Daily
Market Color
06/27/2013
Economic
Reports & Headlines
Germany started the global
economic report calendar with their jobless rate for June which beat consensus,
6.8% Vs 6.9%
First quarter GDP in the UK was
in line with consensus on a quarterly basis, 30 basis points.
The European Commission report on
economic sentiment in the region rose above economists’ expectations, 91.3 Vs
90.3.
On the domestic front, jobless
claims in the US came in lower than last week’s reading, 346k Vs 355k.
Personal income and outlays for
May came in strong relative to April’s reading. Personal income on a month over
month basis grew 50 basis points. Consumer spending increased 30 basis points,
on a month over month basis.
The National Association of
Realtors released their pending home sales report for May, which beat consensus
significantly despite a rise in mortgage rates, 6.7% Vs 1.0%.
Over in the island nation of
aggressive monetary easing, a parade of reports was released in Japan during
the evening. Manufacturing PMI for June was better than May’s reading, 52.3 Vs
51.5.
Consumer prices in May surely
disappointed the Japanese government and the central bank. On a month over
month basis, Japan’s consumer price index grew 10 basis points. In April
consumer prices rose 30 basis points.
To further worsen the blow of the
tepid consumer price report, household spending surprised market participants
and declined on a year over year basis, (-1.6%) Vs 1.4%.
The unemployment rate in Japan
ticked up 10 basis points for the month of May. The jobless rate is currently
at 4.1%.
Industrial production in the
country was in line with consensus and was one of the few reports that were not
as bad as expected. The reading for May was uneventful, rising by 20 basis
points, which was in line with analysts’ expectations.
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