Reply To: Traders Market Weekly: Consumers Along for The Ride


Fed Chairman Powell repeated that he does not expect a rate hike to be the next policy move, saying that the April PPI reading was “quite mixed.”
The Biden administration confirmed new tariffs on imports of Chinese electric vehicles and other products.
French President Macron spoke in favor of more bank mergers in the EU.
Bank of England Chief Economist Pill said that good progress is being made in the fight against inflation, but more work remains ahead.
Japan’s troubled Aozora Bank received a JPY50 bln injection from Daiwa Securities.
The International Monetary Fund concluded its annual consultation with Japan, noting that the country’s economy is growing, but at an uneven pace.
There was growing speculation that the People’s Bank of China could announce a reserve requirement ratio cut this week.
Japan’s April PPI was up 0.3% m/m (last 0.2%), rising 0.9% yr/yr, as expected (last 0.9%). March Machine Tool Orders were down 11.6% yr/yr (last -8.5%).
South Korea’s April Import Price Index was up 2.9% yr/yr (last -0.5%) and Export Price Index was up 6.2% yr/yr (last 2.3%).
India’s April WPI Inflation was up 1.26% yr/yr (expected 1.0%; last 0.5%).
Eurozone’s May ZEW Economic Sentiment rose to 47.0 from 43.9 (expected 46.1).
Germany’s April CPI was up 0.6% m/m, as expected (last 0.6%), rising 2.4% yr/yr, as expected (last 2.3%). May ZEW Economic Sentiment rose to 47.1 from 42.9 (expected 44.9) and ZEW Current Conditions improved to -72.3 from -79.2 (expected -75.0).
U.K.’s March Average Earnings Index + Bonus was up 5.7% yr/yr (expected 5.3%; last 5.7%). March three-month employment decreased by 177,000 (expected -215,000; last -156,000). March Unemployment Rate rose to 4.3% from 4.2%, as expected. Q4 Labor Productivity was down 0.3% qtr/qtr (expected -1.0%; last 0.5%).
Spain’s April CPI was up 0.7% m/m, as expected (last 0.8%), rising 3.3% yr/yr, as expected (last 3.2%).
Swiss April PPI was up 0.6% m/m (expected 0.2%; last 0.1%) but down 1.8% yr/yr (last -2.1%).