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Global Economic News Updates



  • US Stock Futures Showing and Upside
    following solid gains in the previous week on prospects of an accelerating economic recovery, fueled by massive government spending as President Joe Biden announced a $6 trillion budget plan that would ramp up spending on infrastructure and education, the US stock futures edges higher in early morning trade. Biden’s spending plan will likely take the nation to its highest sustained levels of federal spending since World War II. Among last week’s data, personal spending rose 0.5% in April, matching forecasts, and income fell less than expected, while price pressures intensified more than anticipated. Last week, both the Dow and S&P 500 added 0.81%, while the Nasdaq Composite gained 1.42%. US Stock and bond markets will also remain closed Monday for a public holiday.

    More Gains for Japan’s  Industrial Output.
    The industrial production in Japan  has shown a  2.5 percent rise month-over-month in April 2021, after a final 1.7 percent gain a month earlier and compared with market consensus of a 4.1 percent rise, preliminary data showed. Industries that mainly contributed to the increased were general-purpose and business-oriented machinery (16.1 percent vs -4.9 percent in March), electrical machinery, and information and communication electronics equipment, and production machinery (10.9 percent vs -4.2 percent), and production machinery (7.8 percent vs -2.8 percent). On a yearly basis, industrial output jumped by 15.4 percent in April, accelerating sharply from a 3.4 percent growth in March.

    Stocks in Australia Hit All-time High
    While in Australia, the ASX 200 lifted 20.70 points or 0.29% to 7200.20 early in the Asian session on Monday, trading at record valuations following gains of 2.15% in the previous week. Sentiment was lifted amid optimism for a global economic recovery amid stronger than expected data last week. Among stocks, Rio Tinto lifted 0.69% and Fortescue Metals added 0.63% amid a fresh surge in commodity prices, while gold miners also gained as the precious metal poked above $US1900 an ounce. Meantime, Nuix dropped 14.09% after downgrading its prospectus forecasts for the second time since listing in December, citing further trouble with new and existing customer contracts. On the coronavirus front, Victoria recorded five new cases of coronavirus in the community yesterday, the third day of lockdown. This brings the total number of locally-acquired cases to 46. Ahead in the week investors will be watching the RBA’s monthly policy announcement on Tuesday, while GDP data is due Wednesday.

    Week Ahead
    Looking at the trading week ahead globally, it will be a busy week, with the US jobs report and worldwide manufacturing and services PMIs providing an update on the economic recovery as well as supply constraints and price pressures. Other important releases include GDP figures for India, Brazil, Australia and Canada, monetary policy decisions from the RBA and the RBI, and inflation for the Euro Area.
    40 hours ago


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