Balance of Trade

-634500000000

Japan’s trade balance has fluctuated in recent years partly because of disruptions to production and other problems related to the coronavirus pandemic. In 2022, the country recorded persistent monthly trade deficits as imports surged more than exports. On one hand, the weak yen has helped to drive exports to record highs but on the other, it had made the cost of imported products especially food and energy commodities very expensive. The biggest trade deficits were reported with Australia, China, and Middle East countries while the biggest trade surpluses were recorded with the United States, Hong Kong, South Korea, and Singapore.

Exports YoY

23.2%

Exports of high technology products have been the engine of Japan's economic growth since 1960. Exports account for around 19 percent of total GDP. Main exports were: transport equipment (24 percent of total exports), with motor vehicles accounting for 16 percent; machinery (20 percent) on the back of power generating machine and semicon machinery; electrical machinery (17 percent), such as semiconductors, IC and electrical apparatus; chemicals (11 percent), mainly plastic materials and organic chemicals; and manufactured goods (11 percent), such as iron and steel products, nonferrous metals and manufactures of metals. Japan's main export partners were the US (20 percent), China (19 percent), the EU (12 percent) in particular Germany (3 percent), South Korea (7 percent), Taiwan (6 percent), Hong Kong (5 percent), and Thailand (4 percent).

Imports YoY

27.8%

Japan's main imports are mineral fuels (22 percent of total imports), with petroleum accounting for 10 percent and LNG for 6 percent; electrical machinery (15 percent) on the back of telephony, telegraphy and semiconductors; chemicals (10 percent) due to medical products and organic chemicals; machinery (10 percent) in particular computers and units; foodstuff (9 percent) such as fish and fish preparations and meat and meat preparations; manufactured goods (9 percent) on nonferrous metals; and raw materials (6 percent) mainly ore of nonferrous and iron ore and concentrates. Japan's main import partners were China (23 percent), the EU (12 percent) in particular Germany (3 percent), the US (11 percent), Australia (6 percent), South Korea (4 percent), Saudi Arabia (4 percent), Taiwan (4 percent), the UAE (4 percent) and Thailand (4 percent).

Machinery Orders MoM

9.7%

In Japan, Machinery Orders measure the month-over-month change in private sector machinery orders, excluding highly volatile categories such as shipbuilding and orders from electric power companies. This indicator is considered a key gauge of capital spending and business investment intentions in the coming months.

Machinery Orders YoY

16.9%

In Japan, Machinery Orders YoY measure the year-over-year change in private sector machinery orders, excluding highly volatile categories such as shipbuilding and orders from electric power companies. This indicator is considered a key gauge of capital spending and business investment intentions in the coming months.

Current Account

-1010000000

Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).

Westpac Consumer Confidence

80.4

In New Zealand, the Westpac McDermott Miller Consumer Confidence Index measures the level of optimism that consumers have about the performance of the economy. The Consumer Confidence Index is calculated from percentage response to five internationally standardized questions covering consumers' personal financial circumstances, national economic expectations and attitudes to major purchases. It is 100 plus the average of the difference between positive answers and negative responses. A score above 100 shows more optimism than pessimism while a score below 100 denotes more pessimism.

API Crude Oil Stock Change

-300000

Stocks of crude oil refer to the weekly change of the crude oil supply situation.

ECB Schnabel Speech

In the Euro Area, benchmark interest rate is set by the Governing Council of the European Central Bank. The primary objective of the ECB’s monetary policy is to maintain price stability which is to keep inflation below, but close to 2 percent over the medium term. In times of prolonged low inflation and low interest rates, ECB may also adopt non-standard monetary policy measures, such as asset purchase programmes. The official interest rate is the Main refinancing operations rate.

20-Year Bond Auction

5.204%

NOPA Crush Report

6-Week Bill Auction

3.74%

BoE Wilkins Speech

In the United Kingdom, benchmark interest rate is set by the Monetary Policy Committee (MPC). The Bank of England official interest rate is the repo rate. This repo rate applies to open market operations of the Bank of England with a group of counterparties (banks, building societies, securities firms).

ECB Cipollone Speech

In the Euro Area, benchmark interest rate is set by the Governing Council of the European Central Bank. The primary objective of the ECB’s monetary policy is to maintain price stability which is to keep inflation below, but close to 2 percent over the medium term. In times of prolonged low inflation and low interest rates, ECB may also adopt non-standard monetary policy measures, such as asset purchase programmes. The official interest rate is the Main refinancing operations rate.

Global Dairy Trade Price Index

0.9%

The Global Dairy Trade Price Index measures the weighted-average price of nine dairy products sold at auction every two weeks in New Zealand.

Redbook YoY

8.3%

The Johnson Redbook Index is a sales-weighted of year-over-year same-store sales growth in a sample of large US general merchandise retailers representing about 9,000 stores. Same-store sales are sales in stores continuously open for 12 months or longer. By dollar value, the Index represents over 80% of the equivalent 'official' retail sales series collected and published by the US Department of Commerce. Redbook compiles the Index by collecting and interpreting performance estimates from retailers. The Index and its sub-groups are sales-weighted aggregates of these estimates. Weeks are retail weeks (Sunday to Saturday), and equally weighted within the month.

NY Empire State Manufacturing Index

20.6

New York Empire State Manufacturing Index is based on data compiled from the survey of 200 executives from the companies in the manufacturing sector in the New York State. Participants report the change in 11 indicators including level of general business activity, new orders, shipments, inventories, number of employees, delivery time, capital expenditure from the previous month and the likely direction of these indicators in six months. A reading above 0 indicates manufacturing activity is expanding, below 0 is contracting.

Wholesale Sales MoM Final

2.8%

The Monthly Wholesale Trade Survey presents estimates of monthly sales for wholesale merchants in Canada, providing information on the performance of the wholesale trade sector as an important indicator of the health of the Canadian economy. In addition, the business community uses the data to analyse market performance.

New Motor Vehicle Sales

190200

In Canada, New Motor Vehicle Sales refers to the number of new motor vehicles sold during a month, including passenger cars and trucks.

ADP Employment Change Weekly

12000

The preliminary estimate of the ADP National Employment Report reflects weekly changes in private employment and includes a four-week moving average of total private employment variation.

Retail Sales YoY

2.9%

In Brazil, the year-over-year change in Retail sales compares the aggregated sales of retail goods and services during a certain month to the same month a year ago.

Retail Sales MoM

0.5%

In Brazil, the Retail sales report provides an aggregated measure of sales of retail goods and services over a specific time period. In Brazil, Retail sales are seasonal, volatile and relatively important to the overall economy.

Unemployment Rate

5.1%

In India, the unemployment rate is estimated by directly interviewing a large sample of randomly selected households. Centre for Monitoring Indian Economy Consumer Pyramids panel of households includes over 174,405 households including over 522,000 members who are over 15 years old.

2036 RFGB Auction

3.406%

Generally, a government bond is issued by a national government and is denominated in the country`s own currency. Bonds issued by national governments in foreign currencies are normally referred to as sovereign bonds. The yield required by investors to loan funds to governments reflects inflation expectations and the likelihood that the debt will be repaid.

2032 RFGB Auction

Current Account

-2956000000

Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).

2040 Bond Auction

9.239%

2037 Bond Auction

8.773%

2033 Bond Auction

8.5%

3-Month DTB Auction

5.24%

2-Year Schatz Auction

2.85%

9-Month T-Bill Auction

2.2215%

6-Month T-Bill Auction

2.0826%

Balance of Trade

8600000000

The Euro Area is one of the world’s biggest players in global trade. The bloc runs regular trade surpluses primarily due to the high export of manufactured goods such as machinery and vehicles. However, it is a net importer of energy and raw materials. Germany by far contributes the most to surplus followed by Netherlands, Ireland, and Italy. On the other hand, the deficits are constantly recorded in France and Spain. Still, in 2022, the block run the biggest trade deficit on record as the energy imports surged after the war in Ukraine forced the members to reduce energy imports from Russia and destabilized the energy markets. .

Balance of Trade

6442100000

Foreign trade accounts for approximately 70 percent of the Belgium's economy. About 80% of Belgium's trade is with fellow EU member states. The major export commodity in Belgium is the automobile, medicament mixtures put in dosage, not mounted or set diamonds. Belgium imports mainly machinery and equipment, chemicals, diamonds, pharmaceuticals, foodstuffs, transportation equipment and oil products.

FDI (YTD) YoY

-6.2%

In China, Foreign Direct Investment refers to foreign capital actually utilized, which is to the amount which has been actually used according to the agreements and contracts, including cash, materials and invisible capital such as labor service and technology which both parties agree to take as an investment.

ZEW Economic Sentiment Index

34.2

In Germany, the ZEW Economic Sentiment Index measures the level of optimism that analysts have about the expected economic developments over the next 6 months. The survey covers up to 350 financial and economic analysts. The index is constructed as the difference between the percentage share of analysts that are optimistic and the percentage of analysts that are pessimistic about the development of the economy. Therefore, the ZEW indicator measures the confidence on a scale of -100 (all analysts expect the economy to deteriorate) up to 100 (all analysts expect it to improve). A 0 value indicates neutrality.

ZEW Current Conditions

-61.1

In Germany, the ZEW Current Conditions Index measures the level of optimism that analysts have about the current economic situation. The survey covers up to 350 financial and economic analysts. The index is constructed as the difference between the percentage share of analysts that are optimistic and the percentage of analysts that are pessimistic about the economy. Therefore, the ZEW indicator measures the confidence on a scale of -100 (all analysts see deteriorating economic conditions) up to 100 (all analysts see improving economic conditions). A 0 value indicates neutrality.

ZEW Economic Sentiment Index

31.4

In the Euro Area, the ZEW Economic Sentiment Index measures the level of optimism that analysts have about the expected economic developments over the next 6 months. The survey covers up to 350 financial and economic analysts. The index is constructed as the difference between the percentage share of analysts that are optimistic and the percentage of analysts that are pessimistic about the development of the economy. Therefore, the ZEW indicator measures the confidence on a scale of -100 (all analysts expect the economy to deteriorate) up to 100 (all analysts expect it to improve). A 0 value indicates neutrality.

Conventional Gilt

Construction Output YoY

16.5%

In Greece, the Production Index in Construction (IPC) is an important business cycle indicator, which shows the quarterly activity in the production of building construction and the production of civil engineering sectors.

Balance of Trade

-31980000000

India has been recording sustained trade deficits since 1980 mainly due to the strong imports growth, particularly of mineral fuels, oils and waxes and bituminous substances and pearls, precious and semi-precious stones and jewelry. In recent years, the biggest trade deficits were recorded with China, Switzerland, Saudi Arabia, Iraq and Indonesia. India records trade surpluses with the US, United Arab Emirates, Hong Kong, United Kingdom and Vietnam.

Imports

76200000000

India main imports are: mineral fuels, oils and waxes and bituminous substances (27 percent of total imports); pearls, precious and semi-precious stones and jewelry (14 percent); electrical machinery and equipment (10 percent); nuclear reactors, boilers, machinery and mechanical appliances (8 percent); and organic chemicals (4 percent). India’s major import partners are: China (16 percent of total imports), the United States (6 percent), United Arab Emirates (6 percent), Saudi Arabia (5 percent) and Switzerland (5 percent).

Exports

44200000000

In the recent years, India’s leading export categories have included mineral fuels, oils and distillation products (17% of total exports); electrical and electronic equipment (9%); machinery, nuclear reactors and boilers (7%); pearls, precious and semi-precious stones and jewellery (7%); pharmaceutical products (5%); vehicles and parts (5%); and organic chemicals (5%). India’s top export destinations were the United States (17%), United Arab Emirates (8%), Netherlands (5%), Singapore (3%), China (3%), and the United Kingdom (3%).

Treasury Gilt 2040 Auction

5.048%

Treasury Gilt 2029 Auction

4.463%

ECB Buch Speech

In the Euro Area, benchmark interest rate is set by the Governing Council of the European Central Bank. The primary objective of the ECB’s monetary policy is to maintain price stability which is to keep inflation below, but close to 2 percent over the medium term. In times of prolonged low inflation and low interest rates, ECB may also adopt non-standard monetary policy measures, such as asset purchase programmes. The official interest rate is the Main refinancing operations rate.

Balance of Trade

4232000000

Italy consistently records trade surpluses, although soaring energy costs in 2022 inflated the price of purchases and drove the Italian economy to import more than it exports during a short period. Italy’s main exports include base metals, chemicals, transportation equipment, and pharmaceutical goods, while the main imports are machinery and energy. The largest exporting partners are France, Germany, and the United States, while the main importing partners are Germany, France, China, and OPEC nations.

Budget Balance

-378100000000

The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues.

Inflation Rate MoM Final

0.8%

In Poland, the most important categories in the consumer price index are: Food and non-alcoholic beverages (25 percent of the total weight); Housing, water, electricity, gas and other fuels (19 percent); Transport (10 percent); Recreation and Culture (6 percent); Alcoholic beverages and tobacco (6 percent), Restaurants and hotels (6 percent); Furnishings, household equipment, routine household maintenance (6 percent); and Miscellaneous goods and services (6 percent). Health, Clothing and footwear, Communication and Education account for the remaining 15 percent of total weight.

Inflation Rate YoY Final

3%

In Poland, the most important categories in the consumer price index are: Food and non-alcoholic beverages (24 percent of the total weight); Housing energy/maintenance (21 percent); Transport (9 percent); Recreation and Culture (7 percent). Alcohol and tobacco, Health, Other goods and services, and Clothing account for 6 percent each. Communication, Restaurants and Hotels, Household Equipment and Education account for the remaining 17 percent of total weight.

Inflation Rate YoY Final

3.6%

In Spain, the most important categories in the Consumer Price Index are: Foods & Non-alcoholic Beverages (23% of the total weight), Housing, Water, Electricity, Gas & Other Fuels (14%), Restaurants & Hotels (13%) and Transport (13%). The index also includes: Recreation & Culture (6%), Miscellaneous Goods & Services (6%), Clothing & Footwear (6%), Furnishings, Household Equipment & Routine Maintenance (6%), Health (4%), Communications (4%), Alcoholic Beverages & Tobacco (3%), and Education (2%).

Harmonised Inflation Rate MoM Final

0%

Harmonised Inflation Rate YoY Final

3.9%

The Harmonised Index of Consumer Prices (HICP) is an indicator of inflation and price stability for the European Central Bank (ECB). The HICP is compiled by Eurostat and the national statistical institutes in accordance with harmonised statistical methods. The ECB aims to maintain annual inflation rates as measured by the HICP below, but close to, 2% over the medium term.

Inflation Rate MoM Final

0.3%

Inflation Rate MoM measures month over month change in the price of goods and services.

Core Inflation Rate YoY Final

3%

In Spain, the core inflation rate tracks changes in prices that consumers pay for a basket of goods which excludes some volatile price items.

Inflation Rate YoY Final

2.1%

In France, the most important category in the consumer price index is services (48 percent of total weight), in particular rents, water and garbage collection (8 percent), health services (7 percent), transport (2 percent), and communication (2 percent). The index also includes: manufactured products (24 percent) such as medical products (4 percent) and clothing and footwear (3 percent); food (16 percent); energy (9 percent) such as petroleum products (4 percent); and tobacco (2 percent).

Harmonised Inflation Rate MoM Final

0.6%

Harmonised Inflation Rate YoY Final

2.4%

The Harmonised Index of Consumer Prices (HICP) is an indicator of inflation and price stability for the European Central Bank (ECB). The HICP is compiled by Eurostat and the national statistical institutes in accordance with harmonised statistical methods. The ECB aims to maintain annual inflation rates as measured by the HICP below, but close to, 2% over the medium term.

Inflation Rate MoM Final

0.6%

In France, the most important category in the consumer price index is services (48 percent of total weight), in particular actual rentals and services for dwellings (7 percent), health services (6 percent), transport (3 percent), and communication (2 percent). The index also includes: manufactured products (26 percent) such as medical products (4 percent) and clothing and footwear (4 percent); food (16 percent); energy (8 percent) such as petroleum products (4 percent); and tobacco (2 percent).

Industrial Production YoY Final

10.1%

In Hungary, industrial production measures the output of businesses integrated in industrial sector of the economy such as manufacturing, mining, and utilities.

Average Earnings excl. Bonus (3Mo/Yr)

3.5%

In the United Kingdom, Average Earnings Excluding Bonuses refers to changes in average weekly earnings, before tax and other deductions and excluding bonuses.

HMRC Payrolls Change

-13000

In the UK, the number of payrolled employees is defined as the number of people receiving paid remuneration included in PAYE RTI within the reference period, including people who have not done work but are an employee - such as those on paid leave.

Claimant Count Change

-11000

Claimant count in the United Kingdom measures the change in the number of people claiming unemployment related benefits.

Average Earnings incl. Bonus (3Mo/Yr)

4.1%

In the United Kingdom, wage growth refers to changes in average weekly earnings, before tax and other deductions and including bonuses. The series measures the three-month average growth rate.

Unemployment Rate

4.9%

In the United Kingdom, the headline unemployment rate is the number of unemployed people (aged 16+) divided by the economically active population (aged 16+).

Employment Change

83000

In the United Kingdom, employment change refers to the 3-month moving average compared to the previous period in the number of people in employment aged 16 and over.

Wholesale Prices YoY

5.3%

The index of wholesale prices measures the development of prices of goods sold by wholesalers within Germany to the extent that such sales are included under wholesale, such as contracts concluded with resellers, processors or other bulk purchasers. This may refer to goods produced in Germany or to imported goods. Excluded are sales from producers direct to retailers or final consumers.

Wholesale Prices MoM

0.2%

The index of wholesale prices measures the development of prices of goods sold by wholesalers within Germany to the extent that such sales are included under wholesale, such as contracts concluded with resellers, processors or other bulk purchasers. This may refer to goods produced in Germany or to imported goods. Excluded are sales from producers direct to retailers or final consumers.

Balance of Trade

84300000000

The Norwegian trade balance has been in surplus since 1989 and hit NOK 531 billion in 2021, the highest trade surplus ever, mainly due to a much higher price growth on average of goods exported than those imported. Exports increased by 77% to NOK 1,377.8 billion, strongly driven by high prices for energy products, metals and fish. Export income from oil and gas accounted for more than 60% of all merchandise exports in 2021. Imports rose by NOK 82.1 billion from a year earlier to NOK 846.8 billion in 2021. Around a quarter of this increase is due to high imports of passenger cars, which increased by 36.5% and amounted to NOK 72.1 billion. The EU countries, Great Britain, China and the United States are the most important trading partners for Norway.

Industrial Production MoM

-0.7%

In Romania, industrial production measures the output of businesses integrated in industrial sector of the economy such as manufacturing, mining, and utilities.

Industrial Production YoY

-5.2%

In Romania, industrial production measures the output of businesses integrated in industrial sector of the economy such as manufacturing, mining, and utilities.

MAS 4-Week Bill Auction

1.55%

MAS 36-Week Bill Auction

1.65%

MAS 12-Week Bill Auction

1.6%

Tertiary Industry Index MoM

-0.2%

The activity index of the tertiary industry helps to understand an overall picture of industrial activities, inclusive of all business categories in the tertiary industry. The composite index is a general indicator in which the indexes to express the activity in respective business categories are consolidated with weight in terms of the scale of relative importance of each business category (value added). Wholesale Trade is the most important sector and accounts for 15 percent of tertiary activity, followed by Medical, Health Care & Welfare and Living & Amusement-related Services (12 percent each), Information & Communications (11 percent), Retail Trade and Transport & Postal Activities (10 percent each), Finance and Insurance (9 percent), Real Estate (8 percent), Business-related Services (7 percent), and Electricity, Gas, Heat Supply & Water and Goods Rental and Leasing (3 percent each).

20-Year JGB Auction

3.698%

6-Month Bill Auction

3.0675%

3-Month Bill Auction

2.8775%

1-Year Bill Auction

3.3675%

Retail Sales YoY

0.6%

In China, the year-over-year change in Retail sales compares the aggregated sales of retail goods and services during a certain month to the same month a year ago.

Fixed Asset Investment (YTD) YoY

-6.7%

In China, urban investment in fixed assets is one of the main measures of capital spending. It refers to investment in construction projects with a total planned investment of 5 million yuan; machinery and equipment and real estate development in both urban and rural areas. It refers to investment made by state-owned enterprises and private businesses, institutions or individuals.

Industrial Production YoY

4.5%

In China, industrial production measures the output of businesses integrated in industrial sector of the economy such as manufacturing, mining, and utilities.

Unemployment Rate

5.2%

In China, Urban Surveyed Unemployment Rate is calculated by a sample survey, which refers to the ratio of urban unemployed population to the sum of the employed population and the unemployed population.

House Price Index YoY

-3.2%

In China, Housing Index is measured by year-over-year change in the index of newly built residential buildings in 70 medium and large cities. The index is calculated in weighted average method and the weight of each city is based on the population.

Passenger Vehicles Sales YoY

31.2%