The US economy received some good news yesterday. From Reuters:
The University of Michigan's preliminary June index of consumer sentiment read 82.4, up from May's final reading of 79.1 and above Wall Street expectations for a reading of 79.0...
Before the June sentiment data's release, the Commerce Department said the U.S. current account deficit -- which measures international transactions as well as physical imports and exports -- narrowed more than expected in the first quarter to $208.7 billion, as exports rose more than imports.
But the news from Europe was not so good. From Eurostat:
Seasonally adjusted industrial production fell by 0.6% in the euro area in April 2006 compared to March. Production grew by 0.6% in March after remaining stable in February. Output in the EU25 fell by 0.1% in April, after increasing by 0.5% in March and remaining stable in February.
In April 2006 compared to April 2005, industrial production rose by 1.9% in the euro area and by 2.1% in the EU25.
Meanwhile, the People's Bank of China has -- not surprisingly after the recent economic data -- decided to raise its reserve requirement for commercial banks by 0.5 percentage points to eight percent from July 5.
1 comment:
so the move in china was basically to maintain the development of their economy..which, in seeing how the increase in credit could possibly lead to inflation in china, could only be a good thing.
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