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US: Pending home sales unexpectedly rebound
Thu, Oct 9 2008, 08:59 GMT
by KBC Market Research Desk
Pending home sales came out stronger than expected in August rising 7.4% M/M, while the consensus was looking for a decline of 1.3% M/M. The July figure was upwardly revised from -3.2% M/M to -2.7% M/M. Looking at the details, sales were sharply rising in the West (18.4% M/M from -8.4% M/M) and Northeast (8.4% M/M from -7.5% M/M), but also the Midwest (3.6% M/M from 2.8% M/M) and South (2.3% M/M from 0.1% M/M) were climbing. These data are in sharp contrast with the August housing data released earlier and therefore it is too early to draw conclusions.
EMU: German industrial production confirms stong factory orders
In Germany, industrial production rebounded in August in line with the strongerthan- expected factory orders released yesterday. Industrial production rose 3.4% M/M after falling an upwardly revised 1.6% M/M in July. Looking at the details, all sub-indices were rising with a significant increase in construction (5.5% M/M from - 2.6% M/M), industrial production (3.4% M/M from -1.6% M/M) and manufacturing and mining (3.2% M/M from -1.8% M/M), but also energy (3.6% M/M from 1.1% M/M) improved. However, we shouldn’t be too optimistic as the economy is showing serious signs of a weakening and we doubt whether this positive figure can be confirmed in the next months.
Published on Thu, Oct 9 2008, 09:05 GMT
Archive
- US: manufacturing ISM shows deepening recession
Published On Tue, Dec 2 2008, 08:30 GMT - EMU: CPI inflation falls sharply in November
Published On Mon, Dec 1 2008, 08:15 GMT - EMU: Economic sentiment falls to 16-year low
Published On Fri, Nov 28 2008, 08:39 GMT - US: durables show that firms are slashing sales
Published On Thu, Nov 27 2008, 08:30 GMT - US: Third quarter GDP contracts by 0.5%
Published On Wed, Nov 26 2008, 08:48 GMT
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This non-exhaustive information is based on short-term forecasts for expected developments on the financial markets. KBC Bank cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct or consequential loss arising from any use of this document or its content. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. Although information has been obtained from and is based upon sources KBC believes to be reliable, KBC does not guarantee the accuracy of this information, which may be incomplete or condensed. All opinions and estimates constitute a KBC judgment as of the data of the report and are subject to change without notice.Related reports
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