Source: New York Fed New York business activity contracted in May, marking the second negative reading in the past three months after the strong growth in the previous month. QQQ is down 0.70%, while SPY is down 0.48%. New York manufacturing stood at -11.6 in May, reflecting a 36-point decline, based on results of the latest Empire State Manufacturing Survey.Some 20% of … [Read more...] about New York Manufacturing Retreats to Negative Territory
Forex News
China’s Retail and Factory Activity Slips as COVID-19 Restrictions Hurt Factories
Source: National Bureau of Statistics of China China’s retail and factory activity dropped sharply in April as widespread COVID-19 restrictions confined consumers and workers to their homes and disrupted supply chains. CSI 300 Index down -0.80%, CNYUSD down -0.01% Full or partial lockdowns were implemented in major cities across the country in March and April, hampering … [Read more...] about China’s Retail and Factory Activity Slips as COVID-19 Restrictions Hurt Factories
US Inflation to Average 7.1% Annual Rate in Latest Philly Fed Survey
Source: Reuters An economic survey by Philadelphia’s Fed shows that leading economic forecasters expect inflation to average 7.1% annual rate, an increase from previous 3.8%. SPY is up +2.21%, DXY is down -0.13%. The projected inflation is expected to take the annual Personal Consumption Expenditures higher to 5.7% in the current quarter, compared to the previous … [Read more...] about US Inflation to Average 7.1% Annual Rate in Latest Philly Fed Survey
US Import Prices Unchanged in April Amid Cooling Fuel Costs
Source: Bureau of Labor Statistics The import prices in the US remained unchanged in April, after posting a 2.9% gain the previous month. The prices had advanced by 6.8% from December to March. SPY is up +1.64%, DXY is up +0.1%. The steady import prices came at the back of falling prices of fuel, while the non-fuel item categories saw gains. Fuel prices were down by … [Read more...] about US Import Prices Unchanged in April Amid Cooling Fuel Costs
Industrial Production Plunges in the Euro Area and EU in March
Source: Eurostat Industrial production in the euro area in March fell by a monthly 1.8%, after posting an increase of 0.5% in February. DAX is up +1.33%, EURUSD is up +0.05%. In the EU, industrial production was down by 1.2% after rising by 0.6% in February.The production of capital goods fell the most and was down by a monthly 2.7% and 2.6% in the euro area and EU, … [Read more...] about Industrial Production Plunges in the Euro Area and EU in March
