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  • 2016-05-03 08:55


    WASHINGTON (MNI) - The following is the text of the weekly same-store sales report released by Johnson Redbook Tuesday for the final week of the April retail month:

    The Johnson Redbook Retail Sales Index was up 0.6% in the fourth and final week of April following a 0.8% gain the prior week. Month-to-date, April was up 0.8% compared to April of last year (relative to a target of a 0.9% gain). Month-over-month showed a 3.1% drop versus March (relative to a target of a 3.0% drop).

    April's results had fallen slightly short of target. As we approach Mother's Day on Sunday May 8th, some business reported a pick up in sales over the weekend, primarily in items such as seasonal apparel, jewelry and accessories.

  • 2016-05-03 08:30


    --Loss Blamed on Derivatives-Hedging Mismatch

    WASHINGTON (MNI) - The following are excerpts of Freddie Mac's first quarter financial results, published Tuesday:

    First Quarter 2016 Results

    Results Dominated by Negative Market-Related Items of $2.0 Billion, Offsetting Positive Business Results

    - $1.4 billion (after-tax) estimated fair value loss driven by measurement differences between the company's derivatives, which are measured at fair value, and certain hedged assets and liabilities, which are not.

    - $0.6 billion (after-tax) estimated fair value loss due to the impact of spread widening on certain mortgage loans and mortgage-related securities measured at fair value.

    - $3.4 billion of net interest income of which approximately 45 percent was derived

  • 2016-05-03 07:58


    --China Credit Surge Does Not Mean Massive Stimulus - Xinhua
    --EC Lowers German Growth Forecast, Sees Eurozone Risks
    --Australia Government Backs RBA Stimulus Move

    The following are top events and news reported Tuesday morning ET by MNI in the global financial system:

    * China's credit surge does not mean a restart of massive stimulus, Xinhua News Agency says in an English language commentary, adding that policymakers are more than aware of the consequences of such a short-sighted program. Moreover, the country is still addressing the side effects of the previous stimulus package such as overcapacity, it says. The beginning of the year saw a slew of new measures to stabilize growth and the start of numerous infrastructure projects.

  • 2016-05-03 06:46


    BEIJING (MNI) - The People's Bank of China Tuesday unveiled details of its targeted monetary tools to provide liquidity to the financial system in April.

    The Chinese central bank said it lent banks CNY715 billion via its Medium-term Lending Facility (MLF) last month, with maturities of three and six months, and allowed CNY551 billion to mature.

    The outstanding funds issued through MLF rose to CNY1.4953 trillion at the end of April, up from CNY1.3313 trillion at the end of March.

    The PBOC said it provided CNY760 million via Standing Lending Facility (SLF) to banks in April with maturities of overnight and seven days and outstanding balance was CNY410 million at the end of April.

    The PBOC also said China Development Bank repaid CNY3.6 billion under the Pledged S

  • 2016-05-03 06:10


    By Steven Arons

    FRANKFURT (MNI) - Germany's new car registrations jumped in April, data from the Automotive Office KBA showed Tuesday, resuming a long-standing trend of year-on-year increases after a minimal contraction in March.

    Car registrations jumped 8.4% y/y in the fourth month of the year, remaining above the thresholds of 300,000 units for a second month running.

  • 2016-05-03 06:00


    --Forecasts appear based on assumption UK remaining in EU

    LONDON (MNI) - UK growth will likely ease this year and next, according to the European Commission's 2016 Spring Economic Forecast, published Tuesday in Brussels, but inflation is likely pick up from current historically low levels.

    According to the Commission report, UK growth is forecast to slow to 1.8% in 2016, down from 2015's 2.3% pace, before rising to 1.9% in 2017.

  • 2016-05-03 05:39


    FRANKFURT (MNI) - The European Central Bank on Tuesday allotted E53.549 billion in its main seven-day refinancing operation at a fixed rate of 0%.

    The ECB satisfied all of the 107 bids received.

    Today's operation resulted in a net drain of E2.707 billion after the ECB allotted E56.256 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$]

  • 2016-05-03 05:04


    --Forecasts appear based on assumption UK remaining in EU

    LONDON (MNI) - UK growth will likely ease this year and next, according to the European Commission's 2016 Spring Economic Forecast, published Tuesday in Brussels, but inflation is likely pick up from current historically low levels.

    According to the Commission report, UK growth is forecast to slow to 1.8% in 2016, down from 2015's 2.3% pace, before rising to 1.9% in 2017.

  • 2016-05-03 05:00


    By Martin Baccardax

    LONDON (MNI) - The Eurozone economy is likely to remain broadly stable this year, the European Commission forecast Tuesday, but faces substantial downside risks to growth and inflation owing to emerging market risks and a renewed drop in oil prices.

    Domestic demand will likely power currency area growth this year, the Commission said in its Spring Economic forecast report, thanks in part to improving labour markets and higher real disposable incomes. Government spending will also be broadly supportive, the Commission said, although it could be affected by the region's migration challenges. However, the report noted downsides risks to its projections and warned of the potential for an emerging market slowdown to hit Eurozone growth.

  • 2016-05-03 05:00


    By Jack Duffy

    PARIS (MNI) - France's economy is set to gradually accelerate this year and next while progress in reducing the government's deficit will likely remain slow, the European Commission said Tuesday.

    In its Spring Economic Forecasts, the Commission said France's GDP would grow by 1.3% this year and 1.7% in 2017 -- unchanged from its winter forecasts issued in February. That compares with government growth estimates of 1.5% for both this year and next.

    Consumer spending and a gradual pickup in business investment will be the main drivers of the expansion, the Commission said.