Monthly Change for April
Provided by: Rightmove
Official Release: PDF 

Rightmove HPI y/y: 1.3%, pr. 5.0% (Mar), 5.8% (Feb)
Avg. Prices: £239,521, pr. £239,655

From the Release: "Rightmove’s April House Price Index finds that sellers have finally recognised that a decade of rising prices has come to an end. With average asking prices rising below the level of wage inflation and Bank of England interest rates of 5% compared to 5.75% a year ago, buyers with cash or reasonable deposits are now able to get more home for their money.  

The annual rate of increase in asking prices has suffered a substantial fall from 5% to just 1.3% this month, the lowest year-on-year increase since July 2005, when price rises stalled to virtual standstill at +0.2%. Average unsold stock per estate agency branch has risen from 67 to 70, giving buyers the highest levels of choice we have measured at this time of year. Time on the market has risen as well, from 82 days to 85 days over the last month, by far the highest we have measured at this time of year. Sellers will thus need to set their initial competing price competitively, and also be prepared to negotiate. First time buyer affordability has been boosted by the prices of flats, terraces and semi-detached homes all falling over the last month."

For 1st Quarter
Provided by: Australian Bureau of Statistics

PPI y/y: 4.8%, forecast 3.9%, pr. 2.8% (4th Q), pr. 2.4% (3rd Q)

Australia's Q1 producer inflation during the final stage of production rose 1.9%, the largest quarterly rise since the index began in Q3 of 1998. Prices in prelimary and intermediary stages also climbed signifcantly. The report indicated that price increases in building construction, petroleum refining, electricity, gas and water outweighed price decreases in electrionic equipment manufacturing.

For March
Provided by: Swiss Federal Statistics Office (main page)
Official Release: Table of Current and Past Data

Prices y/y: 3.9%, forecast 3.5%, pr. 3.6% (Feb), 3.7% (Jan), 2.7% (Dec)

For March in Swiss Francs

For March
Provided by: National Association of Realtors
Official Release: News Release

Sales m/m: -2.0%, forecast -2.0%, pr. 2.9%
Median Existing Home Price: $200,700 (Mar 08), $217,400 (Mar 07)

Existing home sales declined again in March, after showing some signs of improvement in February. The decline was expected, and the Dollar was already being pressured against the Euro from overnight. However against the Yen, the Dollar found some strengthen following the release.

From the Release:

"Existing-home sales edged down in March, remaining within a narrow range of sales activity that has persisted since last September, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – were down 2.0 percent to a seasonally adjusted annual rate (1) of 4.93 million units in March from a level of 5.03 million in February, and remain 19.3 percent below the 6.11 million-unit pace in March 2007. A rise in condo sales in March was offset by a drop in single-family sales. Regionally, sales rose in the Northeast and West but fell in the Midwest and South.

Lawrence Yun, NAR chief economist, said the market is performing unevenly. “Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets,” he said. “At the same time, many buyers continue to bide their time with a large number of homes to choose from, while other potential buyers remain on the sidelines.”"

For 1st Quarter
Official Release: Australian Bureau of Statistics

CPI y/y: 4.2%, forecast 4.0%, pr. 3.0% (4th Q), 1.9% (3rd Q)

RBA Trimmed Mean q/q: 1.2%, forecast 0.9%, pr 1.0% (4Q), 0.9% (3Q)
RBA Trimmed Mean y/y: 4.1%, forecast 3.8%, pr. 3.4% (4Q), 2.9% (3Q),
RBA Weighted Mean q/q: 1.3%, forecast 0.9%, pr. 1.1% (4Q), pr. 0.9% (3Q)
RBA Weighted Mean y/y: 4.4%, forecast 4.0%, pr. 3.8% (4Q), pr 3.1% (3Q)

As the central bank has projected, inflation has surged in the first quarter. The 4.2% annual measure was the highest in 7 years. Firms are facing higher costs from both fuel prices and higher demand for labor. Speculations are increasing that the RBA will continue increasing interest rates. The inflation report boosted the Aussie, which gained last night. But as the European session got underway, the Aussie started to pare those gains.

Preliminary Release for April

Growth in German manufacturing sector declined more than expected, but was countered by an unexpected increase in the services sector. A stronger euro and cooling demand from foreign and domestic sources, and continuing tight credit conditions may weaken the manufacturing sector further in the months to come.   

Preliminary Release for April

Manufacturing growth in the Euro-zone slowed to 50.8 in April compared to a 52 reading in March. It the lowest level since August 2005. New Orders, which are used as a leading indication of future performance, contracted for the first time in 3 years, falling to 48.6 from 50.9. Manufacturing is expected to come under pressures as several factors including a rising Euro, higher commodity and energy prices, and weakening domestic and foreign demand reduce orders.

After setting a new record high yesterday vs the Dollar, the Euro traded lower overnight and as early NY trading got under way.

Provided by: Bank of England
Official Release: PDF 

The Bank of England policy makers split into 3 camps during the last meeting. David Blanchflower called for a more aggressive 50 basis point cut, while two members, Andrew Sentance and Timothy Besley thought no change was necessary. The other 6 members voted for a 25 basis point gradually paced cut as they were moved by deteriorating condition in global credit markets and the effect that had on investment spending by businesses, mortgage lending by banks and spending by individuals and households. The bank cut rates despite high inflation in the short term.

The minutes show a bank willing to take its time as it lowers rates, which pressured the Pound during today's session. The bank will most likely cut rates by 25 basis points when it meets in June.  

For February - (s.a.)
Provided by: EuroStat
Official Release" PDF 

New Orders y/y: 9.9%, forecast 5.7%, pr. 7.3% (Jan), 2.1% (Dec)

Industrial new orders recorded a positive 0.6% change in February on the month, and a 9.9% increase compared to February of last year. Both numbers beat expectations, but the better news came as the Euro was paring its gains from yesterday's session and it didn't have much impact. Also, the figures are somewhat dated as it takes into account February's data.

In annual terms, new orders for transport equipment increased 16.6%, while manufacturing of electrical and electronic equipment grew by 10.6%.

Provided by: Bank of England
Official Release: PDF

From the Speech:

"However, foreign exchange markets are notoriously volatile. Could the weakness of sterling prove temporary and unwind quickly? This seems unlikely, and would not be a safe assumption for policy, for a number of reasons. First of all, the consequences of the “credit crunch” and the associated impacts on financial markets are likely to be with us for some time. Already, the impact of financial turbulence has been longer and more sustained than seemed likely when it first appeared. And even when financial markets settle down, it would be reasonable to expect longer-lasting impacts on demand through a much more cautious attitude to lending that could persist for some time. Second, the rebalancing of the UK economy will take time to unfold. The fall in the value of sterling which helped underpin the economic rebalancing in the mid-1990s was sustained for about four years.

In addition, market participants do not appear to expect a significant rebound in sterling. As Chart 7 shows, though Consensus forecasts do suggest a little scope for sterling to rebound over the next few years, forecasters expect the bulk of the recent depreciation to be sustained. By contrast, if sterling follows the path suggested by forward exchange markets based on interest rate differentials, it could weaken further.

In reality, the prospects for sterling are still very uncertain. But there does not appear to be much evidence to support a quick and sustained unwinding of the recent decline.

For February

All Industries Activity Index y/y: 1.7%, pr. 0.6% 

Japan's all-industries index fell 1.4% in February, as weakness in the service sector was a bigger drag on the index that better industrial output activity. For the year, the index was up 1.7% compared to a 0.6% figure in January.

For April
Provided by: IFO Institute of Economic Research

IFO Business Expectations Index: 96.8, forecast 98.0, pr. 98.4

The measure of German business came in decidedly lower than expected, driving down the Euro after its release. It seems that the German economy may after all succumb to the pressures put on by higher credit costs and a sharp slowdown in the US. The data coincides with weaker manufacturing results yesterday and may give voice to concerns that the ECB should lower rates to counter weaker economic performance, despite high inflation.

From the Release:

"The Ifo Business Climate Index for industry and trade in Germany has clearly fallen in April. The surveyed companies have assessed their current situation clearly more unfavourably than in the previous month. Also with regard to the outlook for the coming six months they are more sceptical than in March. After a brief brightening at the beginning of the year, the survey results indicate a slower pace of business activity. The retarding forces evident since mid-2007 have gained strength again."

For February (s.a.)
Provided by: European Central Bank
Official Release: Press Release

Current Account (n.s.a.): 5.0B, pr. -17.9B

From the Release: "The working day and seasonally adjusted current account of the euro area recorded a surplus of EUR 4.3 billion in February 2008 (corresponding to a surplus of EUR 5.0 billion in non-seasonally adjusted terms). This reflected surpluses in goods (EUR 3.1 billion) and services (EUR 5.1 billion), which were partly compensated for by a deficit in current transfers (EUR 4.3 billion). The income account was close to balance.

The 12-month cumulated, working day-adjusted current account up to February 2008 recorded a surplus of EUR 17.8 billion (about 0.2% of euro area GDP), compared with a deficit of EUR 1.1 billion a year earlier. This change resulted mainly from increases in the surpluses in goods (from EUR 24.9 billion to EUR 52.7 billion) and services (from EUR 42.6 billion to EUR 53.2 billion), which were only partly offset by a shift in the income account from a surplus (EUR 10.1 billion) to a deficit (EUR 1.1 billion) and an increase in the deficit on current transfers (from EUR 78.7 billion to EUR 87.1 billion)."

For April
Provided by: Confederation of British Industry
Official Release: News Release

From the Release: "Manufacturers are raising the prices of their goods to try to counter the fiercest increases since 1990 in unit costs, driven by more expensive energy and raw materials, the CBI said today (Thursday).

These cost pressures are intensifying even as orders and output are showing signs of easing in a sector that has so far proven resilient to recent economic shocks.

Manufacturing output failed to grow in line with firms' expectations - instead firms reported little change (a balance of -3%), and a similarly flat quarter is expected ahead. Domestic orders fell back noticeably (-13%) and are expected to fall again. Export order growth declined more moderately (-5%) and, more positively, a balance of 5% expects growth next quarter."

For March
Provided by: US Census Bureau

New Home Sales m/m: -8.5%, forecast -1.0%, pr. -5.3% (rev. from-1.8%), -2.8% (Jan)

The annual rate of new home sales fell to a 17-year low. Also the previous posting was revised down heavily. The Month's Supply is now at a 27-year high of 11. This means, even as less and less houses are entering the market, inventory is still piling up. The housing market sees no bottom, but the market already knew that. The median sales price declined 13.3% from a year ago. Today's better than expected durable goods orders overshadowed the poor home sales data. The market's assessment of manufacturing demand has been mixed, making it more sensitive to unexpected figures.

National CPI for March
Provided by: Statistics Bureau

CPI ex. Fresh Food y/y: 1.2, forecast 1.2%, pr 1.0% (Feb), 0.8% (Jan)
CPI ex. Food & Energy y/y: 0.1%, forecast 0.0%, pr. -0.1% (Feb), -0.1% (Jan)

Both Japan's national headline consumer price index and core measure, which excludes fresh food were up 1.2%. The rise in the core value is the biggest increase in almost 10 years. Looking deeper into the data, excluding both food and energy from CPI, inflation was 0.1%, slightly higher than expectations, and shows that energy costs made up a bulk of the increase.