Consumer confidence (Jul): Moderately lower
Tags:
New home sales (Jun): slight rebound from depressed levels Consumer confidence (Jul): moderately lower Durable goods orders (Jun): noticeable increase mainly due to nondefense aircraft orders GDP (Q2): up by about 2.5% qoq in annualised terms After the expiry of the home buyer tax credit on 30 April, new home sales in May plunged by a third to a record low of only 300,000 units. Sales are likely to have remained depressed in June. In view of the sales level, however, we
M3 money supply growth (June): annual rate still slightly negative German CPI inflation (July): up EMU inflation flash estimate (July): higher EMU industrial confidence (July): up EMU economic sentiment (July): up German adjusted unemployment (July): moderate decline German retail sales (June): modest drop EMU industrial confidence and economic sentiment will probably have improved sharply in July , just like the majority of the corresponding national figures. EMU consumer confidence is not
Existing home sales (Jun): set to plunge
Tags:
Housing starts (Jun): stable after significant decline Existing home sales (Jun): set to plunge Leading indicators (Jun): signalling a slowdown In June, the NAHB index fell significantly by 5 points to 17, reflecting a drop in building activities after the expiration of tax incentives. Building activities will probably have remained subdued in July. We expect the NAHB index to have retreated somewhat further to about 15 in July – far below the threshold of 50, above which more builders view
German ifo business climate (July): Unchanged
Tags:
German ifo business climate (July): unchanged PMI manufacturing index EMU (July): unchanged The ifo business climate for Germany could have remained unchanged at least in July. The German ZEW economic sentiment and the US ISM manufacturing index have both declined. German yield spreads have also gone down, as short-term interest rates have increased and long-term rates have been fluctuating. The DAX and crude oil prices have been fluctuating too and the euro has appreciated somewhat recently.
Retail sales (Jun): No rebound
Tags:
Trade balance (May): deficit somewhat narrower Retail sales (Jun) : no rebound Inflation data (Jun) : annual rates set to drop sharply FOMC minutes : will include adjusted projections First regional PMIs (Jul): moderate expansion Industrial production (Jun) : decline after surge in May UMI consumer sentiment index (Jul) : lower despite decrease in gasoline prices In April, exports fell somewhat more than imports, and thus the trade deficit widened from $40.0bn to
German ZEW economic sentiment (July): down EMU industrial production (May): up The German ZEW economic sentiment could have continued to decline in July. The ifo business expectations, the US ISM manufacturing index and German yield spreads have all gone down, as long-term interest rates have decreased and short-term rates increased. The DAX and crude oil prices have been fluctuating and the euro has appreciated somewhat recently. EMU industrial production will probably have increased in
ISM non-manufacturing index (Jun): Unchanged at best
Tags:
Wholesale inventories (May): moderate build-up continues The ISM non-manufacturing index was unchanged at 55.4 for the third consecutive month in May and thus remained far behind its manufacturing counterpart, which has benefited more from restocking of inventories. The gap between the two indices is narrowing because the upswing has broadened somewhat, but also because of the moderation in the ISM manufacturing index. The latter fell to 56.2 in June which is still a solid level, albeit the
German industrial new orders (May): unchanged at least Output in the German producing sector (May) : up ECB: no policy action German industrial new orders might have remained unchanged at least in May , as the correlated indicators sent mixed, but on the whole rather positive signals. However, output in the German producing sector could have continued to increase in May , just like most of the correlated indicators. The same applies to Italian industrial production. French industrial