Swiss banking giant UBS Chief Economist for the United States Jonathan Pingle told The Australian Financial Review on Monday that the Fed’s economic plan to normalize economic conditions is impossible to achieve. “We were in the soft landing camp for most of last year, but the path to that unfolding has narrowed considerably with the data coming since September,” Pingle said.
Japan’s Producer Price index (PPI) grew by 0.5% in December compared to November. Annually, prices surged by 10.2%, the Bank of Japan announced in its latest report on Monday. The Export Price Index decreased by 3.1% month-over-month and stood at 12.1% year-over-year. Meanwhile, the Import Price Index dropped 4.1% compared to November but improved by 22.8% year-over-year.
India’s wholesale price index climbed 4.95% year-over-year in December data from the Ministry of Commerce and Industry revealed on Monday. Economists had expected inflation to ease to 5.60%.
Construction output climbed 7.0% year-on-year in November, after a 2.5% drop in October, data from the Hungarian Central Statistical Office showed on Monday.
New house prices in 70 large and medium sized cities fell 1.5% year-over-year in December, following a 1.6% decrease in the prior month, reports said Monday, citing data from the National Bureau of Statistics.