| Today's Economy
Economic Roundup: Imports Surged in December December imports of both goods and services were also the highest on record. LatAm Daily Briefing: Uncertainty Is the New Normal The Trump administration’s unpredictability may take a toll on economic growth. Europe Daily Briefing: PMIs Indicate Euro Zone and U.K. Expansion The details continued to reflect the divide between services and manufacturing. Asia-Pacific Daily Briefing: Indonesia's Economy Grows 5% y/y in Q4 and Across 2024 Growth is set to slow to about 4.7% in 2025. » VIEW MORE TODAY'S ECONOMY
Commentary
Building Dreams or Barriers? The Effect of Tariffs on Housing Tariffs on imports from Canada, Mexico and China could significantly impact the U.S. housing market. Gaming Gas in 2025 Europe's natural gas reserves are likely sufficient for the year, but the market remains tight. Not All Oil Shocks Are Equal: A Case Down Under Kiwis feel a sharper inflationary sting than Aussies, especially from oil supply shocks. The Trade War Commences The nascent trade war will fuel higher inflation, raise interest rates, and curtail economic growth—but to what end? » VIEW MORE COMMENTARY
Today's Economic Indicators
France
Industrial Production
Dec. 2024: -0.4% m/m
France's industrial production fell 0.4% month on month in December, following a downwardly revised 0.1% increase in November. Italy
Retail Sales
Dec. 2024: 0.6% m/m
Italy’s retail sales surprised to the upside in December, increasing by 0.6% month over month versus the forecast of a 0.2% gain, thanks to strong growth in both food and nonfood spending. Brazil
Industrial Production
Dec. 2024: 0.5% y/y
Brazil’s industrial production moderated at the end of the year as manufacturing lost steam. United States
MBA Mortgage Applications Survey
January 31: 2.2%
Mortgage activity rose in the final week of January, driven by a pickup in refinancing, with the composite index of mortgage applications from the Mortgage Bankers Association rising 2.2% in the week ended January 31. United States
International Trade (FT900)
Dec. 2024: -$98.4 bil
The U.S. trade deficit in goods and services widened to $98.4 billion in December, a $19.5 billion increase from November's revised value of $78.9 billion. Canada
International Merchandise Trade
Dec. 2024: C$ 0.71 bil
Canada's merchandise trade exports in December increased 4.9%, while imports increased 2.3%. United States
ISM Nonmanufacturing Index
Jan. 2025: 52.8
In January, the U.S. service sector continued to expand. United States
Housing Vacancies & Homeownership
2024Q4: 65.7%
The U.S. homeownership rate inched up from 65.6% to 65.7% in the fourth quarter of 2024. United States
Oil Inventories
January 31: 423.8 mil barrels
Commercial crude oil inventories increased by 8.7 million barrels in the week ended January 31, a much larger build than the 1.3 million barrels the consensus forecast. Uruguay
Consumer Price Index
Jan. 2025: 5.05% y/y
Uruguay’s inflation rose, but it was lower than expected. Australia
Foreign Trade
Dec. 2024:
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