Hourly labor costs in the eurozone rose 3.2% year over year in the first quarter, compared with the 3.3% gain in the prior three-month period, Eurostat said Tuesday.
Analysts expected a 3.3% jump for the month.
Meanwhile, wages and salaries in the region grew 3.4% on an annual basis, against the 3% increase earlier.
New Zealand's gross domestic product (GDP) is forecasted to have grown by 0.7% quarter-over-quarter and 1% year-over-year in the March quarter, below the Reserve Bank of New Zealand's 1% quarter-over-quarter expectation, and slightly below consensus at 0.8% quarter-over-quarter, BofA Securities said in a Tuesday note.Growth is expected to be relatively broad-based, with both primary and services industries supporting the economy, although construction activity remains weak. Consumption growth is expected to be solid, but investment should weaken alongside deteriorating sentiment in the period.The GDP is likely to contract in the June quarter, given the impact of the conflict in the Middle East.The firm expects the central bank to hike the official cash rate at the July meeting to help anchor inflation expectations. Higher energy-driven inflation will drive a negative real income and growth impulse, which will further increase spare capacity through the middle of the year, all else equal, the note added.Retail sales increased by 0.9% quarter-over-quarter in the March quarter, above market expectations of a 0.5% rise. The increase was broad-based, with sales in 10 out of 15 industries rising, mainly driven by supermarket and grocery stores, homeware supplies, and accommodation. This strength in retail sales is expected to reverse in the June quarter as surging fuel prices and weaker confidence weigh on households.
A total of 183 overseas Chinese and foreign investment projects were approved in Taiwan, with a total investment of $1.12 billion in May, according to data released by the Ministry of Economic Affairs on Monday.In the period between January and May, 979 overseas Chinese and foreign investment projects were approved, with a total investment of $8.43 billion, an increase of 53.8% over the corresponding period a year ago.The investments in the first five months of the year were driven by the $4.33 billion investment by Singapore-based Micron Semiconductor Asia into Micron Memory Taiwan through debt conversion. Investments by Microsoft and Danish offshore wind developer Orsted also helped to push up investments.In May, 121 new companies were approved for investment by overseas Chinese and foreign investors, with a total investment amount of around $11.2 million, the data showed.In the reported month, 64 outward investment projects were approved with a total investment of $1.53 billion. Also, in January to May, 271 outward investment projects were approved with a total investment of $35.6 billion, representing an increase of 133.9% compared to the same period last year.
The New Zealand selected price indexes for May came in broadly as expected, reinforcing the downside risks to the June quarter consumer price index (CPI) forecast, ANZ Research said in a note on Tuesday.Food prices, accounting for nearly 19% of the CPI basket, rose 1% month over month, stronger than ANZ's outlook for a 0.3% increase. ANZ said the shock to global fertilizer supply stemming from the Middle East conflict, alongside higher freight costs, will likely add to global food price inflation.ANZ downgraded its second quarter CPI projection to 1.5% from 1.8% quarter over quarter. This would see annual inflation come in at 4.1%, down from its previous forecast of 4.4%.The medium-term inflation outlook will be a function of both the degree of demand destruction and inflation inertia stemming from the global supply shock caused by the Middle East conflict, ANZ said.The Reserve Bank of New Zealand is expected to hike the official cash rate by 25 basis points in July as the central bank prioritizes ensuring that the current surge in inflation does not broaden into core inflation over the medium term, ANZ added.