP Rebound Firmer Than Expected, Led by Consumption, Capex
— Consumer Spending Unexpectedly Rises Despite Pandemic Restrictions — Q2 GDP Posts 1st Y/Y Rise in 7 Quarters in Payback for 2020 Slump By Max Sato (MaceNews) – Japan’s economy rebounded more strongly than expected in April-June, led by solid business investment and surprisingly resilient consumption despite on-and-off restrictions on economic activity during the pandemic, […]
Japan Economic Sentiment Clouded by COVID Infection Spike; Inflation Pickup Slow
By Max Sato (MaceNews) – Japanese sentiment picked up slightly in July, thanks to a four-day weekend created for the Tokyo Olympics, but the uncertainty over the economic outlook grew amid a surge in cases caused by the more infectious Delta variant and public frustration over the government’s response to the pandemic, including the slow […]
Germany’s IFO Business Climate Index Unexpectedly Fell in July Amid Supply and Covid Concerns
ZURICH (MaceNews) – A decline in business expectations led to a drop in overall business sentiment, according to the latest report from Germany’s IFO Institute. The Business Climate Index fell to 100.8 in July from a revised 101.7 (101.8) in June, coming in below the median result of 102.3 in an Econoday survey of economists’ […]
FOMC Mainstream Seems In No Hurry To Taper As Late July Meeting Nears
By Steven K. Beckner (MaceNews) – Having started “talking about talking about” scaling back asset purchases at their mid-June Federal Open Market Committee meeting, Federal Reserve policymakers will presumably begin really “talking about” “tapering at the July 27-28 FOMC meeting. The timing of actual reductions in bond buying, however, remains very much in doubt, although […]
Bank of England Rate Setter Warns Against Tighter Policy
— “Economy not fully recovered,” says MPC member Jonathan Haskel By Laurie Laird LONDON (MaceNews) — The UK economic recovery is not sufficiently robust to warrant tighter monetary policy, according to rate setter Jonathan Haskel, placing him at odds with two colleagues who last week advocated for a rethink of extreme monetary accommodation. “My preference at […]
Fed’s Williams to Reporters: Need More Data on Jobs, Inflation Before Deciding on Taper
By Steven K. Beckner (MaceNews) – New York Federal Reserve Bank President John Williams was vague Monday about when he thinks the Fed should start scaling back its asset purchases, but suggested he is no hurry. Williams said he needs to see a lot more data on both employment and inflation before coming to a conclusion […]
Italy’s 5 Stars Movement Likely to Collapse; ‘Trump-Style’ Populism Over – Sources
By Silvia Marchettia ROME (MaceNews) – Italy’s populist Five Star movement is likely heading towards an implosion to the benefit of the entire ruling coalition and the country’s future, according to other allied party sources. “They’re lost, without a leader and a clear way forward. Many members have ditched the group while others eye to […]
US Data Preview Commentary: Jobs Rpt, ISM/Markit, Consumer Confidence and ‘The Ministry of the Future’
WASHINGTON (MaceNews) – The jobs report snapshot was taken in a week this month when the weekly jobless benefit claims disappointed by bouncing above the previous three weeks. If the monthly report from the Bureau of Labor Statistics is disappointing as well Friday, it will likely not change the views of Federal Open Market participants. […]
Bundesbank’s Weidmann: Sharp Price Rises in Germany ‘Temporary;’ No Signs of Excessive Medium-Term Price Pressures
ZURICH (MaceNews) – Bundesbank President Jens Weidmann that current price increases in Germany are of a temporary nature and that he doesn’t see signs of higher inflation rates solidifying. In an interview with the business daily Handelsblatt, Weidmann said that “from our viewpoint, the sharp price increases in Germany are temporary and there aren’t signs […]
BofA Global Research Fund Manager Survey: Investors See Inflation As Transitory, Temper Still Solid Growth Expectations
By Vicki Schmelzer NEW YORK (MaceNews) – Global investors in June maintained their view that any inflation pressure being seen currently and going forward would be transitory, according to the findings of BofA Global Research’s monthly fund manager survey, released Tuesday. Growth expectations remained solid this month, but down from the lofty views seen earlier […]