MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

HICP Steady As Expected; CPI Ticks Lower As State Data Indicated

MNI: GERMANY JUL CPI +2.2% Y/Y

German CPI / HICP due for release at 13:00BST / 14:00CET

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Consumer Confidence Rises For 8th Consecutive Month

SWEDEN
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

The Swedish May Economic Tendency Indicator softened a touch to 94.0, with April’s reading revised a tenth lower to 94.9. The fall was driven by a sharp drop in retail confidence (to 92.3 vs 101.9 prior) while consumer confidence improved for an 8th consecutive month to 91.3 (vs 88.8 prior).

  • There was no consensus for the data.
  • The continued improvement of consumer confidence should help support a gradual recovery in Swedish activity going forward. Today’s Q1 final GDP data showed household consumption fall -0.3% Q/Q, contributing -0.1pp to the 0.7% Q/Q GDP print.
  • However, confidence remains below the 2010-2019 average of 102.3 and the post-covid high in May 2021 of 109.2
  • Overall industry pricing plans remained around historical averages, printing at 11 for the second consecutive month (vs a long-run average of 12). This indicator is closely watched by the Riksbank, and the continued normalisation of pricing plans supports the case for further easing this year.
  • The "Overall industry expected employees" sub-index remained slightly positive at 2 (for the third consecutive month), while the labour hoarding indicator was also little changed.

Source: KI, Statistics Sweden

200 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

The Swedish May Economic Tendency Indicator softened a touch to 94.0, with April’s reading revised a tenth lower to 94.9. The fall was driven by a sharp drop in retail confidence (to 92.3 vs 101.9 prior) while consumer confidence improved for an 8th consecutive month to 91.3 (vs 88.8 prior).

  • There was no consensus for the data.
  • The continued improvement of consumer confidence should help support a gradual recovery in Swedish activity going forward. Today’s Q1 final GDP data showed household consumption fall -0.3% Q/Q, contributing -0.1pp to the 0.7% Q/Q GDP print.
  • However, confidence remains below the 2010-2019 average of 102.3 and the post-covid high in May 2021 of 109.2
  • Overall industry pricing plans remained around historical averages, printing at 11 for the second consecutive month (vs a long-run average of 12). This indicator is closely watched by the Riksbank, and the continued normalisation of pricing plans supports the case for further easing this year.
  • The "Overall industry expected employees" sub-index remained slightly positive at 2 (for the third consecutive month), while the labour hoarding indicator was also little changed.

Source: KI, Statistics Sweden