Downward trend in Brazil's retail sales and consumption likely continued in May

Jul 13, 2015 07:47 am UTC| Commentary

In April, retail sales fell -0.4% mom on seasonally-adjusted basis.Retail sales were down -3.5% yoy in April following the -0.8% yoy (-6.6% qoq at an annualised rate) contraction in Q1 that led to an overall contraction of...

Russian labor market remains in standby mode

Jul 13, 2015 07:36 am UTC| Commentary

The muted growth in nominal wages remains the crucial challenge for the Russian labor market, though some positive backward revisions in June have embellished the dramatic contraction of real income. It is hard to find any...

Russia's consumption to have improved slightly

Jul 13, 2015 07:27 am UTC| Commentary

After the shock to real income in Q1 15, Russias internal consumption has been picking up, driven by slowly improving consumer sentiment and decelerating consumer price inflation.However, June saw a mixed environment for...

Still no agreement on Greece bailout

Jul 13, 2015 07:22 am UTC| Commentary

A Grexit was avoided for now and it appears that expectations of the parliament approving the legislation are high. Elsewhere it was stressed that there are ways to keep the banking system supported in the short-term. All...

China June trade data shows exports stabilization

Jul 13, 2015 07:15 am UTC| Commentary

Junes trade numbers released today were better than expected but they continue to show a benign external demand picture. Exports rose for the first time in four months, up 2.8% y/y.The rest of Junes data would be released...

Turkey's disappointing trade balance likely not to effect on lira

Jul 13, 2015 06:57 am UTC| Commentary

The current-account posted $3.99bn deficit in May. An auto sector strike and volatile gold trade hit the trade deficit in May net of gold, the trade deficit too was 8% y/y wider in May; based on preliminary data, the...

Despite improved foreign trade data Australia not out of woods yet

Jul 13, 2015 06:52 am UTC| Commentary

The AUD was briefly able to benefit from what seemed positive Chinese foreign trade data. Chinese imports are only 6.1% below last years levels. Following -17.6% yoy in May that sounds positive. Even in the recent...