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American April wholesale inventories are moderately revised up
In April, American wholesale inventories turned out to be slightly higher than previously estimated in the face of leaps in the stocks of cars as well as a range of other goods.
On Friday, the Commerce Department uncovered a fact that wholesale inventories managed to ascend about 0.1% instead of being intact as reported the previous month. Equities of wholesalers soared up to 0.2% in March. As a matter of fact, in April, they went up approximately 5.8% year-on-year.
In addition to this, the component of wholesale inventories, which is traditionally used in the calculation of gross domestic product - wholesale equities excluding cars, managed to tack on about 0.1% in April.
By the way, inventory investment edged up merely over one-tenth of a percentage point to the American economy's 2.2% annualized surge tempo during the January-March period. Market experts actually expect the tempo of inventory accumulation to stay modest in the second quarter.
Besides this, Monday’s report disclosed that inventories at manufacturers went up about 0.3% in April having ascended approximately 0.2% in March.
In addition to this, wholesale car inventories managed to ascend nearly 0.4% in April having ticked up 0.1% in March. Furthermore, there were also increases in inventories of professional as well as computer equipment and also hardware and metals. As for wholesale petroleum equities, they tacked on about 3.1% in having edged up nearly 1.2% in March.
In April, sales at wholesalers leapt up to 0.8% having edged up about 0.4% in March. Besides this, sales of motor vehicles went down about 0.7% in April having declined 1.2% the previous month.
As some market experts point out, at April's sales pace it would take wholesalers up to 1.28 months to have shelves cleared, down from the outcome of March - 1.29 months.
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The United States will publish the Federal Open Market Committee Meeting Minutes on November 24, at 21:00 GMT+2.
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.