USTR LIGHTHIZER CASTS CHINA RELATIONSHIP IN ROSY HUES
–Doing OK in Adherence to Phase 1 Commitments –China Pullback in Ag Purchases ‘Not True.’ NEW YORK (MaceNews) – President Trump’s top trade negotiator Thursday cast U.S.-China relations, at least in his sphere, in unexpectedly positive terms and called reports of a setback in purchases of U.S. soybeans perhaps the result of “disinformation.” U.S. Trade […]
BANK OF CANADA’S GRAVELLE: POLICY-MAKERS ‘HOPEFUL,’ WATCHING DATA AS ECONOMY REOPENS
NEW YORK (MaceNews) – Bank of Canada policy-makers are hopeful the pandemic’s economic impact has peaked, but admit there’s much uncertainty how the recovery will unfold, BOC Deputy Governor Toni Gravelle said Thursday. Gravelle, in remarks prepared for delivery during an online meeting, said the bank will be watching economic data closely to gauge the […]
ECB EXPANDS BOND BUYING PROGRAM, DECLINES FURTHER EASING MEASURES
By Laurie Laird LONDON (MaceNews) – The European Central Bank expanded its emergency asset purchase program but declined to activate any further measures in what it calls its “policy toolkit,” despite forecasting a fall in inflation to just above zero. The ECB’s pandemic emergency purchase program, or PEPP, will increase by €600 billion to €1.35 […]
DATA FLASH: US INITIAL CLAIMS SLOW FURTHER; APRIL TRADE GAP WIDENS
-–Initial Claims -249,000 to 1.877 Mln; 38.8 Mln Total Under COVID–-Int’l Trade Gap $49.4 Bln vs $42.3 Bln In March; China Gap Surges-–Nonfarm Productivity Rev Up to -0.9%, Unit Labor Costs Rev Up to +5.1%. By Kevin Kastner WASHINGTON (MaceNews) – The U.S. initial claims data came in above expectations Thursday but still posted a ninth […]
SIFMA SURVEY: ’20 GDP -5.5%; ’21 +4.7%; NO NEGATIVE RATES
NEW YORK (MaceNews) – A survey of 26 chief economists of global and regional financial institutions Tuesday saw U.S. fourth quarter to fourth quarter GDP falling 5.5% this year and rebounding strongly next year with a 4.7% gain. The survey, taken through May 28, also found no expectation for the Federal Reserve to purposely employ […]
DATA FLASH: US MANUFACTURING CONTRACTION SLOWED IN MAY
-April Construction Spending Declined, As Suggested by Housing Data By Kevin Kastner WASHINGTON (MaceNews) – The May ISM index Monday showed U.S. manufacturing sector activity contracted further, but at a slower pace, in line with the regional and Markit data. Survey respondents in the ISM report noted while COVID-19 continues to weigh heavily on business […]
DATA PREVIEW: AFTER A 20M JOBS DROP, WHAT’S NEXT?
By Kevin Kastner WASHINGTON (MaceNews) – The U.S. April data were, in a word, horrible. There was no silver lining, except that it was, hopefully, the worst we will see and that some relative recovery began over last few weeks. The May business conditions data already released continued their downward trend, but the pace of […]
DATA FLASH: APRIL INCOME LIFTED BY STIMULUS, BUT NO PLACE TO SPEND
–US April Personal Income +10.5%, Transfer Payments +89.6% on Stimulus–Savings Rate 33.0%, Nominal PCE -13.6%, Real PCE -13.2%, Core Prices -0.4%–May Chicago PMI Falls to 32.3 from 35.4 in April–May Michigan Sentiment Index Revised Down to 72.3 After 71.8 in April By Kevin Kastner WASHINGTON (MaceNews) – Personal income surged in April on the large […]
BANK OF ENGLAND’S SAUNDERS CALLS FOR MPC TO COMMIT TO FURTHER ASSET PURCHASES
External MPC Member Refuses to Be Drawn on Negative Interest Rates By Laurie Laird LONDON (MaceNews) – A Bank of England rate setter has urged the Monetary Policy Committee to commit to further asset purchases at its upcoming meeting, but refused to be drawn on the possibility of negative interest rates in the UK. Addressing […]
EXPECTATIONS LIFT EURO AREA ECONOMIC SENTIMENT IN MAY, EUROSTAT REPORTS
By Marco Babic ZURICH (MaceNews) – Economic sentiment for the countries sharing the euro improved slightly in May, recovering from historic lows the month before, as industry and consumer sentiment increased while the outlook in the services industry continued to decline, according to data released Thursday by Eurostat. The Economic Sentiment Index rose to 67.5 […]