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Firm recovery in Europe during June The European economy`s PMIs recorded an important revival in economic activity during June, although they are still in contraction and signs of a long and slow recovery prevail. The composite PMI increased to 47.5 (vs 31.9 May) – its second largest increase in history – with upturns in manufacturing

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FED concerned for recovery Over the weekend, members of the Federal Reserve expressed concern of a new rise in unemployment figures if the virus is not controlled. Recent figures concerning employment and retail sales have increased hopes of a fast economic recovery in the US, however, members of the FED warned about the risks of

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China will accelerate purchasing of US agricultural goods After conversations had in Hawaii yesterday between officials from both countries, China committed itself to accelerate the purchase of agricultural goods such as soy, corn and ethanol in order to achieve the targets established in the “phase 1” of the trade agreement. Purchases have been delayed substantially

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Initial jobless claims in the US slow down less than expected Figures regarding new jobless claims in the US published this morning show that 1.5 million new claims were made last week, practically the same level recorded two weeks ago (1.57M), which suggests a slower reduction in unemployment so far in June. Since mid-March, figures

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Positive sentiment begins to dominate Citigroup`s economic surprises indicator, which measures published economic data relative to analyst expectations, reached a new historically high level this month after positive surprises were published regarding the labor market in the US as well as yesterday`s figures concerning retail sales. The improvement in these indicators has boosted greater appetite

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Trump prepares new infrastructure plan According to news reports that cited sources close to the White House, President Donald Trump is preparing an investment and infrastructure plan of up to $1 trillion dollars as a measure to revive economic activity in the United States. A preliminary version from the Department of Transportation proposes most of

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Slow recovery in China Growth figures in China in May showed that the recovery process at a global level will most likely be slow and gradual. Retail sales figures (-2.8% annual), industrial production (4.4%) and investment (-6.3%) continued to show improvement but still remained under estimates. Unemployment remained stable at 5.9%. Private consumption and investment

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Historical contraction in the European industry Industrial production in Europe contracted at a record breaking level in April, which reflects the confinement efforts in order to stop the spread of the virus. Manufacturing fell (-) 28% at an annual rate (-17.1% monthly), according to Eurostat data – the greatest fall since 1991, when the indicator

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Fears of a second wave of infections in the US rise The number of COVID-19 cases in the US reached two million and an acceleration regarding new cases in states like Texas, California and Florida have sparked fears of a second wave of the virus. The outbreaks are isolated, distanced and still small, but reaffirm

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OECD forecasts a strong global contraction The Organization for Economic Cooperation and Development published its new global economic growth forecasts, with two scenarios that are just as likely to occur. One with a new COVID-19 outbreak that would force economies to close again towards the end of 2020, and another in which another massive transmission

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