Newly released survey data shows US economy in better shape than expected

Data released this afternoon gave credence to the notion that non-manufacturing economic activity is recovering in a V-shaped fashion. US equity indices are up by over 1% as investors jubilantly cheer the economic data in spite of record Covid-19 case rises over the weekend. IHS Markit’s US Services PMI for the month of June was

UK services PMI rises but activity remains in contraction

Figures released this morning from IHS Markit’s UK Services PMI showed that whilst this month’s report posted a significantly higher reading than May’s report of 29, it remained below the no-change in activity threshold of 50. This latest release is the highest that the UK Services PMI has been in four months at 47.1, although

Spanish services sector is expanding again shows PMI

IHS Markit’s Spanish services PMI posted a remarkable turnaround from May’s reading of 27.9 by reporting 50.2 for the month of June. Although only marginally above the no-change threshold of 50, this was well ahead of consensus expectations for a print of 45.9. Driving today’s dramatic rise was a reported increase in new business volumes

US non-farm payrolls smashes consensus for 2nd month in a row

Today, the US Bureau of Labour Statistics’s data showed that 4.8m Americans found work in the month to 12 June, whilst last month’s release was revised upwards to 2.7m from 2.5m. The report significantly cleared consensus expectations of jobs growth of 3m and caused European stock bourses to surge almost 1% higher in reaction to

UK GDP falls as data shows household consumption weakest since 1979

The Office for National Statistics (ONS) released Q1 GDP figures for the UK this morning showing a 2.2% decline on the prior quarter and 1.7% on the prior year, as coronavirus began to wreak havoc on the economy. The UK’s current account balance missed consensus expectations for -£15bn instead coming in at -£21.1bn. The decline

FTSE 100 rises as investors exude confidence in US containment measures

The FTSE 100 rose 1.08% as Florida and Texas rowed back reopening measures following surges in coronavirus cases. This follows recent announcements from Florida, Texas and Arizona that they would pause their reopening plans. Investors welcomed further steps taken by the US states of Florida and Texas to stem record surges in covid-19 cases, as

French & Italian consumer confidence beats consensus estimates

Figures released today showed Italian consumer confidence rose 6.3 points to 100.6, whilst French consumer confidence also rose by 2 points to 97. The Italian number was driven by consumers’ improved assessment of the current economic climate and the French reading by a jump in intentions to make a major purchase over the next twelve

US initial claims falls by 60k to 1.48m although California experiences a surge

Data released at 08:30(EST) by the US Department of Labor showed new unemployment claims were 1.48m in the week ending 20th June. Despite these new claims, continuing unemployment claims fell by 767,000 to 19,522,000, marking a slow but steady return to work for Americans. This week’s new unemployment claims declined by 60,000 on last week’s

UK Manufacturing PMI returns to growth

IHS Markit’s manufacturing PMI released yesterday showed growth in manufacturing activity on the prior month for the first time since the pandemic began. The reading came in at 50.1 indicating a very slight expansion, but nevertheless marked improvement on May’s dire reading of 40.7. The manufacturing output index came in even higher at 50.8, which

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