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YouGov/Citi: UK Yr Ahead Inflation Expectations Steady At 3.5%
–Aug Year-Ahead Inflation Expectations Unchanged At 3.5%
–Aug Longer Term Inflation Expectations Unchanged At 3.7%
LONDON (MNI) – Both UK year ahead and longer-term inflation
expectations held steady in August, according to the latest YouGov/Citi
survey.
The median for inflation expectations in the year ahead was stable
at 3.5% in August, having hit 3.9% in June. The median for inflation
expectations in the longer term (next 5-10 years) was also stable in
August, at 3.7% YoY, having reached a record high of 4.1% YoY in June
“So these figures suggest that the reversal of June’s surge in
inflation expectations has been sustained, which is reassuring given
that the headline CPI inflation rate actually rose in the last month,”
said Michael Saunders, senior economist at Citi.
–London Newsroom: Tel:+44207 862 7491; email:ukeditorial@marketnews.com
[TOPICS: M$$BE$,MT$$$$,M$B$$$,MABDS$]
Obama playing small-ball
Speaking in Rose Garden, calling on Congress to pass extensions of a transportation bill that has been extended seven times in the past. (Why in the world does Washington extend existing legislation endlessly rather than put in place permanent legislation…silly.)
Obama continues to call for high speed rail so we can be like more like China. Weird…
US DATA: EIA oil data for Aug 26: crude stocks +5.3m.
US DATA: EIA oil data for Aug 26: crude stocks +5.3m bbl to 357.1m.
CNBC: US to bloc AT&T-T-Mobile merger
That means There will not be a huge flow back to Germany as there would have been if the deal closed….
Portugal confirms will propose extra tax on high earners
Warren Buffett would love to pay some Portuguese tax while he’s at it, I’m sure…
100 day average at 1.4366
Looks like the market is dialing back QE3 expectations, giving the dollar a moderate boost across the board. We’ve got three weeks of this to look forward to until the next FOMC meeting!
If the EUR/USD dip extends, watch the 100-day moving average at 1.4366. That may provide some support near-term.
Greek bank shares back in focus
After a big rally on Monday, Greek bank shares are back in focus today. Unfortunately, the shares are being drilled as the banks announce write-offs linked to the debt-exchange that is part of the last Greek bailout.
The Greek bank index is down 9.5% at the moment, Reuters reports.
EUR/USD is slumping as the dollar rebounds, now at 1.4406.
US DATA: Aug Help Wanted online ads per 100 people…
US DATA: Aug Help Wanted online ads per 100 people 1.63 vs 1.71 Jul.
US July Factory Orders Rise 2.4%; Nondurables +1.0%
–July Durables Goods New Orders Revised Up Slightly To +4.1%
–July Total Factory Orders Ex. Transportation Up 0.9%
By Kevin Kastner
WASHINGTON (MNI) – The value of new factory orders rose 2.4% in
July, as nondurable goods orders rose 1.0% and the previously reported
surge in durable goods orders was revised slightly higher, data released
by the Commerce Department Wednesday morning showed.
Total factory orders excluding transportation rose 0.9% in July,
the strongest increase since March.
Analysts in a Market News International survey had expected overall
factory new orders to rise 2.0% in July.
Within the nondurables category, shipments of petroleum and coal
products, which are equivalent to orders in this report, rose a 3.8% in
the month, with higher prices likely the key factor.
Durable goods orders were revised to a 4.1% increase in July, up
from the 4.0% jump in the advance estimate. Transportation orders are
now reported up 14.8% in the month, compared with the previously
reported 14.6% jump. A Market News International calculation shows
durable goods orders excluding transportation now stands up 0.8%, a
slight improvement from the previously reported 0.7% rise.
Overall factory shipments were rose 1.6% in the month, with
nondefense capital goods shipments up 0.9%. However, nondefense capital
goods shipments were down 0.2% when civilian aircraft shipments were
also excluded.
Factory inventories rose only 0.5% in July, so the surge in
shipments pushed the inventory to shipments ratio down to 1.32 from 1.33
in June. Still, the level of inventories was the highest on record.
Unfilled orders rose 0.8% in the month.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
US DATA: July factory new orders +2.4%, above the as.
US DATA: July factory new orders +2.4%, above the +2.0% expected as
nondur orders were +1.0% on a 3.8% jump in petroleum and coal products
and dur orders were rev up to +4.1% (prev +4.0%). Total fac orders ex.
transport +0.9%, with transport rev to +14.8% (prev +14.6%). Factory
shipments +1.6%, with nondefense capital goods shipments +0.9%, but
-0.2% ex. aircraft. Factory inventories +0.5% to a record high level,
while unfilled orders +0.8%. Inventory-to-shipments ratio 1.32 vs 1.33
in June.
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