Commodities (iron ore, oil) and commodity-linked currencies (AUD, CAD) surged. West Texas Intermediate has reached $75 a barrel, while Brent rose to the highest mark since October 2018.
German industrial output heads south more than anticipated in June
In June, German industrial output went down more than anticipated by market participants and financial analysts, as Tuesday’s data disclosed, due to the fact that factories in the EU’s number one economy had the second quarter concluded on rather a weaker footing.
The Economy Ministry revealed that industrial output went down by nearly 0.9%, thus undershooting a Reuters estimate for a 0.5% dip. It showed up after a downwardly updated 2.4% ascend in May.
Industrial output managed to gain 0.4% on the quarter during the April-June period. Market experts point out that it’s not a great outcome. On the other hand, they confess that it could have been much worse.
Compared to the first quarter, Germany’s industrial output definitely backed surge in the second quarter.
A sector breakdown revealed that manufacturing went down by 0.8%, while construction lost 3.2% in June. As a matter of fact, energy production managed to rally by 2.9%.
On Tuesday, next week, the Federal Statistics Office is going to uncover a preliminary GDP surge report for the second quarter.
Market experts surveyed by Reuters actually expect Germany's quarterly surge rate to edge up from 0.3% to up to 0.4% in the first three months of 2018.
By the way, as the Federal Statistics Office informed in a separate statement, in June, seasonally updated exports didn’t change on the month. On the contrary, imports tacked on by up to 1.2%.
The seasonally updated trade surplus contracted to 19.3 billion euros in June from May’s upwardly updated 20.4 billion euros.
In the first half of 2018, the trade surplus was almost intact, demonstrating an outcome of 121.5 billion euros in contrast with 121.3 billion euros in the first six months of 2017. That’s what unadjusted data disclosed.
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The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).