News

PA Market Report: Overview (July 05 – July 09) & Upcoming Events July’21

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July 05

Business Outlook Survey—Summer 2021 (Canada)

Results from the summer Business Outlook Survey point to continued improvement in business sentiment. Firms tied to high-contact services still face challenges but are becoming more confident that sales will pick up as vaccination rates rise. This suggests an important broadening in the recovery ahead. • Most firms reported an improvement in their sales prospects from a year ago.

OPEC+ meeting postponed, no new date set yet – sources (Global)

OPEC+ representative: OPEC+ will continue to maintain the current level of quotas.

July 06

ASB Bank Now Sees RBNZ Raising Cash Rate In November 2021 (New Zealand)

ASB Bank Now Sees RBNZ Raising Cash Rate In November 2021

Statement by Philip Lowe, Governor: Monetary Policy Decision (Australia)

At its meeting today, the Board decided to: retain the April 2024 bond as the bond for the yield target and retain the target of 10 basis points continue purchasing government bonds after the completion of the current bond purchase program in early September. These purchases will be at the rate of $4 billion a week until at least mid November maintain the cash rate target at 10 basis points and the interest rate on Exchange Settlement balances of zero per cent.

Manufacturing in May 2021: new orders down -3.7% on the previous month (Germany)

According to provisional results of the Federal Statistical Office (Destatis), real (price adjusted) new orders decreased by a seasonally and calendar adjusted 3.7% in May 2021 compared with April 2021. Excluding major orders, real new orders in manufacturing were 3.7% lower than in the previous month.Compared with February 2020, which was the month before restrictions were imposed due to the corona pandemic in Germany, new orders in May 2021 were 6.2% higher in seasonally and calendar adjusted terms.

Lowe: Today’s Monetary Policy Decision (Australia)

Good afternoon and welcome to today’s briefing. The Reserve Bank Board met this morning by videoconference. At that meeting, we agreed on policy measures that will provide ongoing and important support to the Australian economy as it continues its recovery.

US Services PMI at 60.1%; June 2021 Services ISM Report On Business (US)

Economic activity in the services sector grew in June for the 13th month in a row, say the nation’s purchasing and supply executives in the latest Services ISM® Report On Business®. The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: “The Services PMI registered 60.1 percent, which is 3.9 percentage points lower than May’s all-time high reading of 64 percent.

July 07

Behind OPEC deadlock, one petro-state looks to non-oil future (Global)

Behind the standoff inside OPEC over whether to boost oil production is a key cartel member with a new strategy: sell as much crude as possible before demand dries up. The United Arab Emirates’s strategy, as described by officials familiar with the matter, represents one of the most significant shifts in oil policy by a major Mideast petrostate. For years, the region’s oil-producing governments have said they aren’t worried about finding crude buyers far into the future. The U.A.E.

Minutes of the Federal Open Market Committee (USD)

Participants resumed their discussion from the April 2021 FOMC meeting of considerations related to the establishment of a domestic standing repurchase agreement (repo) facility (SRF) and a standing Foreign International Monetary Authorities (FIMA) repo facility. Building on discussion at previous meetings, the staff presented considerations for how these facilities might be designed.

FOMC minutes: Participants agreed to continue assessing the economy’s progress, and to begin to discuss plans for adjusting asset purchases (USA)

FED MINUTES: SINCE SUPPLY DISRUPTIONS AND LABOR SHORTAGES MIGHT LINGER FOR LONGER AND HAVE BIGGER OR MORE PERMANENT CONSEQUENCES, A VAST MAJORITY OF PARTICIPANTS JUDGED THE RISKS TO THEIR INFLATION PROJECTIONS WERE SKEWED TO THE UPSIDE.

July 08

ECB’s Lagarde: new target removes ambiguity, 2% not a ceiling (Euro Zone)

The Vice-President and I are very pleased to welcome you to our special press conference. Yesterday the Governing Council unanimously approved the ECB’s new monetary policy strategy. This brings to a successful conclusion the strategic review that we have been conducting over the last 18 months, drawing on an immense collective effort by staff at the ECB and the national central banks of the euro area. We have worked within the existing Treaty and taken the ECB’s primary mandate of price stability as a given.

Lagarde: ‘effective lower bound’ is a constraint; requires a ‘forceful reaction’ (Euro Zone)

MORE ECB’S LAGARDE: ‘EFFECTIVE LOWER BOUND’ IS A CONSTRAINT; REQUIRES A ‘FORCEFUL REACTION’

ecb #eurozoneeconomy #strategyreview #christinelagarde

ECB’s Lagarde: We Are Not Where We Want To Be On Inflation (Euro Zone)

ECB’s Lagarde: We Are Not Where We Want To Be On Inflation

July 09

Labour Force Survey, June 2021 (Canada)

June Labour Force Survey (LFS) data reflect labour market conditions during the week of June 13 to 19. Compared with the May reference week, public health restrictions had been significantly eased in several jurisdictions by the end of the June reference week. Most indoor and outdoor dining, recreation and cultural activities, retail shopping, and personal care services had resumed or continued in eight provinces, with varying degrees of capacity restrictions.