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Euro Area Government Debt-to-GDP Ratio Rises in Q1

The general government gross debt-to-gross domestic product ratio in the euro area increased to 88.9% in the first quarter from 87.7% in the prior three-month period, Eurostat data showed Tuesday.The ratio stood at 87.2% in the first quarter of 2025.

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International23d ago

June Unemployment Rate Declines Largest in Delaware, Rhode Island, South Carolina, Wyoming

State-level data released by the Bureau of Labor Statistics Tuesday showed the unemployment rate fell in 8 states in June, rose in 2 and held steady elsewhere.The largest unemployment rate declines were in Delaware, Rhode Island, South Carolina and Wyoming, where it fell by 0.2 percentage point. The unemployment rate increased in Alabama and Kentucky by 0.2 percentage point.The national unemployment rate was reported at 4.2% in June, down from 4.3% in May.The largest payrolls gain in absolute terms was in Texas, which added 43,400 jobs, followed by Minnesota with 13,200. New Hampshire's 0.6% gain was the largest percentage increase.

International23d ago

June Unemployment Rate Lower in Eight US States, Higher in Two States

International23d ago

Redbook US Same-Store Sales Decelerate in Week Ended July 18

Redbook US same-store sales rose by 7.8% from a year earlier in the week ended July 18 after an 8.2% year-over-year increase in the previous week.Redbook noted brisk demand for the remaining summer merchandise due to hot weather across the country. Many states are preparing for back-to-school sales tax holidays, starting in early August. Many families are shopping from discount stores during different trips to benefit from promotions.Through the second selling week for July, sales were up 8% compared with July 2025, slower than the target for an 8.6% gain, Redbook said.

International23d ago

Redbook US Same-Store Sales Up 7.8% Year-Over-Year in Week Ended July 18 After Prior 8.2% Gain

International23d ago

July Philadelphia Fed Regional Nonmanufacturing Activity Index Jumps

The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index rose to 7.4 in July from minus 25.8 in the previous month, indicating expansion in the sector.This is the first positive reading for the index since October 2024.The readings for new orders, sales, prices and employment all increased in the month.The six-month outlooks at both the regional and firm levels increased, with 28.4% of respondents expecting expansion in the region over the next six months, compared with 12.6% that expect contraction.

International23d ago

July Philadelphia Fed Regional Nonmanufacturing Activity Index 7.4 Vs. -25.8 Prior

International23d ago

US Dollar Mixed Early Tuesday Ahead of Philadelphia Fed Nonmanufacturing, Redbook

The US dollar was mixed against its major trading partners early Tuesday -- up versus the pound and yen, down versus the euro and Canadian dollar -- ahead of the release of the Philadelphia Federal Reserve's non-manufacturing reading for July at 8:30 am ET and weekly Redbook same-store sales at 8:55 am ET.State-level unemployment data for June are due to be released at 10:00 am ET.A quick summary of foreign exchange activity heading into Tuesday:EUR/USD rose to 1.1420 from 1.1416 at the Monday US close but was below a level of 1.1431 at the same time Monday morning. Eurozone economic sentiment increased in July, according to data released earlier Tuesday. The next European Central Bank meeting is scheduled for Thursday, when no change in the policy rate is expected.GBP/USD fell to 1.3410 from 1.3436 at the Monday US close and 1.3468 at the same time Monday morning. UK employment growth accelerated in May and the unemployment rate was steady, but UK jobless claims increased in June, according to data released earlier Tuesday. The next Bank of England meeting is scheduled for July 30.USD/JPY rose to 162.7452 from 162.5101 at the Monday US close and 162.4203 at the same time Monday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for July 30-31.USD/CAD fell to 1.4063 from 1.4065 at the Monday US close but was above a level of 1.4023 at the same time Monday morning. There are no Canadian data on Tuesday's schedule. The next Bank of Canada meeting is scheduled for Sept. 2.

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International23d ago

Canada's Fast-Food Inflation Slows as Softer Consumer Demand Weighs on Restaurants, BMO Says

Canadian fast-food price inflation eased to 1.7% in June, the slowest annual increase since 2020, as distortions from last year's temporary sales tax holiday continued to fade, according to Bank of Montreal Capital Markets (BMO) in a Monday note.Prices have eased for categories such as meat, bakery products, sweets and snacks, while coffee prices have stabilized, wrote BMO Senior Economist Shelly Kaushik in the note. However, grains, frozen foods and dairy products continue to face upward pressure.The slower pace of fast-food price increases suggests businesses have limited ability to pass higher costs on to consumers, helping keep overall inflation contained so far, added BMO."Bigger picture, these restaurants are facing broadly softer consumer demand, especially for discretionary items," wrote Kaushik.

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International23d ago

CIBC Says New US Tariffs Unlikely to Alter Bank of Canada Outlook

CIBC Economics said late Monday that the latest US tariff announcement is not large enough to change its outlook for the Bank of Canada.President Donald Trump's Monday decision to impose a 50% tariff on nearly $20 billion of Canadian imports under rarely-used Section 338 marks a targeted escalation in trade tensions, said the bank. The measures affect just under 5.5% of Canada's exports to the US and would lift the average Canada-US tariff rate by slightly more than 2.5 percentage points."We see this as a sector-specific development rather than a broad macroeconomic story, though it is clearly significant for the industries directly affected," wrote CIBC's Benjamin Tal in the note.The timing of the measures indicates they are likely intended to strengthen the US negotiating position ahead of upcoming USMCA talks, added CIBC.The new tariffs will become effective in 30 days.

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International23d ago

Canada's Prime Minister Vows to Protect Canadian Economy After US Unveils New 50% Tariffs

Prime Minister Mark Carney reiterated Canada's support for free and fair trade after the US announced late Monday plans to impose a new 50% tariff on a broad range of Canadian exports.Noting that the US has been reassessing its trade relationships over the past 18 months, including those governed by the US-Mexico-Canada Agreement, Carney said Canada has put forward comprehensive proposals to resolve the dispute and modernize the USMCA."We stand ready to intensify those discussions in the coming weeks," Carney said in a statement late Monday after the announcement of the new tariffs by the administration of President Donald Trump.The prime minister said the government remains committed to taking all necessary steps to build economic resilience and protect the interests of Canadian workers, farmers, businesses and families.Corpay's rough estimates suggest that the overall increase in potential levies would amount to around $19.1 billion, equivalent to 4.6% of Canadian exports to the U.S, implying that the average tariff rate applied to Canadian goods could rise by about 2.3 percentage points."This would undoubtedly be painful for the affected Canadian industrial sectors, but should be substantially less damaging to the economy than initially feared," wrote Karl Schamotta, Corpay's chief market strategist, in a late Monday note.

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International23d ago

ZEW: German Economic Sentiment Up in July; Current Conditions Improve

Germany's economic sentiment index climbed to 26.3 points in July from 10.5 points in June, research institute ZEW said Tuesday.The consensus estimate for the month was 15.1 points.Meanwhile, the current situation indicator came in at -77.6 points, compared with the previous -81 points and the expected -77.8 points.

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International23d ago

Eurozone Economic Sentiment Improves in July, ZEW Says

The euro area's economic sentiment index rose to 23.4 points in July from 9.5 points in June, research institute ZEW said Tuesday.The latest reading is above the consensus estimate of 11.2 points.Meanwhile, the ZEW current situation indicator increased by 5.7 points to -37.7 points.

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International23d ago

Hong Kong's Headline Inflation Rises 2.0% in June

Hong Kong's composite consumer price index rose 2.0% year over year in June, according to data from the Census and Statistics Department released Tuesday.The reading remained constant, matching last month's 2.0% expansion.Netting out the effects of all government one-off relief measures, the underlying inflation rate edged up 1.9% year over year, the same as in May, driven primarily by price increases of fuel-related items.Relatively modest price pressures in other components offset the overall rise, the C&SD said.On a seasonally adjusted month-over-month basis, the average monthly increase in the composite CPI for the three months through June was 0.1%, unchanged from the previous three-month period ending in May.

Hang Seng

International23d ago

ECB: Eurozone Banks Tighten Credit Requirements for Loans in Q2

Banks in the euro area tightened their credit standards for companies, mortgages and consumer loans in the second quarter, the European Central Bank said Tuesday.The ECB's July bank lending survey showed that demand for loans from companies slightly increased amid higher demand for fixed investment and working capital. On the housing loans side, demand markedly declined in net terms, weighed down by weaker consumer confidence, interest rate changes and deteriorating housing market prospects.Meanwhile, consumer credit demand continued to decline, reflecting lower consumer confidence, muted spending on durables and changes in interest rates.Looking ahead, banks expect credit standards to tighten further for companies, housing loans and consumer credit in the third quarter.

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International23d ago

Spanish Trade Deficit Widens in May

Spain's trade deficit grew to 8.24 billion euros in May, compared with 5.17 billion euros in April, according to government data published Tuesday.Exports rose 0.9% month over month to 34.69 billion euros, while imports grew 8.5% to 42.94 billion euros.

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International23d ago

Swiss Watch Exports Jump 11.2% in June

Switzerland's watch exports climbed 11.2% year over year to 2.39 billion francs in June, driven by overseas demand for bimetallic models, the Federation of the Swiss Watch Industry said Tuesday.Exports of wristwatches rose 11.7%, while the other products category edged up 0.2%.For the first six months of 2026, overseas shipments decreased 0.7% to 12.8 billion francs.

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International23d ago

Taiwan's Export Orders Grow 59.4% in June

Taiwan's export orders rose 59.4% year over year to $95.3 billion in June, according to data from the Ministry of Economic Affairs released on Tuesday.The reading compared with a 47.2% increase recorded in the previous month.

Taiwan Weighted

International23d ago

UK Public Sector Net Borrowing Decreases in June

Public sector net borrowing in the UK, excluding public sector banks, stood at 16 billion pounds sterling in June, down from the revised 20.0 billion pounds earlier, according to data from the Office for National Statistics published Tuesday.

FTSE 100

International23d ago

UK Average Earnings Including Bonuses Up 4.3% in Three Months to May

Britain's average weekly pay, including bonuses, increased 4.3% year over year in the quarter to May, following a 4.4% jump in the prior three-month period, the Office for National Statistics said Tuesday.The latest reading is below the consensus estimate of a 4.5% growth.Excluding bonuses, the growth in average weekly earnings was 3.4%, consistent with the prior and expected reading.

FTSE 100

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