Global Economic Update

Global Economic Update

In the UK, the consumer price index (CPI) registered a higher-than-expected rise of 2.7% YoY in April, compared to a rise of 2.3% in March.

In the Eurozone, the seasonally adjusted second estimate of gross domestic product (GDP) advanced as expected by 0.5% QoQ in 1Q17, compared to a revised similar rise in the prior quarter. In May, the ZEW economic sentiment index climbed to 35.10, compared to a reading of 26.30 in April. In March, the seasonally adjusted trade surplus widened to €23.10bn in March, from a revised trade surplus of €18.80bn in February.

In Germany, the economic sentiment index registered a less-than-expected rise to 20.60 in May, compared to a reading of 19.50 in April. In May, the current situation index rose higher-than-expected to a level of 83.90, compared to a level of 80.10 in April.

In the US, manufacturing production registered a more-than-anticipated rise of 1.0% MoM in April, compared to a drop of 0.4% in March. In April, industrial production recorded a higher-than-expected rise of 1.0% MoM, compared to a revised rise of 0.4% in March. Building permits surprisingly fell by 2.5% MoM, to an annual rate of 1229.00K in April, compared to a revised level of 1260.00K in March. In April, housing starts registered an unexpected drop of 2.6% MoM to an annual rate of 1172.00K, compared to a revised level of 1203.00K in March.

In Japan, the final industrial production dropped 1.9% MoM in March, compared to a rise of 3.2% in February. In March, capacity utilisation slid 1.6% MoM, compared to a rise of 3.2% in February.

In Australia, Westpac consumer confidence index eased 1.1% MoM, to a level of 98.00 in May, compared to a level of 99.00 in April.

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