Saudi Non-Oil Private Sector Shrinks Again in May, while UAE Surprises with Growth
The slowdown in global economy continues to take a toll on oil rich economies in the Middle-East. According to IHS Markit, Saudi Arabia’s PMI declined to 47.70 in June, from 48.1 in the earlier month. It was the fourth successive
Read MoreFrance Manufacturing Sector Records Fastest Growth Since February 2018
Following the release of positive economic data, the euro dollar rose against the greenback to trade at 1.1259 at the time of writing this article. Notably, the lower-than-anticipated ADP non-farm employment data and sharp decline in the US crude inventories
Read MoreVietnam Retail Sales Grew For the First Time Since February
In the second-quarter of 2020, Vietnam’s GDP grew at the slowest rate in several years due to the negative impact of the Covid-19 panemic. GDP in April-June increased 0.36% y-o-y, compared with an economic growth of 6.73% in the similar
Read MoreUS Personal Income Drops Most in More than 7 Years, While Mexican Economy Contracts 19.9% in April
Mexico’s economy contracted 19.9% y-o-y in April, after shrinking 2.3% in March, but better-than-economists anticipations of a 21.1% decline. It was the fastest contraction in economic activity, against the backdrop of Covid-19 outbreak. Mexico’s economy, which was mainly affected by
Read MoreIMF Says Global Economic Recovery to Pre-Covid-19 Levels Will Take 2-Years
In the US, the average cost of single-family houses whose mortgage is guaranteed by Fannie Mae and Freddie Mac rose 0.2% m-o-m in April, following a 0.1% increase in the earlier month. While the house prices fell 0.5% in the
Read MoreBritish Pound Rebounds From Three Week Low
The pound sterling gained 0.6% against the greenback to trade at 1.2430 after declining to a three month low of $1.2337 in the earlier trading session, backed by a weak greenback, chances of a Brexit trade deal and optimistic economic
Read MoreUS Current Account Deficit Narrows to Lowest Level in Two Years
The dollar index rose to 97.60 versus a bouquet of currencies Friday, near to levels never seen since early June as investors are worried about a second wave of Covid-19 infections and varied economic data unveiled during the week, including
Read MoreUS Building Permits Miss Forecasts, Permits Rebound
In the US, building permits increased 14.4% m-o-m to a seasonally adjusted yearly rate of 1.220 million units in May, following a five-year low in April and slightly below market’s forecasts of 1.228 million units. Single-family authorizations rose 11.9% and
Read MoreChina Retail Trade Declines 2.8% y-o-y in May
China’s retail trade fell by 2.8% y-o-y in May, compared with economists’ estimates of a 2% decline and following a 7.5% decrease in the earlier month. It was the worst decline in retail trade since an increase in December last
Read MoreUK Economy Contracts at Record Pace in April
The UK’s manufacturing production plummeted at record 28.5% y-o-y in April, following a 9.7% decline in March and worse than predictions for a 19.9% decline. The Covid-19 lockdown enforced from March 23rd had a considerable effect on entire economic activity
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