<strong>Japan October Household Spending Posts 5th Straight Y/Y Rise; Keeps M/M Gain Despite Signs of 8th Covid Wave </strong>
–Spending on Traveling, Dining Out Stays Above Year-Earlier Levels on Reopening Economy –Real Household Income Dip; Real Wages Down Amid Widespread Retail Price Hikes By Max Sato (MaceNews) – Japan’s real household spending posted the fifth straight year-on-year rise in October and maintained a gain on the month as people continued to eat out, shop […]
<strong>Japan October Retail Sales Keep Solid Y/Y Gain on Eased Covid Rules; Nearly Flat M/M on Price Hikes </strong>
–METI Keeps View After Recent Upgrade: Retail Sales Picking Up –Department Store Sales on Recovery Track but Still Below Pre-Pandemic Levels –Demand for Cosmetics, Drugs Remains Strong; Auto Sales Picking Up By Max Sato (MaceNews) – Japanese retail sales posted their eighth straight year-on-year increase in October, led by wide-ranging price hikes, but lower Covid […]
Bank of Canada’s Rogers: Non-Bank Leverage, Ability to Supply Liquidity Pose Risks to Financial System
–Canadian Financial System ‘Resilient’ So Far but BOC Monitoring Risks –High House Prices, Household Debt Are Vulnerabilities for Financial System –Rising Mortgage Costs Tough on Some Canadians but Higher Rates to Bring Down Inflation By Max Sato (MaceNews) – Non-bank financial institutions manage a large share of assets for Canadians but are excluded from the […]
<strong>Japan October Core CPI Surges 3.6% Y/Y to Hit 40-Year High on Food Markups, Mobile Communications Fee Rebound </strong>
–Processed Food Now Largest Inflation Factor as Energy’s Contribution Shrinks –Core CPI (Ex-Fresh Food) Y/Y Rise Highest Since +3.6% in February 1982 With or Without Sales Tax Hike Impact –Core-Core CPI (Ex-Fresh Food, Energy) +2.5% Y/Y, 30-Year High Excluding Impact of 2014, 1997 Sales Tax Hikes –Total CPI Jumps 3.7% Y/Y, 31-Year High Excluding Effects […]
Japan Q3 GDP Unexpectedly Shrinks on Surging Imports; Capex Slower but Solid, Consumption Resilient
–Japan’s Economy Posts 1st Q/Q Drop in 4 Quarters; Q2 Growth Revised Up –Consumption Marks 4th Straight Q/Q Rise Despite Spike in New Covid Cases –Capex Demand for FY22 Solid Amid Digitization, Green Transformations –Q4 GDP May Rebound on Fiscal Support but Global Uncertainties Remain –Economic Minister Goto: Japan Gradual Pickup Intact Despite Q3 Dip […]
Italy’s Rightist Government Aims to Soften EU Fiscal Rules, Sees ‘Reinforced Supervision’ Unacceptable – Sources
By Silvia Marchetti ROME (MaceNews) – Italy’s newly appointed rightist government will seek to negotiate softer fiscal rules at the European level to take into account ‘country-specifics’ for more lenient and longer adjustment paths, according to ruling coalition sources. Officials are worried that the new rules concerning the reform of the Stability and Growth pact […]
Preview: Japan Q3 GDP to Post 4th Straight Quarterly Growth; Pace Slower on Covid Spike, High Prices
–Modest Q3 Growth Seen Led by Solid Capex Demand, No Strict Public Health Rules –Net Exports Seen Down amid Global Slowdown, Rising Import Costs –Q4 GDP Growth Likely Backed by Govt Subsidies for Tourism, Eased Border Restrictions By Max Sato (MaceNews) – Japan’s gross domestic product for the July-September quarter is forecast by economists […]
ISM: US October Service Sector Growth Slows Amid Uncertainty; Supply Delays Linger 
–ISM’s Nieves: Concerned About Corporate Mindset of Cost Containment at Threat of Recession–ISM’s Nieves: Service Providers See No Recession in 2022, Some Pullback in 2023 –ISM’s Nieves Agrees with ISM Manufacturing Outlook: Contraction Ahead but Not Necessarily Recession By Max Sato (MaceNews) – U.S. service sector growth slowed for the second straight month in October […]
Analysis: FOMC Set for Fourth 75 BP Rate Hike But What Comes Next?
– Even After Another Big Hike Real Funds Rate Will Be Negative – Mixed Signals About How High Fed Willing to Go to Fight inflation By Steven K. Beckner (MaceNews) – The Federal Reserve will almost certainly take another fairly aggressive monetary tightening step at its Federal Open Market Committee meeting next week, but its interest rate hike […]
Japan October Tokyo Core CPI Surges to 40-Year High of 3.4% as Widespread Markups Continue 
–Total CPI +3.5%, Narrow CPI (Ex-Fresh Food, Energy) +2.2% for 3-Deacde Highs By Max Sato (MaceNews) – Consumer prices in Tokyo, the leading indicator of the national average, surged in all three key measures, with the core CPI annual rate hitting a 40-year high of 3.4%, as processed food and natural gas suppliers continued passing […]