Manufacturing
Tokyo’s headline CPI inflation fell below expectations in August, easing from 3.2% y/y to 2.9% y/y – slightly below anticipations of 3.0% y/y and the first dip below 3% in nearly one year. Similarly, the slowdown in the ex-fresh food measure from 3.0% y/y to…
According to BCA Research’s European Investment Strategy service, the profit outlook for Eurozone earnings continues to deteriorate. The team’s earnings model for Eurozone equities continues to point to a deepening profit contraction in the order of 24%…
Germany’s IFO survey sent a downbeat message on Friday. The headline Business Climate Index fell by 1.7 points to 85.7, below expectations of 86.8 and near the 85.2 level at which it bottomed in October. A 2.4-point decline in the Current Assessment…
Yesterday we highlighted that the August update of the Philly Fed’s Nonmanufacturing Business Outlook survey sent a negative signal, with the New Orders, Sales, and Employment components all deteriorating. On Wednesday, the flash estimate of the US services…
The flash August S&P Global PMI data released on Wednesday painted a picture of softer global growth, while also hinting that Europe is on the cusp of recession. The composite PMI for the euro area fell by 1.6 versus the previous month to 47.0, led by…
The latest update of the Atlanta Fed’s Home Ownership Affordability Monitor (HOAM) – which gauges a median-income households’ ability to absorb annual costs related to owning a median-priced home – is now at its lowest level since last October. At 69.5 in…
To the extent that Taiwanese export orders are a bellwether for global trade dynamics, the latest update for July provides a less pessimistic signal about the manufacturing cycle. It shows the pace of decline slowed sharply from 24.9% y/y in June to 12.0% y/y…
Mexican financial markets have been this year’s stellar outperformers, both in absolute terms and relative to their EM peers. Naturally, the question arises: how sustainable is this rally? According to our Emerging Markets Strategy team, Mexican markets…
The gold/silver ratio (GSR) entered a well-defined tapered wedge formation with downside support near 80, and an upside breakout around the 90 level. Back in 2020, this ratio was caught up in a race towards major overhead resistance at 100, but finally hit a…
Sweden’s preliminary Flash GDP data, which is subject to revisions, points a 1.5% quarter-over-quarter and 2.4% year-over-year contraction. However, this report could potentially constitute the trough in the country’s economic slowdown. Indeed, Sweden’s…