Highlights of the week ended May 16

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Euro zone
The Euro zone's economic output rose 0.4% in the first quarter, faster than both the US and UK for the first time since the first quarter of 2011. That marked an increase from the 0.3% growth recorded in the December quarter of last year, but was slightly weaker outcome than the 0.5% rate estimated by economists. On an annualized basis, the economy grew 1.6%. For the first time since the first half of 2010, all four of the Euro zone's biggest economies recorded growth, while Spain is leading the recovery. The French economy smashed expectations, expanding by 0.6% in the first quarter following zero growth in the previous quarter. Italy also returned to expansion, with GDP growing by 0.3%, and Spain was a star performer, growing by 0.9%. A return to growth in France, Italy, and Spain was enough to overcome a slowdown in Germany. Germany's economy, the Euro area's powerhouse, slowed more steeply than expected, to record growth of 0.3% compared with 0.7% in the previous period. Yet ECB Mario Draghi said the central bank's stimulus measures will remain in place "as long as needed"  until policy makers are confident inflation heads towards the targeted level. Draghi's comments countered some speculation in financial markets that a recent slew of upbeat fundamentals in the Euro zone would prompt the ECB to wind down its monthly 60 billion euro bond buying programme before September 2016.

Japan
Bank of Japan Governor Haruhiko Kuroda said that Japan is still half-way to hit the inflation target, underscoring it is too early to discuss exiting the central bank's QQE programme. Kuroda reiterated that timing of reaching the targeted 2% inflation level depends on further developments in the energy market, particularly on oil prices. Yet, the Governor stressed he has no intention of changing the bank's pledge of achieving 2% inflation at the earliest date possible within a time frame of roughly two years. The BoJ saw no need for further easing now, but the central bank would not hesitate to adjust monetary policy if needed.

UK
The BoE downgraded its growth forecasts for the UK economy, but said it is still on course to hike interest rates in the middle of next year, as gradual rate increases will be sufficient to get inflation back on track. The central bank now predicts the UK economy to grow 2.5% in 2015 and 2.6% in 2016, compared with its February outlook for growth of 2.9% this year and next. The revision came in response to sluggishness in the UK housing market and threat that a strong Sterling will undermine exports. While Mark Carney acknowledged cost of living may slid below zero in the coming months, there will be a rebound at the end of the year, and the next move in borrowing costs is likely to be an increase. Meanwhile, the UK's unemployment rate slid to the lowest level since mid-2008 of 5.5% from 5.6% in the first quarter.

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