by Tyler Durden
Monday, May 17, 2021 - 09:40 AM
Looking forward at the coming relatively quiet week, the flash PMIs for May (Friday) will be the data highlight but - as DB s Jim Reid notes -
it’s tough to know what they’ll tell us that we don’t already know. Having said that, as we noted previously Deutsche Bank s equity strategist Binky Chadha has previously said that they’ll likely be an equity correction once the ISM rolls over from its current lofty peaks even as growth stays strong.
The ISM has fallen for one month from its peak so it’ll be interesting to see what the flash PMI shows as a guide. April’s composite number was the highest on record at 63.5. The Euro Area composite PMI was at 53.8, the highest since July.
Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
Amendments to the Decision on the third series of targeted longer-term refinancing operations
On 30 April 2021 the Governing Council adopted Decision (EU) 2021/752 (ECB/2021/21) amending Decision (EU) 2019/1311 on a third series of targeted longer-term refinancing operations (TLTRO-III Decision). The changes introduced (i) amend the sanctioning regime in case required reports and audits are not provided by TLTRO-III participants in time, (ii) include provisions regarding the treatment of corporate reorganisations occurring after 31 March 2021 for the purpose of calculating TLTRO-III interest rates, and (iii) and contain some clarifications deemed necessary for legal certainty. The unofficial consolidated version of the TLTRO-III Decision and the revised TLTRO-III indicative calendar are available on the ECB’s website.
Thursday, 13 May 2021, 3:51 pm
Nationwide
values increased by a further 3.1% over April according to
the latest CoreLogic House Price Index (HPI). While this
brings the annual growth rate to 18.4% up from 16.2% last
month, the annual measure is impacted by base affects. A
year ago, economic activity, including the housing market,
had stalled as the nation moved through the first COVID
related lockdown.
It may come as a surprise to see the
monthly pace of property value growth accelerate in April
after the Government introduced the phased removal of
interest deductibility for property investors, however it
may take another month or so for these changes to flow
Article – Property and Build Nationwide values increased by a further 3.1% over April according to the latest CoreLogic House Price Index (HPI). While this brings the annual growth rate to 18.4% up from 16.2% last month, the annual measure is impacted by base affects. A year …
Nationwide values increased by a further 3.1% over April according to the latest CoreLogic House Price Index (HPI). While this brings the annual growth rate to 18.4% up from 16.2% last month, the annual measure is impacted by base affects. A year ago, economic activity, including the housing market, had stalled as the nation moved through the first COVID related lockdown.