Japan June Core Machine Orders Post 1st M/M Rise in 3 Months as Computer Demand from Various Industries Remains Solid
–Q2 Core Orders -0.2% Q/Q, Easily Beating -1.6% Official Forecast as Largely Expected–Q3 Core Orders Seen Up Modest 0.2% Q/Q, Indicating Uncertainty over Global Growth; June Core Orders Mark 1st Y/Y Drop in 4 Months–Cabinet Office Keeps View After Last Month’s Downgrade: Pickup in Machine Orders Pausing By Max Sato (MaceNews) – Japanese core machinery […]
Japan Q2 GDP Rebounds on Resumed Auto Output, Wage Hikes; Heat Wave Also Boosts Consumer Demand for Air Conditioners, Summer Goods
–Q2 GDP +0.8% Q/Q, +3.1% Annualized, Above Median Forecasts of +0.6%, +2.3%–Domestic Demand Pushes Up GDP by 0.9 Point, Net Exports Trim Growth by 0.1 Point By Max Sato (MaceNews) – Japan’s gross domestic product for the April-June quarter posted a stronger-than-expected rebound after suffering its first contraction in two quarters in January-March, up a […]
Preview: Japan Q2 GDP to Post Modest Rebound After Slumping in Q1 but Consumption Remains Sluggish amid High Costs
By Max Sato (MaceNews) – Japan’s gross domestic product for the April-June quarter is forecast to post a modest rebound after suffering its first contraction in two quarters in January-March, up 0.6% on quarter, or an annualized 2.3%, as consumption and business investment picked up from the drag of suspended output at Toyota group factories […]
Japan PM Kishida Says He Will Not Seek Re-Election at LDP Leadership Convention Next Month, Hoping to Calm Voter Rage Over Political Funding Scandal
By Max Sato (MaceNews) – Japanese Prime Minister Fumio Kishida on Wednesday announced that he will not seek re-election at the Liberal Democratic Party leadership convention in late September, taking the blame for widespread political funding scandals at the ruling party, a key factor behind sluggish voter support for the administration. Kishida, 67, will step […]
BofA Global Research Fund Manager Survey: Global Investors Buy Bonds on Declining Global Growth Expectations
–US Recession Concern Top Tail Risk –Sixty percent of Managers Expect Four Or More Fed Cuts in Next 12 Months By Vicki Schmelzer NEW YORK (MaceNews) – Global investors made a beeline into bonds in July, driven by declining world growth expectations, according to BofA Global Research’s monthly fund manager survey, released Wednesday. Jitters about […]
Japan June Producer Prices Up 3.0% Y/Y As Expected After 2.9% Rise in June; Utility Subsidies End, Global Demand for Lumber, Steel Picks Up Amid Rising Concerns Over Chinese Recovery
–Import Costs High as Yen Stayed Weak Before Firming on Stealth MOF Intervention at End-July, Fears of Faster BOJ Rate Hikes—Producer Inflation Remains Below Recent Peak of 10.6% in December 2022–Producer Prices Up 0.3% M/M on Utilities, Farm Produce, Summer Beverages, Cars By Max Sato (MaceNews) – Producer inflation in Japan continued accelerating to 3.0% […]
Fed Officials Remain Hesitant To Back Aggressive Rate Cuts Despite Weaker Job Data
– Consensus for 25 bp Cut in September Seemingly Intact, But Early or Larger Cut Doubtful By Steven K. Beckner (MaceNews) – When a disappointing July employment report and other worrisome economic indicators triggered a Wall Street sell-off, speculation mounted that the Federal Reserve would have to play catch-up and ease monetary policy more aggressively […]
Bank of Japan Board Members See Upside Risks to Inflation Outlook at July Meeting; Some Note Low Real Rates, Others Warn of Weak Consumption
–One Member Estimates Minimum 1% Neutral Rate, Calls for Gradual Pace of Rate Hikes By Max Sato (MaceNews) – Bank of Japan board members called for a close watch on upside risks to their inflation outlook amid labor shortages and higher import costs, with a majority seeking to justify a follow-up interest rate by pointing […]
Japan June Overall Household Spending Dips Y/Y on Volatile Factors but Core Reading Records 1st Rise in 16 Months as Heat Wave Boosts Demand for Air Conditioners
–Consumers Remain Frugal, Switching to Discount Mobile Phone Plans–High Wage Hikes amid Labor Shortages Lead to 2nd Straight Rise in Average Household Income–Base Wages Mark Highest Growth in Nearly 3 Decades; Real Wages Up for 1st Time in 27 Months By Max Sato (MaceNews) – Japan’s real household spending posted its second straight year-over-year drop […]
ISM: US Services Sector Back in Growth in July After Unexpected Slip Back into Contraction in June; April-July Average Moderates to Early 2020 Pandemic Slump
–ISM Services Index at 51.4 Vs. 48.8 in June Vs. Median Forecast 51.0–Business Activity, New Orders, Employment All Rebound–Prices Paid Index Remains Elevated at 57 but Has Eased from Above 70, 80 in 2021 and Parts of 2022 By Max Sato (MaceNews) – The U.S. services sector rebounded largely as expected In July, backed by […]