Caixabank Research brings us economic news. Among the most notable events of the last week ( from 5 to 11 February ) we highlight the following:
The business sentiment index (PMI) remains high, which stood at 56.7 points at the end of January . The upturn in these indicators support the idea of a solid GDP growth for Q1 2018 .
The European Commission has again revised upwards the growth forecasts for the eurozone. In this regard, they consider that Europe in 2018 and 2019 will grow 2.3% and 2% , respectively (bottom). The rebound in private consumption, Which advanced 2.2% in December, it remains one of the main factors of growth in Europe.
On the other hand, the foreign sector in China continues to rise to high levels . The country ‘s exports grew 11% yoy in January 2018, partly explained by the increasing western demand. Meanwhile, in the same period imports they grew almost 37% year on year , possibly due to the celebration of Chinese New Year, to be held in mid February. Below is a picture of the evolution of trade in goods over the past 4 years.
Losses in equities globally have marked the week . The SP500 retreated 5% , taking other indices such as Eurostoxx (-5.6%), DAX (5.3%), IBEX 35 (-5.6%) . Corrections were due to certain doubts sustainability of high stock quotes US and rate hikes by central banks.
Moreover, the price of oil eased and Brent stood at $ 62.8 after reaching 70 at the end of January. This was due to increased oil production for the fourth consecutive week.
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With this ended our weekly report, remember that if you want to continue with the current economic please visit the page CaixaBank Research .