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Italian Business Confidence Falls in May; Consumer Sentiment Improves

Italy's business confidence index dropped to 94.1 points in May from the revised 95.1 points in April, according to data from statistics agency Istat published Thursday.For the manufacturing sector, the confidence index is steady at 87.9 points. The consensus estimate stood at 87.5 points.Meanwhile, the Italian consumer confidence indicator was at 93.4 points, against the prior 90.8 points and the expected 90.1 points.

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International28d ago

Spanish Monthly Retail Sales Fall 1.5% in April

Spain's seasonally and calendar-adjusted retail sales declined 1.5% month over month in April, compared with the 1.2% growth in the previous month, the National Statistics Institute said Thursday.On a yearly basis, retail sales were 0.8% higher, compared with the 4.1% growth earlier.

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International28d ago

Japan's Exports to Middle East Nosedive in April Amid War; Motor Vehicle Exports Plunge

Japan's major exports to the Middle East plunged in April amid the ongoing war in the region, according to trade statistics released by country's finance ministry on Thursday.Major exports from the country, including cars and steel pipes, to the Middle East region, fell by 55.8% in value year on year to 138.695 trillion yen in April, affected by the prolonged closure of the Strait of Hormuz.The export of motor vehicles fell sharply by 90.8%, including a 90.4% decline in cars and 92.2% slip in the export of trucks and buses to the war-effected region.According to a Nikkei Asia report, Japan's overseas shipments of new passenger cars to the Middle East account for 13% of total exports by value, and 27% of total truck exports and 22% of buses.Imports to the Middle East region also fell 56.8% to 469.224 trillion yen in April.Japan's overall exports by value rose 14.8% from a year earlier in April, while imports grew 9.8%.

Nikkei 225

International28d ago

French Annual Industrial Producer Prices Increase 2.1% in April

French industrial producer prices for the home market rose 2.1% year over year in April, following a revised zero growth in March, according to data from Insee published Thursday.On a monthly basis, industrial producer prices were 2.1% lower, against a revised 1.9% increase earlier.

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International28d ago

Swiss Nonfarm Payroll Growth Accelerates to 0.5% in Q1

Switzerland's nonfarm payrolls grew 0.5% year over year in the first quarter, compared with the 0.2% gain in the previous three months, according to data published by the country's Federal Statistical Office on Thursday.On a quarterly basis, the seasonally adjusted figure rose 0.4%.Over 5.5 million employees were recorded by companies in Switzerland, excluding agriculture, for the three-month period.

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International28d ago

Broad Trends in Australian Household Spending Points to Waning Consumer Demand, ANZ Says

The broad trends in household spending in Australia pointed to a waning in consumer demand after a strong final few months of 2025, ANZ said on Thursday.Total household spending in April was AU$79.42 billion, up 4.9% compared with April 2025, and down 1.1% month-on-month on a current price, seasonally adjusted basis, after a 1.6% increase in March.The data is consistent with the weakness in consumer confidence, the low level of auction clearance rates, and slightly better-than-expected inflation data for April. The latter suggests that firms might be struggling to pass price and cost increases through to consumers.The month-to-month volatility in household spending reflects both swings in fuel prices, but also some noise in the ex-fuel spend, which is estimated to have fallen 0.8% in April after a 0.7% increase in March.The first quarter capital expenditure (capex) data was particularly strong, with total capex up 6.5% in the quarter to be 14.6% higher over the year.

ASX 200

International28d ago

SMMT: UK's Total Vehicle Production Down 1.2% in April

Britain's total vehicle manufacturing fell 1.2% year over year to 58,513 units in April, the Society of Motor Manufacturers and Traders said Thursday.Car production tumbled 0.7% to 56,135 units, while commercial vehicle output declined 10.9% to 2,378 units.For the four months to April, total vehicle manufacturing slumped 10.7% to 266,601 units.

FTSE 100

International28d ago

Bank of Korea Keeps Base Rate Unchanged at 2.50%

Bank of Korea kept its base rate unchanged at 2.50% for the inter-meeting period amid high inflationary pressure and uncertainties surrounding developments in the Middle East, the central bank said in a Thursday release.Five members of the Monetary Policy Board backed keeping the base rate steady, while Chang Yongsung and Ryoo Sangdai opposed, calling for a 0.25% rate hike to 2.75%.The decision was in line with a poll conducted by Reuters, wherein 30 of 32 economists anticipated the rate freeze decision. A survey conducted by Bloomberg also witnessed 22 out of 23 economists agreeing on a steady rate decision.Inflation pressures have risen due to the Middle East conflict, while stronger exports raised growth beyond earlier expectations, and financial stability risks remain.Consumer inflation rose to 2.6% in April on the jump in petroleum prices, while core inflation remained unchanged at 2.2%, and inflation expectations remained in the upper 2% range.The central bank expects inflationary pressure to build further amid higher oil prices and growing demand, raising inflation forecasts for this year to 2.7% for headline inflation and 2.4% for core inflation, both above its February projections.

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International28d ago

Australian Total Household Spending Rises in April

Australian total household spending in April was AU$79.42 billion, up 4.9% compared with April 2025, and down 1.1% month-on-month on a current price, seasonally adjusted basis, according to a report from the Australian Bureau of Statistics released on Thursday.Household spending fell in six of the nine spending categories in April compared with the month prior, with the largest decreases in transport, clothing and footwear, and food.Spending on goods recorded a year-on-year increase of 6.5% and a month-on-month decrease of 0.4%, with the fall due to lower spending on motoring goods, food, and clothing and footwear.Meanwhile, household spending on services rose 3% year on year, and fell 1.9% month on month, with the decrease driven by lower spending on air passenger and sea transport, rail and road transport, and other services.Household spending fell for five of the eight states and territories, with the strongest decreases in Western Australia, Victoria, and South Australia, according to the report.

ASX 200

International28d ago

Total New Capital Expenditure in Australia Rises in March Quarter

Total new capital expenditure in Australia in seasonally adjusted terms was AU$52.57 billion in the March quarter, up nearly 15% on the same period last year, according to figures from the Australian Bureau of Statistics (ABS) released on Thursday.The seasonally adjusted estimate for equipment, plant, and machinery surged 31% to AU$27.49 billion, while buildings and structures rose 0.8% to AU$25.08 billion."The lift in investment was the result of investment in data centre equipment, specifically server racks and processing equipment, significantly boosting overall investment figures," said Tom Lay, ABS head of business statistics.Meanwhile, the trend estimate for total new capital expenditure was AU$51.96 billion, up over 13% on last year.The trend estimate for buildings and structures rose 3.2% to AU$25.55 billion, while equipment, plant, and machinery jumped past 25% to AU$26.38 billion, according to the ABS data.

ASX 200

International28d ago

New Zealand Total Yearly Enterprise Count Rises in April

New Zealand's total number of enterprises rose to 603,354 in April 2026 from 596,721 in April 2025, according to data from stats.govt.nz on Thursday.Enterprise entries during April were 8,820 compared to 8,619 last year, while enterprise exits fell to 4,815 from 5,835.The industry with the largest increase in enterprise count was rental, hiring, and real estate services, reaching 128,124 from 123,588 last year.Agriculture, Forestry, and Fishing experienced the largest decline in the number of enterprises, falling to 60,222 from 61,068 in a year.A total of 11 industries recorded an increase in the number over the period, while 8 recorded a decrease.

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International28d ago

Bank of Korea Holds Rate Steady as Expected

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International29d ago

New Zealand's Filled Jobs Increase 0.2% in April, Stats NZ Says

The seasonally adjusted number of filled jobs across New Zealand industries rose 0.2% month-over-month to 2.4 million in April, following a 0.3% increase in March, data from Stats NZ showed on Tuesday.Filled jobs in the primary, goods-producing, and service industries rose by 0.4%, 0.1%, and 0.2%, respectively.In April, there were 2.4 million actual filled jobs, increasing by 0.5%, or 12,749 jobs, from April 2025.By industry, the largest increase by percentage was in public administration and safety, with filled jobs up 3.4%, or 5,465 jobs, compared with April 2025. The health care and social assistance segment saw filled jobs climb 2%, or by 5,526 jobs over the same period.Meanwhile, total gross earnings rose 2.5%, or NZ$400 million, in April on an accrual basis from the same month in the prior year, while total gross earnings for April came in at NZ$16.1 billion.

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International29d ago

TSX Closer: The Index Falls for a Second Day After Monday's Record Close Amid Rise In Canadian Credit Stress

The Toronto Stock Exchange closed lower on Wednesday, falling for a second session following Monday's record close, on more profit taking and weak commodity prices, while one analyst said Bank of Nova Scotia's (BNS.TO) credit outlook "becomes more cautious" after it reported fiscal second-quarter earnings and a pair of economists noted credit stress is "rising, not breaking" in Canada.The resources-heavy S&P/TSX Composite Index closed down 241.82 points, or 0.7%, to 34,412.05, adding to the near 170 points lost Tuesday. Most sectors were lower, led by Energy, down 2.35% on lower oil. Base Metals eased about 0.2%, not helped by a drop in the gold price. Among gainers, both Industrials and Telecom rose by about 0.7%, respectively.The Financial sector lost near 0.3% on a day when the trio of Scotiabank, Bank of Montreal (BMO.TO) and National Bank (NA.TO) each reported their respective fiscal Q2 results. Canadian Imperial Bank of Commerce (CM.TO), Royal Bank of Canada (RY.TO) and Toronto-Dominion Bank (TD.TO) will each report theirs Thursday.On Scotiabank, National Bank noted it reported Q2 core cash EPS of $2.02 versus a National Bank estimate of $1.87 and consensus of $1.93. Among key takeaways, National Bank said although Scotiabank beat its, and consensus, expectations, it has a "mixed view" of the quarter. On the positive side, National Bank said the Canadian P&C business delivered its best quarter in a long time, an important "deliverable" vis-a-vis Scotiabank's double-digit EPS growth target for the year. But on the negative side, National Bank said Capital Markets results missed consensus expectations and the bank's guidance range. More importantly, it added, credit losses were higher than expected, which resulted in the adoption of more conservative second half credit performance guidance. National Bank has kept a sector-perform rating and C$106 target on Scotiabank's shares.Still on credit stress in Canada, the National Bank Economics and Strategy Group noted total debt in insolvency reached its highest level since the 2009 financial crisis in the first quarter, according to data from Equifax. Economists Daren King and Matthieu Arseneau said this increase may seem alarming and raises concerns about the financial health of Canadian households. But, they asked, is the situation really as concerning as it seems?To gain a clearer picture, the National Bank duo analyzed data from the Office of the Superintendent of Bankruptcy, which tracks the total number of insolvency filings (bankruptcies and consumer proposals) across the country. They noted this data also shows that the number of insolvencies reached its highest level since the financial crisis in the first quarter. However, King and Arseneau said, two adjustments are necessary to correctly interpret the trend in insolvencies. The first concerns seasonality, since the first half of the year is historically associated with a higher volume of insolvencies. The second involves accounting for the strong population growth observed since 2009, as the Canadian population has increased by approximately 25% over this period.According to the pair, once the data is seasonally adjusted and expressed on a per capita basis, the insolvency rate remains well below the peak reached in the wake of the financial crisis and is even below its pre-pandemic level of 2019. They said the upward trend observed since 2022 therefore reflects a normalization from an exceptionally low pandemic trough rather than a widespread breakdown in household credit. This does not mean, however, that the situation should be downplayed, they added."The rise in the insolvency rate over the past year reflects a more fragile labour market, high interest rates, and a still-high cost of living, particularly for housing, food, and energy, which continue to put pressure on many households. However, the data does not support the narrative of systemic credit risk suggested by some media headlines. The most accurate interpretation remains more nuanced: financial strains are increasing, but their magnitude remains moderate by historical standards for now," King and Arseneau said.Of commodities, West Texas Intermediate crude oil plunged 5.6% on expectations the United States and Iran are nearing a deal to reopen the Strait of Hormuz and end the largest-ever energy supply shock. WTI crude oil for July delivery closed down US$5.21 to settle at US$88.68 per barrel, the lowest since April 20, while July Brent oil was down US$5.30 to US$94.28.Also, gold fell to a two-month low, even as the dollar dipped and oil prices weakened ahead of an expected peace deal to end the war on Iran, easing inflation worries. Gold for July delivery was down US$52.60 to US$4,482.40 per ounce, the lowest since March 26.

S&P/TSX CompositeS&P/TSX Composite$BMO.TO$BNS.TO$CM.TO$NA.TO$RY.TO$TD.TO

International29d ago

US New-Home Sales Expected to Slow in April After Rising Sharply in March

US new single family home sales are expected to slow to a 660,000 annual rate in April, based on a survey compiled by Bloomberg, after increasing to 682,000 annual rate in March.Sales would be below the 706,000 annual rate reported in April 2025.The data are scheduled to be released at 10:00 am ET Thursday.Supply of new homes for sale was well below its year-ago level in last month's report for March, even as prices fell.Single-family existing home sales held steady in April, according to data released on May 11, but were down 0.3% from a year ago.Recent mortgage application data from the Mortgage Bankers Association indicated that mortgage rates fell early in April before rising at the end of the month.Home building data for April released on May 21 showed gains for building permits and home completions. However, there was a 2.8% decline for housing starts.The National Association of Home Builders reported on May 18 that builder sentiment increased three points to 37 in May, remaining above the reading from a year earlier, but uncertainty and high mortgage rates remained headwinds to home building.

International29d ago

US Personal Income, Spending Growth Expected to Slow, Price Growth Still Elevated

Personal income is forecast to rise by 0.4% in April, based on a survey compiled by Bloomberg, following a 0.6% increase in March.The report on personal income and consumption for April is scheduled to be released at 8:30 am ET Thursday.Wages and salaries are seen as a positive for the headline figure. Private nonfarm payrolls rose by 115,000 in April after a 185,000-jobs increase in March, while the average workweek increased to 34.3 hours from 34.2 hours, lifting the aggregate hours index by 0.3% in the month. Hourly earnings rose by 0.2% in April after a matching gain in the previous month.For consumption, control group retail sales, which exclude motor vehicles, gas building materials and food services and feeds into the goods PCE calculation, rose by 0.5% in April after a 0.9% gain in the previous month.Analysts expect personal consumption to increase by 0.5% in April after a 0.9% gain in March. Real PCE, consumption after adjustment for inflation, is expected to increase by 0.1% after 0.2% gain.PCE prices are forecast to rise by 0.5% after a 0.7% gain in the March report, while core prices are expected to rise by 0.3% for another month.Analysts expect the year-over-year rate for overall PCE prices to accelerate to 3.8% from 3.5% in March while core PCE prices are seen at 3.3%, up from 3.2% in March.

International29d ago

Daily Roundup of Key US Economic Data for May 27

The Richmond Fed's manufacturing index rose to 13 in May from 3 in April, an indication of faster expansion.At same time, the Richmond Federal Reserve's services reading rose to 14 in May from 9 in April. The Dallas Fed's services reading rose to minus 7.7 in May from minus 9.9 in April.The Mortgage Bankers Association reported an 8.5% decline in mortgage applications in the week ended May 22 after a 2.3% drop in the previous week. Refinancing activity plunged while new home applications ticked lower as average mortgage rates hit their highest point since August 2025.Redbook reported that US same-store retail sales were up 9% year-over-year in the week ended May 23, faster than an 8.1% gain in the prior week due to strong seasonal item sales.

International29d ago

Swiss Stocks Extend Gains on Improved Investor Sentiment

Swiss shares extended gains for a second straight day, with the Swiss Market Index up 0.75% on Wednesday, underpinned by a rebound in investor confidence and a global boom in technology stocks.The UBS and Swiss CFA Society sentiment index improved to -11.1 in May from -30.3 in April, with 75% of analysts surveyed now expecting economic conditions in Switzerland to remain unchanged over the next six months.On the corporate front, Switzerland-traded stocks of US-based memory and storage systems company Micron Technology (MU.SW) surged 23.09%. The company crossed $1 trillion in market capitalization in overnight trading in the US, driven by a boom in artificial intelligence chips.Lem Holding (LEHN.SW) shares rose for a second straight day, with gains of 9.40% at close, following the company's announcement of a strategic review.Meanwhile, Hong Kong has overtaken Switzerland as the world's largest offshore wealth hub on the back of capital flows from mainland China, according to Boston Consulting Group. Cross-border assets under management in Hong Kong reached $2.95 trillion in 2025, while AUM in Switzerland amounted to $2.94 trillion.Looking ahead to the rest of the week, non-farm payrolls for the first quarter are due on Thursday, while KOF leading indicators are scheduled on Friday.

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International29d ago

Dallas Fed Services Index Rises in May, Still Indicates Contraction

The Dallas Federal Reserve's monthly general business services index rose to a reading of minus 7.7 in May from minus 9.9 in April, below an expected reading of minus 6.0 and indicating less widespread contraction.There were decreases in the readings for employment, wages, input prices and selling prices.This is the final regional services reading for the month, with the previous releases mixed in direction.

International29d ago

May Dallas Fed Service Sector Index -7.7 vs. Expected -6.0, Prior -9.9 Reading

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International29d ago

TSX Closer: The Index Falls for a Second Day After Monday's Record Close Amid Rise In Canadian Credit Stress

S&P/TSX CompositeS&P/TSX Composite$BMO.TO$BNS.TO$CM.TO$NA.TO$RY.TO$TD.TO