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Germany's Saxony Jun CPI +0.2% On Mo, +0.1% On Yr |
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The consumer price index for the eastern German state of Saxony rose 0.1% in June from the same month last year, owing to contained heating oil and fuel price developments as well as cheaper diary products, the state statistics office said Thursday. The level was 0.2% higher than in May.
Saxony is the first of six federal states scheduled to release the results of their regional price surveys by Friday afternoon, which will serve as the basis for a pan-German CPI estimate for June.
German prices are expected to show an annual fall on average after remaining flat in May.
Economists in a Dow Jones Newswires consensus survey expect Germany's CPI to drop by 0.1% on the year, but remain unchanged from the previous month. |
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UK Government: "Very Close" Treasury, BOE Cooperation On Regulation |
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U.K. Chancellor of the Exchequer Alistair Darling and Bank of England Governor Mervyn King are in close contact on financial regulation, Prime Minister Gordon Brown's spokesman said Thursday.
"There is very close discussion between the governor and the chancellor" on regulatory issues, he said.
The spokesman said King will be shown a copy of the treasury's financial services report before it is published next Wednesday.
Wednesday lawmakers were surprised when told by King that he hadn't seen a copy of the treasury paper, which is expected to outline ideas and proposals on regulatory reform.
Brown's spokesman also said the government has "very clear and transparent plans" for reducing the deficit. This followed King's call Wednesday for the government to be more ambitious in its medium-term debt reduction plan. |
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ECB Provopoulos: Econ Recovery Depends On Bank Lending |
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European Central Bank governing council member George Provopoulos said Thursday that only through continued bank lending can Europe hope to escape the worst effects of the global economic crisis.
"It is absolutely necessary that the credit system continues to smoothly provide financing, at a logical cost, to businesses and households," Provopoulos said in a speech. "That is the only way to avoid tightness in the credit system and a further deterioration in the state of the already wounded economy."
His remarks come a day after the ECB pumped a record EUR442 billion into euro-zone money markets in its first-ever offer of one-year funds, part of a multi-faceted program to stem Europe's worsening recession.
Provopoulos, who is also governor of the Bank of Greece, further said that, despite recent positive signs in economic data, the uncertainty surrounding both the European and the world economies remains high.
"It is true that recently there have been signs of a smoother slowdown or even a gradual stabilization in the economic activity of the U.S. and in Europe," he said. "But these signs do not necessarily foretell a quick return to growth." |
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Italy June Business Morale Up For Third Straight Mo |
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Italian business confidence rose for the third straight month in June as companies' production outlook improved, adding to signs that the worst of the economic recession may be over, data showed Thursday.
Business confidence in the European Union's fourth-largest economy rose to 69.3 from 68.8 in May owing to a slight improvement in the demand and production outlook, state-funded research center ISAE said.
The increase was slightly below a Dow Jones Newswires poll of eight economists, which forecast a rise to 70.
In a more worrying sign for the economy's outlook, ISAE said that inventory levels had started to rise again, which usually means that companies are unable to sell their products.
The rise in business confidence comes a day after consumer morale rose more than expected to its highest level in 18 months.
Italian industrial production in April unexpectedly rose on the month for the first time in a year, pointing to a moderating recession in the second quarter. |
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Euro-Zone New Indus Orders Post Record Drop In April |
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Euro-zone industrial new orders posted their sharpest drop on the year on record in April in a sign that the single currency area's recovery from recession could be painfully slow, official data showed Thursday.
New orders dropped 1.0% on the month and 35.5% on the year, the steepest annual drop since comparable records began in 1995, the European Union's Eurostat statistics agency said. That compares with upwardly revised declines of 0.2% on the month and 26.5% on the year in March.
April's slump was even greater than the market consensus estimate of declines of 0.4% on the month and 32.0% on the year from a Dow Jones Newswires survey of economists last week. March's falls were revised up from 0.8% on the month and 26.9% on the year reported last month.
Economists said the data were a reminder that although there are signs the euro zone may be over the worst of its most severe recession since World War II, the region has a long way to recover.
"The sole consolation is that the monthly pace of decline in new orders has moderated significantly in recent months from the virtual free-fall in the fourth quarter of last year," Martin van Vliet, an economist at ING, said in a note. "Still, euro-zone manufacturers are likely to continue to find life very difficult over the coming months."
The latest preliminary purchasing managers index report released by Markit Economics Tuesday suggested the slump in the manufacturing sector is bottoming out, with new orders dropping at their weakest rate for 10 months in June. Economists have said the industrial sector should start to benefit from destocking that has taken place. |
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