星期一, 八月 04

Swiss inflation surprised to the upside but faces downside risks

US: Factory orders (Jun): -4.8% m/m as expected (prior: 8.3% revised from 8.2%)

  • Factory orders fell sharply, driven by a 22.4% plunge in transportation equipment, which partially offset May’s 48.5% surge. Civilian aircraft orders tumbled 51.8% after a 231.6% spike the previous month, while ship and boat orders dropped 20% following a 39.9% rise in May.
  • Excluding transportation, factory orders rose 0.4% m/m, beating expectations of 0.3%.

 

Switzerland: CPI (Jul): 0.0% m/m vs -0.2% expected (prior: 0.2%)

  • Swiss inflation surprised on the upside for the second month in a row, rising to 0.2% y/y from 0.1%. The increase was driven by higher-than-expected services inflation, particularly in volatile categories like transport services and package holidays, as well as non-seasonal components.
  • This data supports the SNB's stance from its June meeting, where it cut the policy rate by 25 bp to 0% but maintained a hawkish tone. However, risks remain: the US 39% tariff, if sustained, could dampen growth, weaken inflationary pressures, and raise the likelihood of further easing. Additionally, a narrowing rate differential with the ECB, leading to persistent upward pressure on the Swiss franc, could increase the chances of a return to negative interest rates.

 

Switzerland: Manufacturing PMI (Jul): 48.8 vs 49.9 expected (prior: 49.6)

  • Swiss manufacturing sentiment printed below expectation, driven by lower order backlogs, production and purchasing volumes.

 

星期四, 七月 31

US inflation gauge picks up while consumers barely spend

US: Initial jobless claims (Jul 26): 218k vs 224k expected (prior: 217k)

  • Weekly jobless claims rose slightly by 1k to 218,000, staying near a three-month low and beating expectations, underscoring further evidence of a resilient US labor market.

 

US: Core PCE deflator (Jun): 0.3% m/m as expected (prior: 0.2%)

  • The Fed's preferred measure of underlying inflation accelerated in June, aligning with expectations. On an annual basis, it advanced 2.8%, unchanged from the prior month.
  • A pickup in prices for goods, including household furniture, sports equipment, and clothes, led the acceleration and shows some pass-through of tariffs to consumers.
  • Meanwhile, consumers barely spent in June in real terms (+0.1% m/m vs. 0.0% prior). Real spending was driven by a rebound in outlays for non-durable goods while purchases of durable goods fell for a third month and outlays for services were timid, indicating weak discretionary spending.
  • Income rose more rapidly than expected in June on the back of transfer payments, but spending growth was more modest than anticipated, reflecting a cautious consumer that spent relatively more on necessities.

 

US: Chicago PMI (Jul): 47.1 vs 42.0 expected (prior: 40.4)

  • Chicago PMI surpassed expectations in July, driven by a rebound in new orders. Conversely, production fell at a faster rate.

 

Eurozone: Unemployment rate (June): 6.2% vs 6.3% expected (prior: 6.2% revised from 6.3%)

  • Unemployed has decreased further over the month; the unemployment ratio remained stable after downward revision to prior month data.

 

France: CPI (July): 0.3% m/m vs 0.2% expected (prior: 0.4%)

  • Preliminary data have shown a mixed picture at sector level: falling monthly prices for food and good prices (-2.4% m/m) but rising prices for energy and services (1.3% m/m).
  • Yearly trend remained stable at 0.9% y/y.

 

France: Producer Prices (June): -0.2% m/m (prior: -0.9% revised from -0.8%)

  • Yearly trend has accelerated from 0.0% y/y prior month to 0.2% y/y.

 

Germany: Unemployment rate (July): 6.3% as expected (prior: 6.3%)

  • Unemployed has slightly increased by 2 k after 10 k the prior month.

 

Italy: Unemployment rate (June): 6.3% vs 6.4% expected (prior: 6.5%)

  • Unemployed has decreased by 71k after +112k the prior month.

 

Italy: CPI (July): -1% m/m vs -1.1% expected (prior: 0.2%)

  • Preliminary data have shown modest decline in yearly trend to 1.7% y/y from 1.8% y/y prior month.

 

Poland: CPI (July): 0.3% m/m vs 0.2% expected (prior: 0.1%)

  • Preliminary data have shown a decline in food prices but a rise in energy prices.
  • Yearly trend has declined from 4.1% y/y prior month to 3.1% y/y.
星期三, 七月 30

Q2-25 GDP: better than expected in the US and Eurozone

US: ADP Employment change (July): 104k vs 76k expected (prior: -23k revised from -33k)

  • Employment has recovered according to the survey; data were back positive for small, medium firms and increased for large firms.
  • Employment has rebounded in services: from -66 k the prior month to 74 k this month.

 

US: GDP (Q2-25): 3% q/q vs 2.6% expected (prior: -0.5%)

  • Large swings inventories and net trade were seen in Q1 and Q2, while trend in private domestic demand has slowed down from 1.9% in Q1 to 1.2% in Q2 in line with our underlying soft-landing scenario.
  • By sector, consumption remained resilient, up by 1.4%q (0.5% in Q1), thanks to a rebound in goods (2.2%) and regular growth in services (1.1%).
  • Investment was again contrasted across sectors: falling structure (-10.3%q after -2.4% in Q1), slowdown in equipment (4.8% after 23.7%), but firmer R&D (6.4% after 6%). Residential has continued to contract (-4.6%q after -1.3%q in Q1).
  • Export and imports have both contracted in Q2; imports have reverted: +37.9%q in Q1 and -30.3% in Q2, reflecting front loading imports ahead of rising in tariffs. Net trade contribution was positive, adding 4.99 pp to Q2 after -4.61 pp in Q1.
  • Inventories have declined in Q2 after a huge rebound in Q1; their net contribution to GDP was negative (-3.17 pp) after the positive 2.67 pp seen in Q1.

 

US: Pending home sales (June): -0.8% m/m vs 0.2% expected (prior: 1.8%)

  • Home sales have decreased in all districts (4), except one (Northeast district) up by 2.1% m/m for the second month.

 

France: Consumer spending (June): 0.6% m/m vs -0.3% expected (prior: 0.1% revised from 0.2%)

  • Sales were better than expected over the month due to a strong rebound in auto sales and firmer energy consumption.
  • On the opposite food sales were negative over the month.
  • Sales were strong in April and June but came depressed the other past months whit a high sector rotation and a high turnover for auto sales.

 

France: GDP (Q2-25): 0.3% q/q vs 0.1% expected (prior: 0.1%)

  • GDP growth has accelerated in Q2, but this was mainly due to inventories.
  • Consumption was up by 0.1% q after -0.3%q in Q1; purchases were firmer for food (Easter impact) and services (transport, hotels).
  • Investment was down by 0.3% q (-0.1% in Q1); firms equipment purchase was strong (0.6%q), but construction, public investment and IT spending were in contraction in Q2.
  • Net trade contribution was negative (-0.2 pp) due to strong imports (0.8%; due to refined oil and transport) while exports were modestly positive (0.2%q).
  • Inventories contribution was strong: 0.5 pp in Q2 after 0.7pp in Q1; the rise in inventories was mainly driven by the transport sector (auto and aircraft).
  • GDP growth was sustained in Q2, but domestic demand was flat, pointing to underlying weakness in growth trend.

 

Germany: Retail sales (June): 1% m/m vs 0.5% expected (prior: -0.6% revised from -1.6%)

  • Sales have strongly rebounded over the month, and prior month data were revised up.
  • All sectors were higher over the month, notably internet sales, and offered a reversal after prior month fall.

 

Germany: GDP (Q2-25): -0.1% q/q as expected (prior: 0.3% revised from 0.4%)

  • Preliminary GDP has contracted as expected; no detail by sector was available but investment has contracted while public and private consumption was positive.
  • With a trade deal with the US and more fiscal spending to come, a more constructive pattern for growth is expected in H2-25 and in 2026.

 

Italy: GDP (Q2-25): -0.1% q/q vs 0.1% expected (prior: 0.3%)

  • Preliminary GDP has shown a reversal in growth due to net trade; net trade contribution turned negative in Q2 while it was a support in Q1. No detail on other sector was available but domestic demand, including inventories, was estimated to be positive on the quarter.

 

Spain: CPI (July): -0.4% m/m as expected (prior: 0.7%)

  • Preliminary data have pointed to a higher inflation yearly trend, up from 2.3% y/y prior month to 2.7% y/y. it seemed energy prices and end of subsidy to the transport sector were responsible for firmer inflation.

 

Eurozone: GDP (Q2-25): 0.1% q/q vs 0% expected (prior: 0.6%)

  • Growth has slowed down in Q2, but it remained on positive territory; the large advance in Q1 was fuelled by production, exports and inventories ahead of the rise in US tariffs; Q2 data resulted from some payback, notably from the export sector, while domestic demand was just slightly positive. Disparities across countries remain large.
  • Growth remains fragile, but thanks to the base of a trade deal and more fiscal support, the picture should look more constructive next quarters, leading to a 2025 growth close to 1%.

 

Eurozone: Business climate (July): -10.4 vs -11 expected (prior: -11.8 revised from -12)

  • Business confidence has improved from the prior month; opinions on future production have rebounded while sentiment was less negative on new orders and exports.
  • Selling prices were on the rise over the month.

 

Eurozone: Consumer confidence (July): -14.7 as expected (prior: -15.3)

  • Consumer sentiment has improved from the prior month; opinions were less negative on past economic and financial situation, while they remain cautious for future situation.
  • Inflation remained a concern as well as unemployment and preference for saving remained high.

 

Eurozone: Services confidence (July): 4.1 vs 3.2 expected (prior: 3.1 revised from 2.9)

  • Sentiment has regained on services, driven by more positive views on present and future demand, and employment.
  • Selling prices are also seen on the rise over the month.

 

Sweden: Retail sales (June): 2.5% m/m (prior: -4.6% revised from -4.8%)

Sweden: Consumer confidence (July): 90.7 (prior: 84.9 revised from 84.6)

  • A large monthly rebound in confidence.

Sweden: Manufacturing confidence (July): 96.3 (prior: 98.7 revised from 99.3)

 

Switzerland: KOF (July): 101.1 vs 97.9 expected (prior: 96.3 revised from 96.1)

  • Business sentiment has recovered over the month and the index was back to levels seen in Q1-25. The improvement was seen in several industrial sectors, notably manufacturing and leisure.
星期二, 七月 29

US: JOLTS survey pointed to slowdown in labor; higher consumer confidence (Conference Board) but points of concern

US: Wholesale inventories (June): 0.2% m/m vs -0.1% expected (prior: -0.3%)

  • Inventories have rebuilt, driven by the retail sector; retailers have seen an increase by 0.3% m/m of inventories (0.3% m/m the prior month) led by autos (0.9% m/m after 0.7% m/m prior month).

 

US: S&P CoreLogic CS 20-City (May): 2.79% y/y vs 2.91% expected (prior: 3.44% revised from 3.42%)

  • Prices were down by 0.34% m/m as seen the prior month.
  • Over 20 cities, only 4 cities offered a still positive annual rise in prices, in a range of 1% to 8%y/y; other cities have shown prices down in a -13%/-0.1% y/y range.

 

US: JOLTS Job Openings (June): 7437k vs 7500k expected (prior: 7712k revised from 7769k)

  • Labor continued to deliver signals of a gradual slowdown, but with still large volatility among sectors over the past months.
  • Jobs openings have slowed down from the prior month but remained above the March level. Demand from firms has increased for retail trade and business services, while it decreased over the month on education-health and leisure-hospitality.
  • Hirings have slowed down from prior month and pointed to lower levels than seen in Feb.; while hirings increased for retail trade, they declined from business services and leisure-hospitality.
  • Separations and quitters came also lower than the prior month, pointing to less desire and flexibility to change of job in current environment.

 

US: Consumer confidence (CB) (July): 97.2 vs 96 expected (prior: 95.2 revised from 93)

  • Consumer confidence was better than expected and prior month index has been significantly revised up.
  • Sentiment on current situation has eased from the prior month, while expectations have rebounded.
  • On current situation, opinions have decreased on labor conditions; future business conditions have improved from the prior month.
  • Willingness to buy new autos, houses and major appliances have decreased from the prior month.
  • Inflation expectations (12M- average) have marginally decreased from 5.9% to 5.8%.
  • Inflation and employment remained the main two sources of concerns for consumers but global confidence has improved.

 

Spain: Retail sales (real) (June): 6.2% y/y (prior: 5% revised from 4.8%)

  • Sales were strongly up in June, up by 1.1% m/m; all sectors were on the rise except internet sales over the month. Household goods sales were up by 1.5% m/m.

 

Spain: GDP (Q2-25): 0.7% q/q vs 0.6% expected (prior: 0.6%)

  • In preliminary data, growth was firmer than expected and confirmed the strong performance of Spain among the EU.
  • Growth was driven by consumption, investment and construction over the quarter; public spending and net trade were a drag over the quarter.

 

Norway: Retail sales (June): 0% m/m (prior: 0.1% revised from 0%)

  • Sales were flat over the month after modest upward revisions to prior month sales. Sales of household goods and pharma products have slowed down over the month.

 

Sweden: GDP (Q2-25): 0.1% q/q vs 0.3% expected (prior: 0%)

  • Preliminary data pointed to slower growth than expected in Q2.

 

UK: M4 (June): 3.3% y/y (prior: 3.5%)

  • Mortgage approvals have increased from 63.3 k prior month to 64.2 k.
  • Credit to consumers and mortgages have rebounded over the month.
  • M4 lending was up by 2.9% y/y after 2.6% y/y prior month.
星期五, 七月 25

Germany's IFO rises while US firms stay cautious on investments

US: Durable goods orders (Jun P): -9.3% m/m vs -10.7% expected (prior: 16.5% revised from 16.4%)

  • June's durable goods print signals soft momentum extending into the third quarter. Headline orders fell sharply after Boeing reported a slowdown in June, while orders ex-transportation decelerated from 0.5% to 0.2%.
  • Core capital goods shipments, an input for the GDP calculation, increased 0.4% (vs. 0.5% prior). However, core capital goods orders, a proxy for investment in equipment excluding aircraft and military hardware, unexpectedly dropped by 0.7% after an upwardly revised 2% gain in May, suggesting lower shipments ahead.
  • This report suggests that companies remained cautious about long-term investment planning due to trade and government policy uncertainty.

 

Germany: IFO (Jul): 88.6 vs 89.0 expected (prior: 88.4)

  • German IFO slightly disappointed but edged higher compared to the previous month. The rise in business climate reflected an improvement of 0.3pt in current conditions to 86.5 and a 0.1pt increase in expectations to 90.7.
  • Sector-wise, manufacturing and construction led the uptick, while trade and other services edged lower.
  • Expectations in the construction sector have surged, likely translating optimism around Germany's fiscal shift.

 

UK: GFK consumer confidence (Jul): -19 vs -20 expected (prior: -18)

  • The GfK Consumer Confidence Index for the UK edged down, slipping from a six-month high as households grew increasingly cautious amid rising concerns over taxes and inflation.
  • There are growing speculations over possible tax hikes in the upcoming Autumn Budget and fears of renewed inflationary pressure.

 

UK: Retail sales (Jun): 0.9% m/m vs 1.2% expected (prior: -2.8% revised from -2.7%)

  • Retail sales recovered from May's sharp decline but still underperformed in June, leading to a tepid 0.2% growth for the second quarter. Paired with subdued consumer confidence and cautious household spending, the figures signal an economic slowdown during this period.

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