Source: Office for National Statistics Public sector net borrowing declined year-on-year in March but remained among historic highs. EWU is down 0.55%, while EZU is flat premarket. Public sector net borrowing excluding public sector banks (PSNB) was at £18.1 billion in March, £8.8 billion lower than in March last year.The latest reading is the second-highest March … [Read more...] about UK Public Sector Borrowing Declines in March, But Stays Within Historic Highs
Forex News
China Cuts Forex Reserve Ratio as Yuan Weakens to 17-Month Low
Source: Bloomberg The People’s Bank of China has cut down its foreign currency holdings reserves following the significant depreciation of the yuan against the greenback. MCHI is down 2.91%, while KWEB is down 1.43%. The PBOC said the reserve requirement for foreign currency holdings will be slashed to 8% starting May 15 from the current level of 9%.The decline seeks to … [Read more...] about China Cuts Forex Reserve Ratio as Yuan Weakens to 17-Month Low
German Business Climate Rebounds Slightly in April
Source: Ifo German business climate posted a slight rebound in April, with firms less pessimistic about the coming months. EWG is down 0.96%, while DAX is up 1.77% premarket. The German business climate index stood at 91.8 in April, up from 90.8 in March but still lower than the 96.4 recorded in the same month last year.The indicator for the current situation posted … [Read more...] about German Business Climate Rebounds Slightly in April
Eurozone, EU Construction Production Decelerate in February
Source: Eurostat Construction production in both the eurozone and the European Union slowed in February, as building construction growth was halved versus the previous month. EZU is down 1.61%, while VGK is down 0.86% premarket. Total construction in the eurozone grew by 1.9% in February, slower than the 3.9% growth recorded in January.Building construction expanded by … [Read more...] about Eurozone, EU Construction Production Decelerate in February
US Business Output Falls to Three-Month Low as Inflation Continues to Accelerate
Source: Markit Economics Business activity in the United States dropped to a three-month low in April, on the back of the continuous increase in prices. QQQ is down 0.75%, while SPY is down 1.19%. The US PMI Composite Output Index slipped to 55.1 from 57.7 in March, hitting the lowest level in three months.The decline was attributed to the challenges such as rising … [Read more...] about US Business Output Falls to Three-Month Low as Inflation Continues to Accelerate
