Global Economic News

Pending home sales in the U.S. unexpectedly increased for the third straight month in February, according to a report released by the National Association of Realtors on Wednesday. NAR said its pending home sales index climbed by 0.8 percent to 83.2 in February after spiking by 8.1 percent to 82.5 in January. Economists had expected pending home sales to slump by 3.0 percent.

UK mortgage approvals increased for the first time in six months in February despite rising interest rates and high inflation weighing on the housing affordability. Mortgage approvals for house purchases increased to 43,500 in February from 39,600 in January, the Bank of England reported Wednesday. This was the first monthly increase since August 2022. This also exceeded economists' forecast of

Despite the rising recession fears, confidence among German consumers strengthened for the sixth consecutive month on improving income expectations, a closely-watched survey by the market research group GfK revealed Wednesday. The consumer confidence index for April climbed to -29.5 from -30.6 in March, the Nuremberg-based GfK said.

Australia's consumer price inflation moderated to an eight-month low in February adding weight to the expectations that the Reserve Bank will pause its interest rate hike next week. Consumer prices grew at a slower pace of 6.8 percent after a 7.4 percent gain in January, the Australian Bureau of Statistics reported Wednesday.

Consumer sentiment survey results from Germany and France are due on Wednesday, headlining a light day for the European economic news. At 2.00 am ET, Germany's market research group GfK is scheduled to issue consumer confidence survey results for April. The consumer sentiment index is forecast to rise to -29.2 from -30.5 in March.

Australia will on Wednesday release February figures for consumer prices, highlighting a light day for Asia-Pacific economic activity. The annual inflation rate is pegged at 7.1 percent, slowing from 7.4 percent in January. China will see February figures for industrial profits; in January, profits...

Reflecting an uptick in consumer expectations, the Conference Board released a report on Tuesday unexpectedly showing a slight improvement in U.S. consumer confidence in the month of March. The Conference Board said its consumer confidence index inched up to 104.2 in March from an upwardly revised 103.4 in February.

Despite the ongoing pension reform strikes, French manufacturers' confidence weakened only slightly in March to mark the first fall in four months as their view about past and future production deteriorated, survey data from the statistical office Insee revealed Tuesday. The manufacturing confidence index dropped to 104 in March from 105 in the previous month.

Bank of England Governor Andrew Bailey said the UK central bank was on high alert since the failure of the U.S. technology sector focused lender Silicon Valley Bank in the past few weeks. "We are in a period of very heightened, frankly, tension and alertness," Bailey said at the Treasury Select Committee hearing on the Silicon Valley Bank collapse.

UK shop prices logged another record high in March due to the historical growth in food and non-food prices, data from the British Retail Consortium showed Tuesday. The BRC- NielsenIQ shop price index increased 8.9 percent on a yearly basis in March, faster than the 8.4 percent rise in February. The annual growth was primarily driven by another record 15.0 percent growth in food prices.

Business confidence survey results from France and Italy are due on Tuesday, headlining a light day for the European economic news. At 2.30 am ET, gross wages and current account figures are due from Hungary. At 2.45 am ET, France's statistical office INSEE is scheduled to issue business sentiment survey results for March.

The total value of retail sales in Australia was up a seasonally adjusted 0.2 percent on month in February, the Australian Bureau of Statistics said on Tuesday - coming in at A$35.141 billion. That exceeded expectations for an increase of 0.1 percent and was down from 1.9 percent in January. Individually,...

Australia will on Tuesday see February figures for retail sales, highlighting a light day for Asia-Pacific economic activity. Retail sales are expected to rise 0.4 percent on month, slowing from 1.9 percent in January.

Eurozone bank lending to the private sector registered a slower growth in February reflecting weak credit demand amid higher interest rates and subdued economic activity, data from the European Central Bank revealed Monday. The annual growth rate of credit to the private sector slowed to 3.3 percent in February, the slowest since August 2021, from 3.8 percent in January.

Germany's business confidence unexpectedly strengthened in March underpinned by robust improvement in expectations despite turbulence in the global banking sector, a closely watched survey suggested on Monday. The business climate index rose to 93.3 in March from 91.1 in February, data from the Munich-based ifo institute showed. The score improved for the fifth consecutive month.