U.S. homebuilder confidence rose has risen more than expected in May, as attractive interest rates and a relatively low supply of existing homes has encouraged people to build new dwellings.
Builder confidence in the market for newly built, single-family homes improved three points to a 44 reading on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for May.
The Bank of England on Wednesday lifted its estimate for economic growth and forecast inflation to return to its 2 percent target earlier than projected. In its Inflation Report, the bank forecast economic growth to accelerate to 0.5 percent in the second quarter from 0.3 percent in first quarter. However, it expects the recovery to be weak by historical standards.
Although jobless claims declined more-than-expected in April, British unemployment increased in the first quarter and wage growth was the weakest on record, dampening consumer spending. The number of people out of work was 2.52 million in the quarter ended March, up 15,000 from October to December period, data published by the Office for National Statistics showed Wednesday.
The euro area economy remained in recession in the first three months of 2013 with the gross domestic product contracting for a sixth consecutive quarter, preliminary estimates from Eurostat revealed Wednesday. Most of the economies in the single-currency bloc are struggling to recover from the downturn amid stringent austerity. Germany's economic performance was weaker than forecast.
The German economy narrowly escaped recession in the first quarter of 2013, but the growth was weaker than forecast, as the country's coldest winter in a century adversely affected economic activity. Meanwhile, France slipped into a recession amid flagging investment and exports. Germany's gross domestic product grew 0.1 percent quarter-on-quarter in the first quarter, after adjustment for price.
Quarterly national accounts from euro area and other major Eurozone nations are due on Wednesday, headlining a hectic day for the European economic news.
The International Monetary Fund on Tuesday said that New Zealand may need to tighten monetary policy if strong house price inflation and credit growth adds to inflationary pressures. "The current accommodative monetary policy stance is appropriate, although a tightening may be warranted if house-price and credit expansion begin to fuel inflationary pressures," the Fund said.
The dollar is currently gaining ground against its major competitors on Tuesday. While some economic data out of Europe came in below expectations today, U.S. data was in line with expectations.
Import prices in the U.S. fell in line with economist estimates in the month of April, according to a report...
Import prices in the U.S. fell in line with economist estimates in the month of April, according to a report released by the Labor Department on Tuesday.
The report said imports prices fell by 0.5 percent in April following a revised 0.2 percent drop in March. The drop in import prices matched economist estimates.
Australia's Treasurer Wayne Swan stretched the pathway to reach budget surplus to 2016-17 as the ability to generate tax receipts remains weighed down by a strong currency and falling commodity prices. In the final budget ahead of the national election in September, Swan focused on growth and backed away from huge austerity measures.
Industrial production in the Euro Area increased for the second successive month in March and at a significantly faster pace, driven by a marked gain in energy output, raising hopes that the currency bloc's ongoing recession likely eased, or perhaps ended, in the first quarter.
Confidence among German investors increased less-than-expected in May as worries over the poor economic situation in Eurozone continued to weigh, results of a survey by the Centre For European Economic Research (ZEW) revealed Tuesday. The ZEW indicator of economic sentiment rose marginally to 36.4 in May from 36.3 in April. This was notably below the score of 40 forecast by economists.
India's wholesale price inflation eased for the third successive month in April, dropping to the lowest level in nearly three-and-half years, giving the central bank enough room to ease its monetary policy further in a bid to prop up the the flagging economy.
A measure of house prices in the United Kingdom turned positive in April for the first time in almost three years as demand for housing outstripped supply, a survey by the Royal Institution of Chartered Surveyors (RICS) showed Tuesday. The house price balance rose to 1 in April from -2 in March. This was the first positive reading for house prices since June 2010.
Economic confidence from Germany and industrial output from euro area are the major reports due on Tuesday.