MACRO
Eurozone
· Consumer prices rose 0.1 percent from a year earlier. The unexpected return of inflation to the euro area in June, suggested that central-bank stimulus may have been starting to filter through to the economy. That's the first increase since January and compares with a median estimate of unchanged prices, according to a Bloomberg survey of economists.
Japan
· Industrial production declined more than economists forecast as a drop in exports hit most of the country's manufacturing sectors. Output declined 2.3 percent in May from April when it rose 0.5 percent, the trade ministry reported on Thursday. The median forecast of economists surveyed by Bloomberg was for a 0.2 percent drop, and the slump was bigger than all but one of the estimates.
UK
· The British economy grew 0.4 per cent during the first three months of the year, the Office for National Statistics has confirmed. In a final GDP estimate, the ONS said annual GDP hit 2 per cent, helping the UK economy rise 7 per cent above its pre-crisis peak in the three months from January to March. Both figures were unrevised from an earlier forecast.
· Economists now widely expect the UK economy to enter a significant slowdown following voters' shock decision to leave the EU on June 23.
· The current-account deficit -- the difference between money coming into the U.K. and money sent out -- stood at 32.6 billion pounds ($44 billion) in the first quarter, or 6.9 percent of economic output.
Source: Bloomberg, Financial Times, Phillip Securities Research (Singapore)
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