World Economic News

JAPAN The Japanese government plans to appoint Kazuo Ueda, an economist and former member of the BOJ Policy Board, as the central bank’s next governor after Haruhiko Kuroda steps down, Nikkei Asia reported on Friday (Feb. 10). The government had initially approached Bank of Japan Deputy Gov. Masayoshi Amamiya as a possible successor to Kuroda but was met with a firm refusal. It

GERMANY Annual inflation rate in Germany edged higher to 8.7% in January of 2023 from a four-month low of 8.6% in the previous month, but below market forecasts of 8.9%, according to a Federal Statistical Office (Destatis) preliminary report published on Thursday. The final inflation data for January is due to be released on February 22. US Wholesale inventories inched up by

CHINA Retail sales of passenger vehicles in the country have reached 1.29 million units, plunging by 40.4% in comparison to the month before, according to the China Passenger Car Association (CPCA). On a yearly basis, the sales of passenger vehicles sank by 37.9%. Meanwhile, the country’s economic outlook for 2023 has been revised up to a growth of 5% from 4.1% as China’s

AUSTRALIA The Reserve Bank of Australia (RBA) raised the cash rate by 25bps to 3.35%, matching market forecasts. Tuesday’s move was the ninth rate rise since May last year, taking borrowing costs to a level not seen since September 2012. The RBA  tweaked its forward guidance triggering expectations for more hikes. US United States Treasury Secretary Janet Yellen told ABC on Monday

GERMANY Seasonally and price-adjusted new factory orders in Germany grew by 3.2% in December compared to the previous month. Domestic orders jumped 5.7%, while foreign orders rose 1.2%, the country’s Federal Statistical Office Destatis said on Monday. New orders from the eurozone jumped 9.8%, while new orders from other countries dropped 3.8% month on month. JAPAN As the clock winds down on

US Initial jobless claims edged down to 183,000 in the week ended January 28th, a decrease of 3,000 from the previous week’s unrevised level of 186,000, the Labor Department said in a report. The dip surprised economists, who had expected jobless claims to climb to 200,000 CHINA The Caixin services Purchasing Managers’ Index climbed to 52.9 in January from 48.0 in December,

UK House prices in the United Kingdom grew 1.1% in January on a yearly basis, the Nationwide House Price Index report revealed on Wednesday. In comparison to December 2022, the figure declined 0.6%. The country’s average house price in January stood at £258,297, falling from £262,068 recorded in the previous month EUROZONE Preliminary Eurostat data released Tuesday showed the euro zone grew