IMF Lowers Global Growth Forecast As India Loses Steam

The International Monetary Fund on Monday cut the global growth forecasts for this year and next, mainly due to the weaker-than-expected expansion in India. Global growth for this year is projected at 3.3 percent, which is 0.1 percentage point less than the forecast made in October, the international lender said in the latest update to its World Economic Outlook report. The growth rate is projected to rise to 3.4 percent next year, which is 0.2 percentage points less than the October forecast. The growth estimate for 2019 was lowered to…

U.S. Industrial Production Dips Amid Slump In Heating Demand

With utilities output plummeting amid a slump in demand for heating, the Federal Reserve released a report on Friday showing a modest pullback in U.S. industrial production in the month of December. The Fed said industrial production fell by 0.3 percent in December after climbing by a downwardly revised 0.8 percent in November. Economists had expected industrial production to dip by 0.2 percent compared to the 1.1 percent jump originally reported for the previous month. The pullback in production came as utilities output plunged by 5.6 percent in December after…

U.S. Consumer Sentiment Shows Slight Deterioration In January

A report released by the University of Michigan on Friday showed a slight deterioration in U.S. consumer sentiment in the month of January. Preliminary data showed the consumer sentiment index edged down to 99.1 in January from the final December reading of 99.3. Economists had expected the index to come in unchanged. The slight decrease by the headline index came as the index of consumer expectations dipped to 88.3 in January from 88.9 in December. On the other hand, the report said the current economic conditions index crept up to…

New Zealand Building Permits Sink 8.5% In November

The total number of building permits issued in New Zealand tumbled a seasonally adjusted 8.5 percent on month in November, Statistics New Zealand said on Tuesday – standing at 3,204. That followed the downwardly revised 1.3 percent decline in October (originally -1.1 percent). Individually, permits were issued for 1,980 stand-alone houses, 722 townhouses, 291 apartments and 211 retirement village units. In the year ended November 2019, the actual number of new dwellings consented was 37,010, up 13 percent from the November 2018 year. The annual value of non-residential building work…

China Trade Data Due On Monday

China is scheduled to release December figures for imports, exports and trade balance on Monday, highlighting a modest day for Asia-Pacific economic activity. Imports are expected to have risen 9.6 percent on year after adding 0.3 percent in November. Exports are called higher by an annual 2.5 percent after slipping 1.3 percent in the previous month. The trade balance is expected to reflect a surplus of $45.70 billion, up from $38.73 billion a month earlier. China also will see December numbers for new yuan loans, with forecasts suggesting a total…