Australian Treasurer Scott Morrison announced an expansionary budget giving thrust to economic growth ahead of the July election. The budget is projected to return to balance by 2021. The government is committed to reducing the deficit by constraining spending while keeping taxes as low as possible, he added.
Eurozone growth and inflation is set to be less than what was expected earlier as high debt levels and insufficient structural reforms on a domestic level and the deteriorating global environment could hurt the economic prospects.
The U.K. factory activity shrank unexpectedly in April, for the first time in three years, signaling that the manufacturing sector entered the second quarter on a poor footing amid "Brexit" fears. The Chartered Institute of Procurement & Supply Purchasing Managers' Index for the manufacturing sector fell unexpectedly to 49.2 in April from a revised 50.7 in March.
The Australian dollar retreated from early highs against the other major currencies in the Asian session on Tuesday after the Reserve Bank of Australia lowered its key rate unexpectedly by 25 basis points as inflationary pressures were weaker than projected.
The board of the Reserve Bank of Australia...
Australia lowered its key rate unexpectedly by 25 basis points on Tuesday as inflationary pressures were weaker than forecast. The board of the Reserve Bank of Australia governed by Glenn Stevens reduced its benchmark cash rate to a record low 1.75 percent from 2.00 percent, effective May 4.
The dollar is losing ground against its major European rivals Monday afternoon, but is modestly higher in comparison to the Japanese Yen. U.S. manufacturing data came in weaker than expected this morning, but most investors are looking forward to the release of the U.S. jobs report for April at the end...
Construction spending in the U.S. increased by less than expected in the month of March, the Commerce Department revealed in a report on Monday, although the report also showed a significant upward revision to spending in February.
Growth in U.S. manufacturing activity slowed by more than expected in the month of April, according to a report released by the Institute for Supply Management on Monday. The ISM said its purchasing managers index dipped to 50.8 in April from 51.8 in March.
Final factory Purchasing Managers' survey results from euro area are due on Monday, headlining a light day for the European economic news.
The dollar is adding to yesterday's losses against the Euro and the Japanese Yen following the release of some weaker than expected U.S. economic data this morning. Consumer sentiment, personal spending and the Chicago PMI all fell short of expectations. The buck took a significant hit yesterday after...
Reflecting weakening expectations for future growth, the University of Michigan released a report on Friday showing that U.S. consumer sentiment deteriorated by more than previously estimated in April. The report said the final reading on the consumer sentiment index for April came in at 89.0.
Indicating a slow start to the second quarter, MNI Indicators released a report on Friday showing that growth in Chicago-area business activity slowed by much more than expected in the month of April. MNI Indicators said its Chicago business barometer slumped to 50.4 in April.
With personal income rising faster than personal spending, the Commerce Department released a report on Friday showing that the U.S. personal savings rate jumped to its highest level in over a year in the month of March.
Euro area economic growth doubled in the first quarter weathering fears of a global slowdown and the jobless rate declined for the first time in three months in March to its lowest level in four-and-a-half years. Nonetheless, Eurozone relapsed into deflation in April on negative contributions from oil prices. Gross domestic product climbed 0.6 percent from the prior quarter.
Quarterly national accounts, unemployment and consumer prices are due from Eurozone on Friday, headlining a busy day for the European economic news.