Canadian building permits rose surprisingly by 13.5% in June to second highest level on record, amid higher construction intentions in the province of Quebec.
Just like their European colleagues, the BoE policymakers decided to leave the benchmark interest rate untouched. However, unlike the ECB, debate over interest rate hike is heating up among the Monetary Policy Committee members.
The number of new applications for unemployment aid declined last week to the second lowest level this year, adding to signs of a strengthening labour market.
Germany, which is still considered to be the engine of economic growth in Europe, continues to disappoint markets and fuelling slowdown fears.
Swiss annual inflation remained unchanged, whereas on a monthly basis cost of living declined, being a protracted headache for the Swiss National Bank, which has limited tools left at its disposal.
Just like its neighbour, Canada also surprised markets with substantially better than initially expected trade data, as the country saw its trade surplus jumping to the highest level in more than two years, supported by exports, which hit the record high.
While the neighbouring Eurozone countries show uneven economic performance, casting further doubts over its economic outlook in the long run and making policy makers nervous, the U.K. also slightly disappointed economists on Wednesday as industrial production rose less than projected.
Previously it was expected that the U.S. trade balance would increase marginally from –$44.66 billion recorded in May to -$44.7 billion.
Wednesday's data from Europe painted a cloudy economic outlook for the region, which shares the single currency.
While the RBA keeps its cash rate at record low and expects a period of steady borrowing costs amid flagging economy, with the central bank trying to rebalance the economy as Australia's mining investment boom fades, the Australian economy is capable of weathering difficult economic conditions, but relying on interest rates alone will not help the country's financial woes.
Although, employment change in New Zealand surprised to the downside, with the corresponding gauge coming in at 3.7% in the June quarter against expectations of 4%, the unemployment rate fell to the lowest level in five years in the second quarter.
Activity in services industry, the U.K. largest sector, rose at the fastest pace since November last month, adding to signs that the economic recovery will gather steam for the rest of the year and bringing interest rate hike to the forefront.
U.S. non-manufacturing sector, which includes such industries as builders and retailers, saw its activity increasing in July at the fastest pace since December 2005, fuelling more optimism over the economic prospects of the world number one economy.
Retail sales in the Euro zone rose at the fastest annual pace since early 2007, adding to evidence that consumer spending may start bolstering economic recovery in the region, as unemployment declines somewhat.
No surprises provided by Australia's central bank this morning, as the Reserve Bank of Australia decided to stay pat on interest rates, keeping its benchmark cash rate at record low, and reiterated it expects a period of steady borrowing costs amid underperforming economy, as the central bank tries to rebalance the economy as Australia's mining investment boom fades.
China's service sector activity fell to the lowest level ever in July, underscoring threats of a slowdown in the property sector if policymakers fail to take steps.
"Overall the survey adds to the view that construction companies have performed impressively so far this summer, which raises the likelihood that the sands of time could wash away the construction weakness seen in the preliminary second quarter GDP release" - Tim Moore, senior economist at Markit Britain construction sector activity remained firmly in the expansion territory, coming in at
Jeffrey Lacker, President of the Federal Reserve Bank of Richmond, is concerned over the gulf of expectations between financial markets and the U.S. central bank over when interest rates might be raised and the pace of rate hikes over the next two years.
European producer prices, considered to be a proxy for the closely followed consumer price inflation, declined once again on a yearly basis in June, recording the 12th consecutive month without growth, according to Eurostat data.
Retail sales in the South Pacific country jumped more than initially expected in June following a sharp fall un sales in the previous month, in a sign that consumers have recovered somewhat from a budget-related slump in confidence and stimulus efforts, designed to offset a sharp decline in the mining sector, are encouraging consumers to start spending.
The Bank of Japan Governor Haruhiko Kuroda still remains optimistic about the country's economic prospects and inflation, highlighting a divergence in the BoJ policymakers' views, as his colleagues expressed concerns about consumption and exports earlier the previous week.
"It remains too early to gauge the impact of the Ukraine crisis, but the worry is that the combined effects of expected policy tightening, heightened economic uncertainty and sluggish trade could mean manufacturing growth could suddenly weaken more than expected" - Rob Dobson, senior economist at Markit Britain's manufacturing sector expanded at the slowest pace in a year in July
While American employers added more than 200,000 new jobs for a sixth consecutive month in July, the longest period since 1997, the unemployment rate rose to 6.2% as more people joined the labour force.
ctivity in the Spanish manufacturing sector rose at a slower pace in July, even despite the fact that companies continued to take on new employees in a sign that the economic recovery is set to gain steam.