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Eurozone's Monthly Construction Output Up 0.4% in May

The euro area's seasonally adjusted construction production rose 0.4% month over month in May, following a revised 0.1% growth in April, according to Eurostat data published Monday.On a yearly basis, the eurozone's construction output grew 1.2%, against the revised 0.2% increase earlier.

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Asia Week Ahead: Bank Indonesia Decision, Japan Inflation, Korea GDP

Several key economic releases are due across Asia this week, including central bank decisions, inflation data, gross domestic product figures and flash purchasing managers' index reports.The week begins with China's benchmark lending rates on Monday, followed by Taiwan's June export orders on Tuesday.Indonesia's central bank will announce its interest rate decision on Wednesday. On Thursday, South Korea will report second-quarter gross domestic product, and Singapore will publish June inflation figures.The week wraps up with July flash PMI data from India and Japan on Friday. Japan will also release inflation numbers.Here's what to watch in the week ahead.MONDAY, July 20The People's Bank of China left its benchmark lending rates unchanged for the 14th consecutive month, matching the consensus forecast tracked by Investing.com.The one-year loan prime rate, which serves as the benchmark for most corporate and household loans, was held at 3%. Meanwhile, the five-year LPR, the reference rate for residential mortgages, was maintained at 3.5%.Elsewhere, Malaysia's trade surplus narrowed to 14.9 billion ringgit in June from 39.9 billion ringgit in May.Total exports grew 45.4% year over year to 177.9 billion ringgit, while imports rose 43.9% to a record 163 billion ringgit.India's infrastructure output for June is also expected later today.TUESDAY, July 21Taiwan will report June export orders, with ING economists forecasting a 43.9% increase, slower than the 47.2% rise in May.WEDNESDAY, July 22Bank Indonesia is expected to hike rates by 25 basis points to 6%, according to a forecast by ING, adding that the increase underscores the central bank's commitment to foreign exchange stability by attracting foreign inflows and stabilizing the local currency.The hike is anticipated to be the last of the cycle, according to DBS economists.South Korea's producer prices are forecast to have risen 8.2% year over year in June, slowing from 8.5% in the previous month, according to Trading Economics.Elsewhere, Japan may see a trade deficit of 120 billion yen in June, narrowing from the 378.7 billion yen recorded in May, according to consensus estimates.Exports and imports are expected to climb 18.6% and 21% year over year, respectively.THURSDAY, July 23South Korea will release its Q2 GDP. ING said the economy likely grew 4.2% year over year in the April to June period, up from 3.8% in the first quarter, driven by positive net exports.Singapore will publish inflation data for June, with ING economists forecasting core inflation at 1.7%, and Trading Economics at 1.6%. This compares to 1.4% in May.FRIDAY, July 24Japan will release inflation figures for June. Trading Economics expects the nation's core consumer price index, which excludes volatile fresh food prices, to be 1.5%, slightly higher than May's 1.4%.Flash PMI reports for Japan and India are also due on Friday.Lastly, Singapore will post industrial production numbers, with Trading Economics forecasting a 9% year-over-year boost in June, slowing from May's 13% growth.

Saudi Arabia Logs 33.3% Fall in May Issued Building Permits

Issued building permits in Saudi Arabia plunged 33.3% annually in May, following a 28.2% jump in the previous month, according to preliminary data from the General Authority for Statistics released Monday.On a monthly basis, the short-term business indicators statistics showed a 25.7% decline in issued building permits.

Saudi Annual Business Operating Revenue Up 11.4% in May

Saudi Arabia's operating revenue index climbed 11.4% year over year in May, after a 10.6% growth in April, according to preliminary data from the General Authority for Statistics released Monday.On a monthly basis, the short-term business indicators statistics report showed that operating revenue was up 2.9%.

Saudi Real Estate Prices Climb 1.3% Annually in Q2

Saudi Arabia's real estate price index grew 1.3% year over year in the second quarter, following a 1.6% decline in the previous three months, according to data from the General Authority for Statistics released Monday.The increase was attributed to higher prices across the residential and agricultural sectors, offset by a fall in commercial prices.On a quarterly basis, real estate prices jumped 3%, compared with a 0.2% drop earlier.

Saudi Arabia Annual Employee Compensation Up 9.8% in May

Saudi Arabia's employee compensation index climbed 9.8% on an annual basis in May, compared with a 10.1% rise in the previous month.The monthly growth for employee compensation stood at 0.1%, according to preliminary data from the kingdom's General Authority for Statistics released Monday.

German Annual Producer Prices Up 1.8% in June

The producer prices of industrial products in Germany increased 1.8% year over year in June, following a 2.2% growth in May, the country's Federal Statistical Office said Monday.On a monthly basis, producer prices were 0.3% lower, against the expected 0.2% dip.

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Deutsche Bank Expects a July Rate Hold from ECB Amid Energy Price Volatility

Deutsche Bank Research forecasts the European Central Bank will hold its rates steady on Thursday, despite ongoing energy price uncertainty stemming from the reignited Middle East tensions."Despite these fluctuations, a pause in July is expected. Current oil prices remain below 11 June levels, and the June HICP inflation data, which came in softer than expected, cast some doubt on the rapid emergence of indirect inflation. Furthermore, our June dbDIG survey indicated a complete unwinding of the initial energy shock's impact on household inflation expectations. Waiting until September will provide the ECB with two additional HICP prints and updated staff forecasts, enabling a more informed decision," the research firm said in July 17 preview note, adding it expects the central bank to maintain "neutral communications" with a hawkish stance on inflation.The euro area's annual inflation eased to 2.8% in June from 3.2% a month ago, according to final data from Eurostat. The eurozone's annual core rate, which excludes energy, food, alcohol and tobacco, stood at 2.4%, below May's 2.6%.Conversely, analysts forecast a "second and final" rate hike in September to 2.50%, with the "measured tightening" bringing the rates to the top end of the neutral range. The research firm said the move will be justified by core inflation forecasts remaining high alongside volatile energy concerns and persistent expectations of indirect inflation effects."Despite initial fears of tightening credit conditions due to geopolitical uncertainty, actual credit data has shown no such effect. By feeding the resilience of growth, this reduces ECB apprehension about further rate increases," the note said. Deutsche Bank expects euro area headline inflation to decline from 2.8% in 2026 to 2.3% in 2027, while core inflation is expected to ease slightly from 2.5% to 2.4% over the same period.

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Imports Claim Largest Share of Domestic Demand on Record, Driven by Goods Imports, ANZ Says

Goods imports are driving the trend of imports accounting for a larger share of domestic demand in Australia than at any time since the quarterly national accounts began in the September quarter of 1959, according to a Monday report by ANZ.Imports as a share of domestic demand rose to 24.2% in the March quarter from around 15% in the March quarter of 2000.Goods imports rose to 17.7% from 11% over the same period. This surge in imports reflects a stronger demand for imported capital equipment, particularly automated data processing equipment, and consumer goods.Australia recorded a monthly goods trade deficit of AU$3 billion in May, the largest goods trade deficit since 2015. Nominal goods imports rose to AU$46.6 billion in the month, the highest level since the monthly goods trade series began in July 1971.Export values softened from a peak in 2022, as supply disruptions caused by the Russia-Ukraine conflict eased and commodity prices normalized.On a real basis, Australia's goods trade balance has narrowed in recent years. Imports reached AU$123 billion in the March quarter, the highest level in the history of the national accounts data. The goods trade balance was at AU$15.5 billion in the quarter, its lowest level since the December quarter of 2012.The trade balance is likely to become more sensitive to swings in domestic demand. Increased imports are expected to exert downward pressure on the trade balance as support from elevated commodity prices fades.

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Malaysia's Trade Surplus Shrinks in June

Malaysia's trade surplus narrowed to 14.9 billion ringgit in June from 39.9 billion ringgit in May, according to data from the Department of Statistics Malaysia on Monday.While the latest print missed the Trading Economics forecast of 42 billion ringgit for the month, it was still up 64.9% from a year earlier.Total exports grew 45.4% year over year to 177.9 billion ringgit, slightly faster than the 45.3% increase in May. On a month-on-month basis, exports declined 3.2%.Imports rose 43.9% to a record 163 billion ringgit. The pace of growth accelerated from the 14.1% increase in May. Compared with the previous month, imports declined 13.2%.

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South Korea Unveils Roadmap to Make Won Freely Exchangeable Globally

The South Korean government on Sunday unveiled the won internationalization roadmap designed to transition the won from a heavily regulated asset into a freely convertible currency.The plan includes building infrastructure for around-the-clock, location-free trading, according to a statement by the finance ministry on Monday.Authorities also pledged to maintain balanced risk management measures alongside the gradual push for internationalization.The joint effort involves the Ministry of Economy and Finance, the Financial Services Commission, the Bank of Korea, the Financial Supervisory Service, and the Korea Securities Depository.

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Samsung Group Brand Value Hits $97.4 Billion, Ranks Eighth Globally

The brand value of Samsung Group, the parent group of Samsung Electronics (KRX:005930) and Samsung Biologics (KRX:207940), jumped 8.9% to $97.4 billion in 2026 from $89.4 billion in 2025, British consulting firm Brand Finance said in a Sunday report.The group ranked eighth in Brand Finance's ranking of top 100 tech companies globally.SK Hynix (KRX:000660) rose one place to 28th, LG Corp (KRX:003550) slipped eight spots to 44th, Coupang slipped one position to 49th, and Naver (KRX:035420) moved up five places to 95th, according to the report.Shares of Samsung Electronics fell more than 4%, while Samsung Biologics declined 3%. Shares of SK Hynix declined more than 4%, and those of Naver fell nearly 3%.

China Holds Benchmark Lending Rates Steady for 14th Straight Month

The People's Bank of China (PBOC) left its benchmark lending rates unchanged for the 14th consecutive month at its monthly fixing on Monday.This decision matched the consensus forecast tracked by Investing.com.The one-year loan prime rate (LPR), which serves as the benchmark for most corporate and household loans, was held at 3.00%.Meanwhile, the five-year LPR, the reference rate for residential mortgages, was maintained at 3.50%.

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New Zealand Records Nearly NZ$23 Million Goods Trade Surplus in June

New Zealand recorded a goods trade surplus of NZ$22.7 million in June, compared with a surplus of NZ$576.8 million in May, Stats NZ data showed on Monday.Goods exports rose 25% to NZ$8.09 billion, while imports rose 28% to NZ$8.07 billion.Exports were driven by a 52% increase in meat and edible offal, while crude oil recorded the largest decline, falling 38%.Petroleum and petroleum products led the increase in imports, rising 100%, while food residues, wastes, and fodder led the decline, falling 39%.In the year ended June, New Zealand recorded a trade deficit of NZ$3.75 billion, compared with a trade deficit of NZ$4.43 billion in the year ended June 2025.

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Daily Roundup of Key US Economic Data for July 17

Housing starts jumped by 19% to a 1.427 million annual rate in June, compared with expectations for a smaller increase, with single-family housing starts lower and multi-family starts sharply higher.Building permits fell by 3% to a 1.367 million rate in June. Both single-family and multi-family permits declined. Homes permitted but not started decreased by 3%, suggesting starts could slow in the coming months.The number of homes under construction declined but completions surged in the month, which should add to supply of homes for sale in the near term. Completions were 1.5% above their year-ago level.Import prices rose by 0.3% in June and were up 0.5% when a 0.7% drop in petroleum prices is excluded.Export prices fell by 0.6% in June and were down 0.7% excluding a 0.2% gain in agricultural prices.June industrial production rose by 0.1% after a 0.1% gain in May, with manufacturing production flat overall and down 0.1% excluding a 0.7% gain in motor vehicle and parts production.Utilities output rose by 0.4% on a gain in electricity production that was offset by a decline in natural gas production. Mining production increased by 0.4%.The preliminary Michigan Sentiment index rose to 54.4 in July from 49.5 in June, the highest level since February, with gains in both the current conditions and expectations readings.Michigan said that inflation expectations improved at the one-year horizon and was unchanged at the five-year horizon.The Q2 GDP nowcast estimate from the St. Louis Fed is for a 2.058% gain, revised up from 1.717% gain in the previous estimate, while the Q2 GDP nowcast estimate from the Atlanta Fed is for a 1.7% gain, unrevised from the previous estimate.

Cargo Traffic to Los Angeles Port Expected to Fall in Week Ending Aug. 1

Cargo traffic at the Port of Los Angeles is expected to fall in the week ending Aug. 1, according to data from ship-tracking system Port Optimizer.A total of 110,834 20-foot equivalent units, a standardized measure of cargo capacity, are projected to reach the port in the week, the data showed. That volume reflects a 6.9% decrease from the previous week and a 13% fall from a year earlier.Twenty-one freight vessels are scheduled to arrive at the port in the week ending Aug. 1, the data showed. That compares with 23 vessels scheduled this week and 21 in the week ending July 25.The Office of the US Trade Representative said Wednesday it will impose a 25% tariff on certain imports from Brazil following the conclusion of a Section 301 investigation that found Brazil's trade practices unreasonable and restrictive to US commerce.

St. Louis Fed US Q2 GDP Nowcast Estimate 2.058% Gain vs Previous 1.717% Gain

Atlanta Fed US Q2 GDP Nowcast Estimate Unrevised From Previous 1.7% Gain