German June Manufacturing Orders up 4.1% M/m, Driven by Large Orders
ZURICH (MaceNews) – Demand for German manufactured goods rose 4.1 percent in June from the previous month, driven by large orders, the Federal Statistics (Destatis) office in Wiesbaden reported. The result far exceeded expectations, with the median of and Econoday survey of economists’ forecasts calling for a 1.5 percent gain, and reversing the revised decline […]
Italy Buys Time to Clear Ambitious Fiscal Reform, Resources Needed for Tax Cuts – Sources
By Silvia Marchetti ROME (MaceNews) – Italy’s government is expected to clear after the summer break a series of tax cuts to support low earners and struggling firms but needs time to find resources, according to ruling coalition sources. “This is a key fiscal reform which we were hoping to approve before parliament shuts this […]
Eurozone HICP Rises Unexpectedly in July, Exceeding Expectations, Flash Estimate Shows
ZURICH (MaceNews) – Led by double digit growth for energy costs, inflation in the euro-area rose more than expected in July, rising 2.2 percent from year-ago levels, the flash estimate from Eurostat showed. The increase in HICP exceeded expectations for 2.0 percent annual gain, according the median of an Econoday survey of economists’ forecasts. Energy […]
Eurozone Economic Sentiment Increases a Sixth Straight Month, Attaining Record
ZURICH (MaceNews) – Economic sentiment in the countries sharing the euro increased for the sixth consecutive month, reaching a new high, according to data released Thursday by the European Commission. The Economic Sentiment Index (ESI) rose to 119.0 in July from 117.9 in June, beating the median expectation for 118.5 in an Econoday survey of […]
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’ […]
Draghi’s Government May Stumble Over Thorny Justice Reform; Ruling Coalition Stability at Risk – Sources
By Silvia Marchetti ROME (MaceNews) – Prime Minister Mario Draghi is facing his first major hurdle since rising to power as coalition differences over proposed justice reform risk destabilizing the ruling coalition, according to party sources. The reform is expected to land in parliament on Monday for initial debate and be followed by the government’s […]
ECB Adds Dovish Tweak To Forward Guidance, Hints at Governing Council Disagreement On Rates
By Laurie Laird LONDON (MaceNews) – The European Central Bank adopted a more dovish tone after its latest rate-setting meeting, but ECB President Christine Lagarde hinted at a lack of agreement among Governing Council members over interest rate policy. Adopting new forward guidance in the wake of a policy review unveiled on 8 July, the […]
ECB Decision to Accelerate PEPP Purchases Was Not Reached Unanimously
By Laurie Laird — Some Governing Council members advocated a slowdown in bond buying, according to minutes of June meeting LONDON (MaceNews) – Not all European Central Bank rate setters supported the most recent decision to accelerate asset purchases, with some advocating a slower pace of acquisitions as the eurozone economy outperforms expectations. “In view […]
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 […]
ECB Lifts Inflation Target to 2%, Willing to Tolerate Overshoot
By Laurie Laird LONDON (MaceNews) – The European Central Bank Thursday lifted its inflation target to 2% and vowed to tolerate a short-term overshoot of the target. The new target is “not a ceiling,” said ECB President Christine Lagarde, presenting the Bank’s strategy review. Previously the bank aimed for a target of close to but […]