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US: Durables rebound on transportation
Thu, Oct 30 2008, 08:24 GMT
by KBC Market Research Desk
The durable goods orders came out surprisingly strong, rising 0.8% M/M in September, while the consensus was looking for a decline of 1.1% M/M. The August figure was downwardly revised from -4.5% M/M to -5.5% M/M. The less volatile durables ex transportations declined 1.1% M/M, while a drop of 1.5% M/M was expected. The August figure was downwardly revised from -3.0% M/M to -4.1% M/M. Most of the rebound was due to transportation (6.3% M/M from -9.3% M/M), but also electrical equipment (1.5% M/M from -3.5% M/M) and machinery (0.5% M/M from - 6.4% M/M) improved. Shipments of non-defence capital goods less aircraft, which is a good predictor of business investment in equipment & software, rose 2.0% M/M after falling 2.1% M/M in August.
EMU: German CPI drops more than expected
In Germany, the first estimate of October CPI came out lower than expected with the month-on-month figure declining 0.3% M/M, while the consensus was seeking for a drop of 0.2% M/M. On a yearly basis, CPI fell from 3.0% Y/Y in September to 2.5% Y/Y in October. Inflation fell sharply in Hesse (-0.7% M/M and 2.0% Y/Y) due to a cut in student fees. This lower-than-expected German inflation figure raises expectation for a lower euro zone CPI figure than the consensus estimate of 3.2% Y/Y.
Other: UK lending data remain at very low levels
In the UK, mortgage approvals showed a marginal improvement from 32 000 in August to 33 000 in September, which is broadly in line with the expectations. Net consumer credit came out at 0.3B, from a downwardly revised 1.1B in August and has now reached its lowest level since February 1994. Net lending secured on dwellings rebounded from a downwardly revised -0.7B in August to 2.2B in September. Although there is a slight improvement, mortgage approvals and lending secured on dwellings remain at very low levels due to tight credit conditions and the weak housing market.
Published on Thu, Oct 30 2008, 08:28 GMT
Archive
- US: Payrolls report disappoints in June
Published On Fri, Jul 3 2009, 07:38 GMT - US: ADP employment report disappoints in June
Published On Thu, Jul 2 2009, 08:14 GMT - US: Consumer confidence deteriorates in June
Published On Wed, Jul 1 2009, 07:22 GMT - EMU: economic confidence improves further in June
Published On Tue, Jun 30 2009, 07:37 GMT - US: personal income surges due to fiscal stimulus
Published On Mon, Jun 29 2009, 07:26 GMT
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Legal disclaimer and risk disclosure
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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