MORE #Stagflation! US economic surprises have turned negative, with #inflation surprises still moving higher (the latest #CPI report was only marginally better than expected, confirming the myopic stance of markets). Stagflation is relative here as the US economy has significantly outperformed the Eurozone, the UK, and Japan. However, #Powell will embrace any (unexpected) weakness to lower #yields. 2024 rate cuts are so on the table!
The German Train Drivers' Union (GDL) is planning a strike that will last almost a week, starting in the early hours of Wednesday. The union said it rejected Deutsche Bahn's latest "allegedly improved" offer.
Convenience store sales in Japan rose to a record high in 2023 for the second consecutive year with 4.1 percent growth, driven by the removal of COVID-19 restrictions, a surge in inbound tourists and an unusually hot summer, an industry body said Monday.
The year-on-year drop has now been 5.5% for the past three months, indicating that the decline in prices which started last August has now come to an end.
House prices in the Netherlands now appear to have stabilised, with prices rising a marginal 0.5% in July compared with June, national statistics office said on Tuesday.
Federal Reserve officials at their last meeting largely remained concerned that inflation would fail to recede and suggested they may continue raising interest rates.
Wages are going up more quickly in the Netherlands, with an average rise of 8.2% in pay deals sealed in May, according to figures from employers organisation AWVN.
In the Netherlands, the inflation of the Netherlands unexpectedly increased to 5.2 % on an annual basis in April, from 4.4% in March. That was mainly due to a less pronounced fall in energy prices. At its peak in September last year, inflation was 14.5%.