• Tuesday, May 31, 2016 - 08:32 Canada 1Q Growth +2.4% Annualized, Below Expectations 0

    --Monthly, March Real GDP -0.2%, On Weaker Oil Industry

    OTTAWA (MNI) - Canada's economy grew by 2.4% in the first quarter this year, below market expectations of 3.0% growth but well ahead of the 0.5% GDP growth in the fourth quarter last year, Statistics Canada data showed Tuesday.

    GDP at annual rates has fluctuated over 2014 and 2015, from a healthy 3.4% in the fourth quarter 2014 to negative territory the next two quarters (-1.0% and -0.5% in quarters 1 and 2 in 2015), then rising to +2.2% and +0.5% in the third and fourth quarters of 2015, respectively.

    On a monthly basis, real GDP decreased by 0.2% in March after a 0.1% decline...

  • Tuesday, May 31, 2016 - 08:30 ANALYSIS:US Apr PersInc +0.4%, PCE +1% as Saving Slows 0

    --YOY Core PCE Px +0.2% for +1.6%; Q2 Consumption Looking Strong

    WASHINGTON (MNI) - The most recent April U.S. Personal Income report was stronger than expected as consumers lowered their pace of saving, setting up Q2 GDP for very strong growth.

    April Personal Income posted +0.4%, Personal Consumption Expenditures posted a massive +1.0% (the largest gain since August 2009 as the recession ended), and core PCE prices posted +0.2% for +1.6% over the year.

    Real PCE was up 0.6% in its best showing since February, so Q2 is running +3% SAAR in consumption. Real PCE was driven by a 2.2% surge in durables spending, while nondurables posted +0.7...

  • Tuesday, May 31, 2016 - 05:32 ECB Allots E51.905 Bln In 7-Day Funds, 115 Bids 0

    FRANKFURT (MNI) - The European Central Bank on Tuesday allotted E51.905 billion in its main seven-day refinancing operation at a fixed rate of 0%.

    The ECB satisfied all of the 115 bids received.

    Today's operation resulted in a net drain of E8.298 billion after the ECB allotted E60.203 billion in its 7-day MRO last week.

    --MNI London Bureau; tel: +44 207-862-7492; email: les.commons@mni-news.com

    [TOPICS: M$X$$$,M$$EC$,M$XDS$,MN$MM$]

  • Tuesday, May 31, 2016 - 04:20 ECB: EMU Private Sector Lending Growth Steady At 0.9% In April 0

    --M3 growth rate slows to 4.6% in April

    FRANKFURT (MNI) - Eurozone money supply slowed more than expected in April, according to data from the European Central Bank released Monday, while private-sector lending continued to expand.

    The annual growth rate of loans adjusted for sales and securitization stood at 0.9% in April, unchanged from the previous month, the ECB said in its regular M3 conference call.

    The rate of loans to households slowed to 1.5% in April from 1.6% in March, the ECB said, while the annual growth rate of loans to non-financial corporations accelerated to 1.2% in April, from 1.1% in March, the data indicated.

  • Tuesday, May 31, 2016 - 02:45 France Housing Starts, Building Permits Fall in Apr-Feb Period 0

    By Jack Duffy

    PARIS (MNI) - France's housing starts and building permits fell in the three months through April, while longer-term trends continued to point to increased construction activity, the Ministry for Housing and Development said Tuesday.

    Starts declined by 2.1% in the February-April period compared with the previous three months, while permits fell by 3.4%, the ministry said.

    For the 12 months through April, builders broke ground on 352,900 new homes, up 3.8% compared the previous 12 months, while building permits amounted to 396,500, a 7.4% increase, the ministry said.

  • Tuesday, May 31, 2016 - 02:45 France Flash HICP Consumer Prices Unchanged in May 0

    By Jack Duffy

    PARIS (MNI) - France's EU-harmonized inflation rate returned to neutral in May after three months in negative territory, according to the flash estimate by the national statistics institute Insee on Tuesday

    HICP consumer prices were unchanged on an annual basis in May, compared with -0.1% in April and above -0.1% median estimate among economists surveyed by MNI.

    Prices edged higher in May as energy prices fell at an annual rate of 5.9%, less than the 6.8% drop in April, and prices of manufactured goods fell by 0.6%, matching the 0.6% April drop.