U.S. retail sales rose less than expected in November registering a 0.2 percent increase versus an expected 0.6 percent gain. November’s result was the weakest in five months.
“Sales are growing, but they just aren’t accelerating,” said Ryan Wang, an economist at HSBC Securities USA Inc. in New York. “There have been some real slight hints of improvement in the labor market, but until we get sustained growth in income, spending is going to be moderate.”
Source: Bloomberg
U.S. wholesale prices rose more than predicted in July on a 0.2 percent increase following a 0.4 percent decline in June. A gain of only 0.1 percent had been predicted.
The report also highlighted a decline in the cost of crude goods delivered in July with energy and food prices leading the way. This is expected to push consumer prices down in the coming months and may help boost spending in the U.S.
Source: Bloomberg
The Swiss National Bank (SNB) provided 120 billion Swiss francs (US$152 billion) to the Swiss banking system to increase the currency supply in a bid to ease the rapidly climbing franc. The Swiss franc continues to grow in popularity as a safe haven alternative to the U.S. dollar and the euro. Earlier in the week the SNB even raised the possibility of pegging the franc to the euro but the latest action casts doubt on whether the SNB will go in this direction.
“The market was expecting far more radical measures from the SNB, like targeting a specific exchange rate. This is more of the same, and is inadequate in an environment where investors are seeking safe havens,” noted Lena Komileva of Brown Brothers Harriman.
Source: BBC News
Retail sales for the eurozone region rose slightly in July, gaining 0.1 percent after a 0.2 percent gain in June. Several of the smaller member nations recorded more significant gains including a 3.0 percent increase in Portugal and a 2.9 percent increase in Malta. Germany, the economic powerhouse of the region, managed a slight gain of 0.3 percent.
Source: AFP News
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