The major European markets are trading higher on Wednesday after the previous session’s pullback. The French CAC 40 Index and the German DAX Index are rising 1.04% and 1.91%, respectively, while the U.K.’s FTSE 100 Index is rising 0.44%.
The U.K. Office for National Statistics reported that U.K. industrial output rose 2% month-over-month in March, with growth exceeding the 0.9% growth estimated by economists. Manufacturingoutput climbed 2.3%.GDP data released by the German Federal Statistical Office showed that the German economy grew at a 0.2% sequential rate in the first quarter following an upwardly revised 0.2% increase in the previous quarter. Economists had expected GDP to have remained unchanged in the first quarter. Annually, GDP rose 1.7%, reversing the 1.5% drop in the previous quarter.
However, data released by French statistical office INSEE showed that French economic growth slackened to a 0.1% rate in the first quarter, softer than the 0.3% growth expected by economists. The slower than expected growth was mainly due to a slowdown in consumer spending, which remained unchanged from the previous quarter, and softer government spending.
Consumer price inflation data released by INSEE showed a 1.7% annual inflation rate for France in April, faster than the 1.6% growth in the previous month. On a monthly basis, the consumer price index rose 0.3%, slower than the 0.5% growth in March.
Meanwhile, Eurostat reported that the euro area’s GDP rose 0.2% quarter-over-quarter in the first quarter. The GDP growth was slower than the 0.5% growth expected by economists. On a year-over-year basis, GDP rose 0.5% following a 2.2% contraction in the previous quarter.
Industrial output in the euro zone region rose 1.3% month-over-month, a separate report released by Eurostat revealed. Economists had expected a 1% increase. Annually, industrial output climbed 6.9% compared to the 3.9% growth seen in the previous month.
U.S. Economic Reports
A report released by the Commerce Department reported that the trade deficit for March widened to $40.4 billion from the downwardly revised deficit of $39.4 billion for the previous month. Economists estimated a deficit of $40.5 billion, wider than the deficit of $39.7 billion estimated initially for February.
Imports rose by $5.6 billion to $188.3 billion, while exports increased by $4.6 billion to $147.9 billion. The goods deficit rose $1.8 billion, while the surplus on the trade in services declined by $0.8 billion.
Boston Federal Reserve Bank President Eric Rosengren will moderate a discussion on macroprudential supervision at the Atlanta Fed's annual Financial Markets Conference in Atlanta at 10:15 AM ET.
The Energy Information Administration is scheduled to release its weekly petroleum inventory report for the week ended April 30th at 10:30 AM ET.
The inventory report for the week ended April 30th showed a 2.8 million barrel increase in crude oil stockpiles. With the increase, crude oil inventories remained above the upper limit of the average range.
Gasoline stockpiles rose by 1.2 million barrels, remaining above the upper limit of the average range. Distillate fuel inventories also increased, rising by 0.6 million barrels. Inventories of distillate fuel remained above the upper boundary of the average range. Refinery capacity utilization averaged 87.5% over the four weeks ended April 30th compared to 86.2% in the previous week.
St. Louis Federal Reserve Bank President James Bullard will give an economic update to the Tennessee Department of Financial Institutions in Nashville at 1:15 PM ET.
The Treasury Budget, a monthly account of the surplus or deficit of the federal government is due to be released at 2 PM ET. The budget is considered an indicator of budgetary trends and the thrust of fiscal policy. Economists estimate a deficit of $40 billion for April.
However, data released by French statistical office INSEE showed that French economic growth slackened to a 0.1% rate in the first quarter, softer than the 0.3% growth expected by economists. The slower than expected growth was mainly due to a slowdown in consumer spending, which remained unchanged from the previous quarter, and softer government spending.
Consumer price inflation data released by INSEE showed a 1.7% annual inflation rate for France in April, faster than the 1.6% growth in the previous month. On a monthly basis, the consumer price index rose 0.3%, slower than the 0.5% growth in March.
Meanwhile, Eurostat reported that the euro area’s GDP rose 0.2% quarter-over-quarter in the first quarter. The GDP growth was slower than the 0.5% growth expected by economists. On a year-over-year basis, GDP rose 0.5% following a 2.2% contraction in the previous quarter.
Industrial output in the euro zone region rose 1.3% month-over-month, a separate report released by Eurostat revealed. Economists had expected a 1% increase. Annually, industrial output climbed 6.9% compared to the 3.9% growth seen in the previous month.
U.S. Economic Reports
A report released by the Commerce Department reported that the trade deficit for March widened to $40.4 billion from the downwardly revised deficit of $39.4 billion for the previous month. Economists estimated a deficit of $40.5 billion, wider than the deficit of $39.7 billion estimated initially for February.
Imports rose by $5.6 billion to $188.3 billion, while exports increased by $4.6 billion to $147.9 billion. The goods deficit rose $1.8 billion, while the surplus on the trade in services declined by $0.8 billion.
Boston Federal Reserve Bank President Eric Rosengren will moderate a discussion on macroprudential supervision at the Atlanta Fed's annual Financial Markets Conference in Atlanta at 10:15 AM ET.
The Energy Information Administration is scheduled to release its weekly petroleum inventory report for the week ended April 30th at 10:30 AM ET.
The inventory report for the week ended April 30th showed a 2.8 million barrel increase in crude oil stockpiles. With the increase, crude oil inventories remained above the upper limit of the average range.
Gasoline stockpiles rose by 1.2 million barrels, remaining above the upper limit of the average range. Distillate fuel inventories also increased, rising by 0.6 million barrels. Inventories of distillate fuel remained above the upper boundary of the average range. Refinery capacity utilization averaged 87.5% over the four weeks ended April 30th compared to 86.2% in the previous week.
St. Louis Federal Reserve Bank President James Bullard will give an economic update to the Tennessee Department of Financial Institutions in Nashville at 1:15 PM ET.
The Treasury Budget, a monthly account of the surplus or deficit of the federal government is due to be released at 2 PM ET. The budget is considered an indicator of budgetary trends and the thrust of fiscal policy. Economists estimate a deficit of $40 billion for April.
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