US Pending Home Sales Falls in May

Daily Analysis - 30/06/2016

Pending Home Sales Drop Following Three Months of Gains


Data from the US National Association of Realtors showed on Wednesday that potential buyers in the US continued to be thwarted by shortage of affordable homes. The pending home sales report which is a forward looking indicator showed a -3.70% decline in May, falling to 110.8 from 115 in April.

Japan Retail Sales Stays Flat in May

Japan's retail sales in the month of May remained unchanged on a monthly basis, data from Japan's Ministry of economy, trade and industry showed on Wednesday. Retail sales remained at 11.543 billion yen. This follows April's -0.10% decline. On a year over year basis, retail sales in Japan fell 1.90%. Retail sales from large retailers fell to an annual rate of -2.20% while sales from department stores fell -5.40% on the year. Wholesale sales were down -6.60% yearly


Eurozone Economic Sentiment Weakens in June

The Eurozone consumer confidence index was 104.4 in June, below May's 104.6 data from the European commission showed on Wednesday. The index was forecast to rise to 104.7 for the month. Business sentiment was also weaker in June, falling to 0.22 compared to 0.26 in May. The survey results were collated ahead of the UK's referendum result which was released on June 24th, and analysts expect that both sentiment indices could have likely fallen further following the outcome of the Brexit vote and prevailing uncertainty in the EU.


German Inflation Rises in June

Consumer prices in Germany accelerated in June as widely expected, rising 0.30% on the year, data from statistics agency Destatis showed on Wednesday. In May, inflation in Germany increased a modest 0.10% on the month. June's flash CPI estimates mark a second straight month of pickup in inflation. On a month over month basis, consumer prices edged higher, rising 0.10% which was slightly below estimates of 0.20%.


US Consumer Spending Rises

Consumer spending in the US, a key driver of the US economy bounced back on the month after starting on a subdued note this year. Personal spending, which is a measure of how much consumers paid across a broad range of services increased 0.40%. In April, personal consumption was revised to 1.10%, a modest revision from previous estimates of 1.00%. The report also showed that an increase in incomes suggests a stable labor market. Including wages, government benefits and other sources, personal income climbed 0.20% in May.


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