|
 |
| |
Market Moving News
|
|
|
| |
| News item below are time-delayed, to get the latest news, please try our >> Trial
Offer << |
|
| Intra-day Market Moving News |
| 25 Jul 2024 |
08:22 |
EUR/USD - 1.0849... LSEG reported German business morale unexpectedly fell in July, a survey showed on Thursday.
The Ifo institute said its business climate index sank to 87.0 in July from 88.6 in June, compared with a reading of 88.9 forecast by analysts in a Reuters poll.
|
| |
| 25 Jul 2024 |
08:22 |
EUR/USD - 1.0848... LSEG reported German business morale unexpectedly fell in July, amid increasing pessimism about the performance of Europe's largest economy, a survey of around 9,000 managers showed on Thursday.
The Ifo institute said its business climate index sank to 87.0 in July from 88.6 in June, compared with a reading of 88.9 forecast by analysts in a Reuters poll.
"The German economy is stuck in the crisis," said Ifo president Clemens Fuest.
The current conditions index fell to 87.1 from 88.3 in the previous month. Analyst polled by Reuters expected the index to rise to 88.5
Scepticism has also increased noticeably with regard to the coming months. The expectations index dropped to 86.9 in July from 88.8 in June. Analysts had expected that index at 89.0.
|
| |
| 24 Jul 2024 |
14:54 |
USD/CAD - 1.3787... LSEG news, Bank of Canada Governor Tiff Macklem speaks at press conference and says :
- we don't need more excess supply, we need growth and job creation to start picking up
- there was a clear consensus to cut by 25 bps
- monetary policy is still restrictive
- we don't want to weaken the economy too much and have inflation go below our 2% target
|
| |
| 24 Jul 2024 |
13:48 |
USD/MAJORS... LSEG reported U.S. business activity climbed to a 27-month high in July, but firms appeared to have some difficulty sustaining higher prices for their goods and services amid resistance from consumers, offering a further boost to the inflation outlook.
S&P Global said on Wednesday that its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, edged up to 55.0 this month. That was the highest level since April 2022 and followed a final reading of 54.8 in June.
A reading above 50 indicates expansion in the private sector. A pick-up in the services sector offset an easing in the manufacturing industry.
The survey's flash manufacturing PMI dropped to a seven-month low of 49.5 this month from 51.6 in June. Economists polled by Reuters had forecast the index for the sector, which accounts for 10.3% of the economy, little changed at 51.7.
|
| |
| 24 Jul 2024 |
13:47 |
Continues from previous update...
The bank said growth would increase in the second half led by stronger exports and a recovery in household spending as borrowing costs ease.
"With the economy strengthening, excess supply will be absorbed next year and into 2026," Macklem said.
The bank said it expected growth to be 2.1% in 2025, revised from 2.2% in April, and sees 2.6% in 2026.
|
| |
| 24 Jul 2024 |
13:46 |
Continues from previous update...
Inflation is facing two opposing forces - a weak economy pulling it down and persistently high prices of shelter and services keeping it up.
"The risk that inflation comes in higher that expected has to be increasingly balanced against the risk that the economy and inflation could be weaker than expected," said Macklem.
Consumer prices in June eased to 2.7% with the bank's closely tracked core measures of inflation also easing marginally. But this data followed a surprise jump in May.
In its quarterly Monetary Policy Report (MPR) released on Wednesday, the bank projected overall inflation would be 2.6% this year and 2.4% next year.
First quarter annualized growth was just 1.7%, way below the bank's April forecast of 2.8%.
|
| |
| 24 Jul 2024 |
13:45 |
USD/CAD - 1.3788... LSEG reported the Bank of Canada on Wednesday trimmed its key policy rate by 25 basis points for the second month in row, bringing it down to 4.5%, and said more cuts were likely if inflation continued to cool in line with forecasts.
The bank had previously kept the rate at a two-decade high of 5% for almost a year in a bid to combat high inflation by suppressing economic growth.
"We are increasingly confident that the ingredients to bring inflation back to target are in place," Governor Tiff Macklem told reporters. The Bank reiterated inflation should return sustainably to its 2% target in the second half of 2025.
The bank trimmed its 2024 growth forecast to a lackluster 1.2% from the 1.5% it predicted in April, in part because households are setting aside more money to pay debts and have less to spend on discretionary items.
"We need growth to pick up so inflation does not fall too much," said Macklem. The downside risks to inflation were taking on increased weight in monetary policy deliberations, he said.
|
| |
| 24 Jul 2024 |
08:31 |
GBP/USD - 1.2886... LSEG reported British business activity picked up this month, bolstered by the fastest manufacturing growth in two years and the strongest inflow of new orders since April 2023, a major survey showed on Wednesday.
July's S&P Global Flash Composite Purchasing Managers' Index rose to 52.7 from June's six-month low of 52.3, a shade higher than the 52.6 forecast in a Reuters poll of economists.
The services component rose slightly less than expected, while the smaller manufacturing sector beat expectations to hit its highest since July 2022.
"The first post-election business survey paints a welcoming picture for the new government, with companies operating across manufacturing and services having gained optimism about the future," S&P Chief Business Economist Chris Williamson said.
|
| |
| 24 Jul 2024 |
08:01 |
EUR/USD - 1.0829... LSEG reported growth in euro zone business activity stalled this month as a tepid expansion in the bloc's dominant services industry failed to offset a deeper downturn among manufacturers, a survey showed on Wednesday.
Expectations about the coming year waned again, suggesting business managers do not expect an imminent turnaround. The composite future output index registered a six-month low of 60.0 compared to June's 60.8.
A PMI covering the services sector fell to 51.9 this month from 52.8 versus a poll prediction for an increase to 53.0.
Services firms faced a steeper increase in input costs this month but raised their prices charged at a shallower rate. The output prices index eased to 53.2 from 53.5.
|
| |
| 24 Jul 2024 |
07:33 |
EUR/USD - 1.0835.. LSEG reported German business activity contracted unexpectedly in July following three months of expansion, a preliminary survey showed on Wednesday.
The HCOB German flash composite Purchasing Managers' Index, compiled by S&P Global, fell to 48.7 in July from 50.4 in June, well below the 50.7 forecast in a Reuters poll.
The composite index, which tracks the services and manufacturing sectors that together account for more than two-thirds of the euro zone's largest economy, is now below the 50 mark that separates growth from contraction.
The services sector index eased in July to 52.0 from 53.1 in June. Analysts polled by Reuters expected the index to rise to 53.3.
|
| |
| 24 Jul 2024 |
07:17 |
EUR/USD - 1.0849... LSEG reported France's dominant services sector expanded in July, a survey showed on Wednesday, helped by a pick-up in business from the Olympic Games although the country's manufacturing sector weakened further.
The HCOB flash purchasing managers index for the services sector, compiled by S&P Global, rose to 50.7 points in July from 49.6 points in June, beating a Reuters poll forecast of 49.8 points.
Any figure above 50 points marks an expansion in activity, while below 50 signals a contraction.
By contrast, the flash July PMI for the French manufacturing sector fell to 44.1 points from 45.4 in June - below forecasts for a figure of 45.8 points.
|
| |
| 24 Jul 2024 |
02:08 |
USD/JPY - 155.33... LSEG earlier reported Japan's factory activity contracted slightly in July as output and new orders fell and firms remained under pressure from higher prices, a business survey showed on Wednesday.
But the expansion in the service sector helped overall activity in Japan's private sector return to growth in July, the survey found.
The au Jibun Bank flash Japan manufacturing purchasing managers' index (PMI) slipped to 49.2 in July from 50.0 in June.
The index fell below the 50.0 threshold separating growth from contraction on a monthly basis for the first time in three months.
|
| |
| 23 Jul 2024 |
07:01 |
EUR/USD - 1.0886... LSEG reported new data and macroeconomic projections will help the European Central Bank to better reassess its monetary policy stance in September, said ECB vice president Luis de Guindos in an interview with Europa Press.
"We decided to keep interest rates unchanged because we will have more information in September," de Guindos said about the July decision in an interview that was published on the ECB website on Tuesday. "Data-wise, September is a much more convenient month for taking decisions than July was."
|
| |
| 23 Jul 2024 |
06:36 |
USD/JPY - 156.46... LSEG reported broadening pay hikes among smaller firms is crucial, said Japan's top government spokesperson, Yoshimasa Hayashi, underscoring the administration's drive to achieve sustained wage gains.
Such gains have been a policy priority for Prime Minister Fumio Kishida's government, in its effort to prevent rising living costs from hurting consumption and derailing a fragile economic recovery.
Hayashi's remark came in a Reuters NEXT Newsmaker interview ahead of the Bank of Japan's policy meeting on July 30 and 31, when the board is likely to discuss whether conditions allow it to lift interest rates from current levels near zero.
It was crucial for Japan to achieve a "positive" cycle in which firms can pass on higher costs through price hikes, so that they can earn enough to keep raising pay, Hayashi added.
"We expect the Bank of Japan to decide specific monetary policy with an eye on what's happening in the economy, and through close dialogue with markets," Hayashi, who is the chief cabinet secretary, said on Friday.
|
| |
| 23 Jul 2024 |
06:34 |
EUR/USD - 1.0880... LSEG news, ECB's de Guindos says :
- inflation data practically in line with our projections
- in interview Europa press data-wise, September is a much more convenient month for taking decisions than July was
- current level of uncertainty is huge, so we have to be prudent when taking decisions
- will look particularly closely ?t wage developments
- reelection of Ursula von der Leyen is a confidence indicator as regards stability
- outcome of French elections has created additional uncertainty
|
| |
|
|
|
|
|
|
|
Top 
