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July 24, 2018

Orbex, Important 3 Market Movers from last week - Market Trend

The markets were trading mixed last week. Economic data from the U.S. showed a strong patch which underlined the fact that the U.S. economy advanced strongly in the second quarter.

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This article is originally referred from Orbex Market Review.

Retail sales increased more than expected. In the UK, inflation failed to rise as wage growth eased slightly.

The data comes ahead of the Bank of England’s monetary policy meeting due in two weeks.

On Friday, the U.S. President Trump commented that the U.S. dollar was strong. This led to a strong sell off in the greenback.

China GDP advances 6.7% in Q2

China’s Gross Domestic Product (GDP) was seen advancing at a pace of 6.7% annual rate in the three months ending June 2018.

The pace of growth was in line with the market forecasts and marked a slightly slower pace of increase during the quarter.

The pace of gains was seen rising at a slower pace amid concerns of the effects of the U.S. and China trade wars and rising debt levels.

The pace of expansion in the third quarter was seen to be the slowest since the third quarter of 2016.

China Annual GDP (June 2018): 6.7% (Source: Tradingeconomics)

At 6.7%, China’s GDP has been rising within the rate of 6.7% and 6.9% so far this year.

On a seasonally adjusted basis, China’s GDP rose 1.8% on a quarterly basis. This beat forecasts of a 1.6% increase and an increase from 1.4% in the first quarter of the year.

For the entire first half of the year, China’s GDP was seen rising at 6.8%.

China’s National Bureau of Statistics (NBS), while releasing the data said that external uncertainties and economic restructuring were some of the reasons.

The statement showed a public acknowledgement from Chinese authorities about the slowing economic momentum.

Trade concerns remain a primary issue for the GDP. Economists however note that the full effects of the trade tariffs cannot be seen until the release of the third quarter GDP reports.

The U.S. has slapped China by hiking tariffs on steel and aluminium imports.

The U.S. administration was also seen imposing more tariffs on goods and threatened China recently with a fresh set of tariffs that amount to nearly $200 billion.

The decision is expected to be taken around mid-August.

In retaliation, China also imposed similar tariffs on U.S. produced goods and also filed a formal complaint at the World Trade Organization (WTO).

U.S. retail sales rises 0.5%

The U.S. retail sales report for the month of June showed that U.S. consumers boosted spending in June capping a strong quarter on the consumption side and raising prospects that the U.S. economy advanced strongly in the second quarter.

The retail sales report released by the U.S. department of commerce showed that spending at U.S. stores, websites and restaurants rose 0.5% in June compared to the month before, matching the median forecasts.

The boost came from higher spending on vehicle sales and gas prices.

Excluding motor vehicle and auto parts, retail sales was seen rising 0.4%.

This beat estimates of a 0.3% increase. At the current pace, the U.S. second quarter GDP is forecast to advance at a pace of 4.9%, marking one of the strongest pace of increases.

New Zealand CPI rises 0.4% in Q2

Consumer prices in New Zealand were seen rising 0.4% on the quarter ending June 2018, data from Statistics New Zealand showed last week.

This was short of the median forecasts which suggested a 0.5% increase. On an annual basis, New Zealand’s inflation rate rose to 1.5%.

This was short of the 1.6% increase that was forecast. Driving inflation higher was higher prices on housing and utilities.

This sector was seen rising 0.9% on the quarter or 3.1% on an annualized basis.

Construction prices were also seen rising during the periods including rents.

The fuel prices also increased 3.2% on the quarter. However, the gains were offset by lower prices for used equipment.

Price of used cars were seen fallign 3.3%.

The latest inflation reports puts New Zealand’s inflation rate still below the RBNZ’s target indicating that interest rates are likely to remain unchanged.

Original Source: Orbex Market Review

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