Global Economic Update

Global Economic Update

In the Eurozone, the final consumer price index climbed as expected by 1.5% YoY in March, compared to a rise of 2.0% in February. The preliminary figures had also recorded an advance of 1.5%. The seasonally adjusted trade surplus widened more-than-anticipated by €19.20bn in February, from a trade surplus of €15.70bn in January.

In Italy, trade surplus narrowed to €0.17bn in February, compared to a revised trade surplus of €0.32bn in the previous month.

The Fed’s Beige Book report indicated that the US economy expanded at a modest-to-moderate pace between mid-February and the end of March and that tight labour markets are broadening out wage gains, but inflation pressures remained in check. Moreover, a large number of firms reported high turnover rates and challenges in retaining staff. In the US, MBA mortgage applications dropped 1.8% in the week ended April 14, 2017, compared to a rise of 1.5% in the prior week.

In Japan, merchandise (total) trade surplus dropped less-than-forecast to ¥614.70bn in March, following a revised trade surplus of ¥813.50bn in February.

In Australia, the NAB business confidence index remained unchanged at 6.00 in 1Q17.

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