Global Economic Update

09:44, 28 February

Global Economic Update

  • In the UK, the consumer confidence dropped more-than-expected to a level of -10.00 in February, compared to a level of -9.00 in the prior month. The BRC shop price index fell 0.80% on a YoY basis in February, compared to a fall of 0.50% in the previous month.
  • In the Eurozone, the final consumer confidence slipped to 0.10 in February, compared to a revised reading of 1.40 in January. The economic sentiment indicator decreased to a level of 114.10 in February, compared to level of 114.90 in the previous month.
  • In Germany, the preliminary harmonised consumer price index surged 1.20% on a YoY basis in February, compared to climb of 1.40% in January. The flash consumer price index advanced 1.40% on a YoY basis in February, compared to a rise of 1.60% in January.
  • The new US Federal Reserve (Fed) Chairman, Jerome Powell, in a speech before Congress, said that the US economic outlook had .improved in the past few months, while hinted at gradual hike in .interest rates on the back of strengthened prospects of higher .inflation. The CB consumer confidence index rose to a level of 130.80 in February, compared to a revised level of 124.30 in January. The seasonally adjusted S&P/Case-Shiller composite index of 20 metropolitan areas surged 0.64% on a MoM basis in December, compared to a revised increase of 0.74% in November. The preliminary durable goods orders fell 3.70% on a MoM basis in January, compared to an advance of 2.80% in December. Advance. goods trade deficit widened to USD 74.40 billion in January, compared to a revised deficit of USD 72.30 billion in December.
  • In Japan, the retail trade declined more-than-expected 1.80% on a MoM basis in January, compared to a rise of 0.90% in the prior .month. The preliminary industrial production rose 2.70% on a YoY .basis in January, compared to a jump of 4.40% in December.
  • In China, the NBS manufacturing PMI dropped to 50.30 in February, compared to a reading of 51.30 in the prior month. The NBS non-manufacturing PMI fell to 54.40 in February, compared to .a reading of 55.30 in the prior month.