Re: {LONGTERMINVESTORS} News & Misc. items - Thread

 MACRO

US

·         Gross domestic product increased at a 1.2 percent annual rate after rising by a downwardly revised 0.8 percent pace in the first quarter, the Commerce Department said on Friday. The economy was previously reported to have grown at a 1.1 percent pace in the first quarter.

·         Consumer spending was responsible for almost all of the rebound in GDP growth in the second quarter. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased at a 4.2 percent rate. That was the fastest pace since the fourth quarter of 2014.

 

Eurozone

·         GDP growth in the eurozone fell to 0.3 per cent in the three months to the end of June, falling back from an impressive 0.6 per cent posted at the start of the year. France, the eurozone's second-largest economy, saw no growth after expanding by 0.7% in the first quarter.

·         Eurozone inflation rose to 0.2% in July from 0.1% in June as a result of higher food, alcohol and tobacco prices.

·         Data also revealed that the eurozone jobless rate remained at 10.1% in June.The economic growth figures are the first to be published since Britain voted to leave the European Union (EU).

 

Japan

·         BOJ enlarge a program of buying exchange traded funds by 2.7 trillion yen ($26 billion) a year, in a move to shore up confidence in light of post-Brexit volatility in financial markets and a slowdown in emerging markets. A dollar-lending facility was also expanded

·         Decisions to keep the policy interest rate unchanged and forgo raising the target for the monetary base followed increasing expressions of concern by banks and bond market participants about the impact of the BOJ's massive easing. BOJ will mount a comprehensive review of its policy framework due to "considerable uncertainty" about the outlook for inflation, which has consistently underperformed the central bank's forecasts.

 

Source: BBC, Bloomberg, Phillip Securities Research (Singapore)

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