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[IFX Gertrude]

NEW ZEALAND INFLATION CLIMBS 6.0% ON YEAR IN Q2



New Zealand's consumer prices rose 6.0 percent on year in the second quarter of 2023, Statistics New Zealand said on Wednesday.

That exceeded expectations for an increase of 5.9 percent and was down from 6.7 percent in the previous three months.

On a seasonally adjusted quarterly basis, inflation rose 1.1 percent - again topping forecasts for 1.0 percent and easing from 1.2 percent in the three months prior.

The quarterly tradeable inflation rate was 0.8 percent and the non-tradeable inflation rate was 1.3 percent.

The annual tradeable inflation rate was 5.2 percent and the non-tradeable inflation rate was 6.6 percent.

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[IFX Gertrude]

JAPAN TRADE SURPLUS Y43.05 BILLION IN JUNE



Japan posted a merchandise trade surplus of 43.048 billion yen in June, the Ministry of Finance said on Thursday.

That beat forecasts for a deficit of 46.7 billion following the downwardly revised 1,381.9 billion yen shortfall in May (originally -1,372.5 billion yen).

Exports rose 1.5 percent on year to 8.744 trillion yen, missed expectations for an increase of 2.2 percent following the 0.6 percent gain in the previous month.

Imports slumped an annual 12.9 percent to 8.701 trillion yen versus expectations for a decline of 11.3 percent following the upwardly revised 9.8 percent gain a month earlier (originally -9.9 percent).

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[IFX Gertrude]

EUROPEAN ECONOMIC NEWS PREVIEW: UK RETAIL SALES & PUBLIC SECTOR FINANCE DATA DUE



Retail sales and public sector finances from the UK are due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK retail sales and public sector finances figures. Retail sales are forecast to grow 0.2 percent on month in June, slower than the 0.3 percent increase in May. The budget deficit is expected to widen to GBP 27.5 billion in June from GBP 19.2 billion in the previous month.

At 4.00 am ET, retail sales data is due from Poland. Economists forecast sales to fall 4.7 percent annually in June after easing 6.8 percent in May.

At 6.30 am ET, Russia's central bank announces its monetary policy decision. The bank is expected to raise its key interest rate by 50 basis points to 8.00 percent.

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[IFX Gertrude]

JAPAN MANUFACTURING PMI SLIPS TO 49.4 IN JUL7 - JIBUN



The manufacturing sector in Japan continued to contract in July, and at a faster pace, the latest survey from Jibun Bank revealed on Monday with a manufacturing PMI score of 49.4.

That's down from 49.8 in June, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Both output and new orders were scaled back further in the latest survey period, with the rate of reduction in incoming business accelerating to the strongest seen for four months. There was further evidence of easing cost pressures as indicated by the rate of input price inflation dipping to the lowest since February 2021, though manufacturers looked to pass higher cost burdens to clients to a greater extent for the first time since April. Concurrently, business sentiment eased from June yet remained at the joint-second highest level seen since the start of 2022.

The survey also showed that the services PMI fell from 54.0 in June to 53.9 in July.

The expansion in incoming business was modest, and the slowest recorded for six months. Moreover, July data indicated that activity growth was often fueled by the completion of existing orders, as the level of outstanding business at Japanese service providers reduced for the first time in a year and at the fastest pace since April 2022.

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[IFX Gertrude]

EUROPEAN ECONOMIC NEWS PREVIEW: GERMAN IFO BUSINESS CONFIDENCE DATA DUE



Business confidence from Germany and bank lending survey results from the euro area are the top economic news due on Tuesday.

At 2.00 am ET, producer price data is due from Statistics Sweden. Economists forecast producer prices to fall 5.9 percent on a yearly basis in June, bigger than the 2.1 percent fall in May.

At 4.00 am ET, the ifo Institute is scheduled to publish Germany's business confidence survey data. The business climate index is forecast to fall to 88.0 in July from 88.5 in the previous month.

In the meantime, the European Central Bank releases bank lending survey results.

Also, unemployment data is due from Poland. Economists expect the jobless rate to fall to 5.0 percent in June from 5.1 percent in May.

At 6.00 am ET, the Confederation of British Industry is set to release Industrial Trends survey data for July. The order book balance is seen at -17 compared to -15 in June.

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[IFX Gertrude]

JAPAN PRODUCER PRICES RISE 1.2% ON YEAR IN JUNE



Producer prices in Japan were up 1.2 percent on year in June, the Bank of Japan said on Wednesday.

That missed expectations for an increase of 1.4 percent and was down from the upwardly revised 1.7 percent gain in May (originally 1.6 percent).

On a monthly basis, producer prices eased 0.2 percent following the flat reading in the previous month.

Excluding international transportation, producer prices rose 1.7 percent on year and fell 0.2 percent on month.

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[IFX Gertrude]

EUROPEAN ECONOMIC NEWS PREVIEW: ECB MONETARY POLICY ANNOUNCEMENT DUE



The European Central Bank is slated to announce its monetary policy decision later today after the U.S. Federal Reserve hiked its benchmark rate by a quarter-point on Wednesday.

Markets widely expect the ECB to raise the main refi rate again by 25 basis points, to 4.25 percent. The outcome of the governing council meeting held in Frankfurt is due at 8.15 am ET.

ECB Chief Christine Lagarde is likely to repeat that the interest rates are set to remain high for an extended period.

Consumer sentiment from Germany and Italy are the other major economic reports due on Thursday.

At 2.00 am ET, the market research group Gfk is scheduled to issue Germany's consumer confidence survey data. The forward-looking sentiment index is seen at -24.7 in August, up from -25.4 in July.

At 3.00 am ET, Spain's statistical office INE releases retail sales and unemployment data. Sales are expected to grow 0.6 percent annually but much weaker than the 6.0 percent rise in May. The jobless rate is forecast to fall to 13.00 percent in the second quarter from 13.26 percent in the first quarter.

At 4.00 am ET, Italy's ISTAT publishes business and consumer confidence survey results. The consumer confidence index is seen falling to 107.8 in July from 108.6 in the previous month. The business sentiment index is expected to drop to 99.8 from 100.3 a month ago.

At 6.00 am ET, the Confederation of British Industry is set to publish Distributive Trades survey results.

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[IFX Gertrude]

EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY GDP, INFLATION DATA DUE



Quarterly national accounts and flash inflation data from Germany, France and Spain are due on Friday, headlining a hectic day for the European economic news. At 1.30 am ET, the French statistical office INSEE is slated to issue quarterly GDP and household consumption data. The economy is forecast to grow 0.1 percent in the second quarter after rising 0.2 percent a quarter ago.

At 2.00 am ET, retail sales and household consumption from Norway, and GDP, retail sales and unemployment figures from Sweden are due.

At 2.45 am ET, flash inflation data is due from France. Economists forecast consumer price inflation to ease to 4.3 percent in July from 4.5 percent in June.

At 3.00 am ET, flash GDP and inflation figures are due from Spain. The economy is expected to grow 0.4 percent in the second quarter after rising 0.6 percent in the first quarter. Consumer price inflation is seen at 1.6 percent in July compared to 1.9 percent in June.

At 4.00 am ET, Destatis is slated to release Germany's flash GDP data. Economists forecast the economy to grow 0.1 percent in the second quarter after a 0.3 percent drop in the preceding period.

In the meantime, producer prices from Italy and consumer prices from Poland are due. At 5.00 am ET, the European Commission publishes euro area economic sentiment survey results. The economic confidence index is expected to drop to 95.0 in July from 95.3 in June.

At 8.00 am ET, Destatis publishes Germany's flash inflation data for July. Economists expect consumer price inflation to slow to 6.2 percent from 6.4 percent in June.

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[IFX Gertrude]

JAPAN RETAIL SALES SINK 0.4% IN JUNE



The value of retail sales in Japan was down 0.4 percent on month in June, the Ministry of Economy, Trade and Industry said on Monday - coming in at 13.225 trillion yen.

That missed expectations for an increase of 0.2 percent following the upwardly revised 1.4 percent gain in May (originally 1.3 percent).

On a yearly basis, retail sales climbed 5.9 percent, matching forecasts and up from 5.8 percent in the previous month.

Commercial sales were down 0.3 percent on month and up 0.2 percent on year at 49.001 trillion yen, while wholesale sales slipped 0.6 percent on month and 1.8 percent on year at 35.776 trillion yen.

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[IFX Gertrude]

AUSTRALIAN DOLLAR AHEAD OF RBA RATE DECISION



At 11:30 pm ET in the early Asian session, the Reserve Bank of Australia will announce its monetary policy decision on interest rates. The RBA is expected to hike its benchmark lending rate by 25 basis points, from 4.10 percent to 4.35 percent.

Ahead of the RBA rate decision, the Australian dollar showed mixed trading against its major rivals. While the aussie fell against the euro, the U.S. dollar and the yen, it held steady against the NZ dollar.

As of 11:25 pm ET, the Australian dollar was trading at 1.6410 against the euro, 0.6695 against the U.S. dollar, 95.53 against the yen and 1.0810 against the NZ dollar.

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