Economic Snapshot for G7 Countries
September 25, 2019
Global growth is set to ease this year
Global economic growth is expected to be subdued this year and next, mainly due to softer dynamics in developed economies. The global economy has been negatively affected by weak external demand, partly stifled by rising trade protectionism. Supportive fiscal and monetary policies, tight labor markets and low inflation, however, are expected to cushion the slowdown.
Global Monetary & Financial Sector News
Global inflation slowed from July’s 2.9% to 2.7% in August, according to a FocusEconomics estimate which excludes Venezuela. Subdued global economic growth and cheap oil prices are expected to exert downward pressure on inflation this year and next, especially among developed economies.
Low inflation is allowing central banks to ease their monetary policies in order to shore up faltering economic growth. The Fed and ECB both loosened the reins in recent weeks, while Japan could follow suit before year-end. Among developing economies, China cut the reserve requirement ratio in August, while Brazil, India and Russia all slashed interest rates.
Somber prospects for the global economy and an easing-or prospective easing-of monetary policy are prompting most currencies to depreciate against the U.S. dollar. That said, news that China and the United States resumed trade talks weakened the greenback to some extent.
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Major Economies Economic News
France: Inflation ticks down in September
October 15, 2019
Consumer prices decreased 0.3% month-on-month in September, contrasting August’s 0.5% increase, according to the final estimate released by France’s Statistical Institute (INSEE).
Eurozone: Industrial output rebounds in August
October 14, 2019
Industrial output returned to growth in August, contrasting two months of contractions.
Italy: Industrial production rebounds mildly in August
October 10, 2019
Industrial output rose 0.3% in August on a month-on-month, seasonally-adjusted basis, following July’s revised 0.8% drop (previously reported: -0.7% month-on-month).
Japan: Machinery orders drop for second consecutive month in August
October 10, 2019
Core machinery orders, a leading indicator for capital spending over a three- to six-month period, contracted for the second month in a row in August, suggesting that an uncertain global economic outlook is weighing on investment planning.
Germany: Exports fall in August
October 10, 2019
Exports fell 1.8% month-on-month on a calendar- and seasonally-adjusted basis, contrasting the revised 0.8% rise in the prior month (previously reported: +0.7% month-on-month).
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