Global Monthly March 2019

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Transcription:

Global Monthly March 19 Percent of world bonds outstanding 3 5 15 5 Jan-1 Jun-1 Nov-1 Apr-15 Sep-15 Feb-1 Jul-1 Dec-1 May-17 Oct-17 Mar-1 Aug-1 Dec-1 Mar-19

March 19 Percent, year-on-year 7 5 3 1 1Q1 1Q 1Q3 1Q GDP Industrial production 1Q1 1Q 1Q3 1Q 1Q1 1Q 1Q3 1Q World Advanced economies EMDEs Percent, year-on-year Percent, year-on-year 3. Oil price change (RHS) Inflation.. 1. 1. 1. 1 15 1 17 1 19 - - - Percent, year-on-year Index, 5+=expansion Goods trade Container shipping New export orders (RHS) 55 5 - Jan-1 Jun-1 Nov-1 Apr-17 Sep-17 Feb-1 Jul-1 Nov-1 Feb-19 53 5 51 5 9

March 19 Percent 3.5.5 Spread (RHS) United States Germany Basis points 3.5.5 1.5 1.5.5.5 -.5 -.5 1 13 1 15 1 17 1 19 Index, =January 3, 17 Basis points Stock index Bond spreads (RHS) 15 1 13 1 1 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-1 Mar-1 May-1 Jul-1 Sep-1 Nov-1 Mar-19 3 3 US$, billions 5 15 1 17 1 19 3 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 3

March 19 US$/bbl, nominal Index, =January 1, 19 Crude oil average 7 Base metals index (RHS) 1 Agriculture index (RHS) 5 5 55 5 5 95 Feb-19 Mar-19 Percent, year-on-year Percent, year-on-year 3 Real wages 3.5 Nominal wages (RHS) 3. 1-1 Jan-1 Apr-1 Jul-1 Oct-1 Jan-17 Apr-17 Jul-17 Oct-17 Jan-1 Apr-1 Jul-1 Oct-1 Feb-19.5. 1.5 Percent, year-on-year Index, 5+=expansion 5 55 5 - - Industrial production Manufacturing PMI (RHS) 5 Jan-15 Jun-15 Nov-15 Apr-1 Sep-1 Feb-17 Jul-17 Dec-17 May-1 Oct-1 Mar-19

March 19 Percent, year-on-year Percent, year-on-year 1 Lending 1 Investment (RHS) 1 11 1 9 7 5 Jan-1 Apr-1 Jul-1 Oct-1 Jan-17 Apr-17 Jul-17 Oct-17 Jan-1 Apr-1 Jul-1 Oct-1 Feb-19 Index, 5+=expansion, 3-month moving average 5 53 5 51 5 9 7 Jan-15 May-15 Sep-15 Jan-1 May-1 Sep-1 Jan-17 Commodity exporters Commodity importers May-17 Sep-17 Jan-1 May-1 Sep-1 Feb-19 Percent, year-on-year Percent, year-on-year GDP Industrial production (RHS) 5 - - 1Q1 1Q 1Q3 1Q 1Q1 1Q 1Q3 1Q -5 - Turkey Excluding Turkey and China 5

March 19 U.S. dollars per worker, thousands 1 Formal firms Informal firms Percent 5 3 Manager with higher education Single-employee firm Log productivity differential. 1.5 1..5. 1 year 1 years empl. empl. Cap. city Firm age Firm size Firm location Other 1 year years Manager experience

March 19 Log productivity differential.5..3..1. Maximum informal competition Average informal competition Log productivity differential.5..3..1. Highest GDP per capita Lowest GDP per capita Log productivity differential 1.. Highest quartile Lowest quartile.... Control of corruption Ease of Doing Business Business Freedom 7

March 19 (Percent change, y/y) (Percent change y/y) Recent releases: February, 1 - March 7, 19 Upcoming releases: March, 19 - April 7, 19 Country Date Indicator Period Actual Forecast Previous Country Date Indicator Period Previous Brazil //19 GDP Q 1.1 % 1.3 % Japan 3//19 IP FEB.3 % France //19 GDP Q.9% 1.3% South Korea 3//19 IP FEB.1 % India //19 GDP Q. % 7.% Italy 3/9/19 CPI MAR 1. % Indonesia //19 CPI FEB. %. % Indonesia /1/19 CPI MAR. % United States //19 GDP Q 3.1 % 3. % Brazil //19 IP FEB -. % Turkey 3//19 CPI FEB 19.7%.% Turkey /3/19 CPI MAR 19.7% South Korea 3//19 GDP Q1 3.1%.% Germany /5/19 IP FEB -3.3 % Australia 3/5/19 GDP Q.3 %. % Mexico /9/19 CPI MAR 3.9% Italy 3/5/19 GDP Q. %.% France //19 IP FEB 1.7 % South Africa 3/5/19 GDP Q 1.1% 1.3% Italy //19 IP MAR -. % Euro Area 3/7/19 GDP Q 1.1 % 1.% United Kingdom //19 IP FEB -.9 % Japan 3/7/19 GDP Q.3%.% United States //19 CPI MAR 1.5 % Turkey 3/11/19 GDP Q -3.% 1.% France /11/19 CPI MAR 1.3 % China 3/13/19 IP JAN 5.3 % 5.% Germany /11/19 CPI MAR 1.% Mexico 3/13/19 IP JAN -.9 % -.5 % India /1/19 IP FEB 1.7 % United States 3/15/19 CPI FEB 1.5% 1.5% China /15/19 GDP Q1. % South Africa 3//19 CPI FEB.1 % 3.9% Canada /17/19 CPI MAR 1.5 % United Kingdom 3//19 CPI FEB 1.9 % 1. % Euro Area /17/19 CPI MAR 1.% Japan 3/1/19 CPI FEB. %. % South Africa /17/19 CPI MAR.1 % Canada 3//19 CPI FEB 1.5 % 1. % United Kingdom /17/19 CPI MAR 1.9 % France 3//19 GDP Q 1.% 1.% Australia /3/19 CPI Q1 1. %

March 19 (Percent change y/y, except quarterly data on industrial production, which are percent change q/q, annualized) 3.9 3. 3.3.9. 1.... 3.9 3. 3. 3.5 3. 3..3 1..1.. -.1.9 1.1..9 3.3.5.5.5..5.3.5.. 1. 5.3 5.. 3. 3.5..3 5.. 5.. 5.5.5.5 5. 3.7 3.3 3..5. 5.7-1.3.1 1. 3.3 3. 5. 1.. 3..3 1. 3.. 1.5.9. 5.7 7.. 3. 3.3 7. 5...3 5.. 5.1 5. 5.. 3. 3..3..9. 3.5 5.5 7.1 5. 7.. 5. 5.9 5.7 5.3.1 5. 5. 5..9.5 9. -1.9.7.7.1 3. 7.1 5.5-1. 5..9. 7..9 3.1 3...5...3-3.5 7.1 5.7 5.9 5..7 5. 3. 3. 3. 1. -.1.. 1..3 -. 1. -..1..5-1.. 1. 1.3.3.5 -.7 -. -.1 - - - - - - - - - - - - - - - - - -. 5.7 5. -1. 9.1 5.7 7. 5.5 5..5. 7..7 7.. 1.7 3...1 1.3 -.3.7 9.1..7. -1. 1.3 1.. 1.5.1 3. 1..7.9.3.3..3...3..3....5..5.. 1.9 1. 1.7 1.3 1..1. 1. 1.3 1.5 1..1.1.1.1.. 1. 1.5 3.1.9.9.9 3..7.9.7.. 3. 3. 3.1.9 3.... 3.3..9.9.9..9.7.5....9.9.7....9 3..9.9 3.1 3. 3.1... 3.1 3.3 3. 3. 3.7 3.1..1.3 3..5 3.5 3. 3..7.. 3. 3.1 3. 3. 3. 3.1. 1. 1.7...7......3.1.3. 3... 1.9 1..1..3..3...5.7.....5. 3...3. 1..5..7. 1..9...7..7.3.1..1.1.9 3. 3.9 3.5..1.1 3. 3.7.1.1.5.. 3.9.7 3. 5. 5. 5. 3. 3.5 3. 3.3. 3. 3.5 3.5 3. 3.9 3.1 3.3 3.. 3.9 3.5 3. (Percent change y/y, except quarterly trade data, which are percent change q/q, annualized, and international reserves data, which are percent change over the previous period). 9. 5. -.1-1. -. 17.5 9.9 1.7..1 11.9..5.. -. -.5 9.7. 1. -3. -.9 -. 13. 11.9 17. 9.5 9.3.1.9 1.3 9..9-3. -3.1 11. 11.7 3.7 -..1-3. 5.9. 1. 13. 11.5 15.1.3.5 1. 5.3 -..1 17.5 15. 31.1 -.9..1 15. 1.9 3.7 15. 1.3 3. 13.7 9. 1. 9.3.1 -. 9.. 33. -. 1. -. 3.3 3. 1.9 1. 9.5 1..9. 1. 3.7 -....3 3. -.. -9. 33. 1. 1.1 11.7.5 1..9 11. 13. 3. -3.7. 1. 1. 3.7 -.3.9 5..9 1.9 7. 19. 13.9 3. 13. 11.1 1. 11.1 3. -3. 11.9 9.3 1.3 -.1 9.5. 1..7 13. 7.. 1.3 9..3. 7.9 3.5 3. - - - - - - - - - - - - - - - - - - 5.. 5.9 5. 1. 13.7. 5. 9... 1. 3.3.7 1..5 9. 11.9 1.5 -. -.9 1. - 15.7. 1.1 1.1 1. 1. 1.7 9.9 - - - - 1.5 11..3 3.....3 5..1.3 1..3.7 1.5 3.1 1.5 -. 9.7 9.7 19.3 -. -.9 3.7 1.3.1 17. 9. 9. 13.3 7.7.7 1. 3.1 -.1-1. 13. 1.7.. 3.9-1. 5.7 7.5. 1.9. 1.. 37.7 15. 3.1. -. 13. 1.7 1.. 3.7 3. 3.. 3. -1..5 11.1-3.. 15.7 3.1.3-1.5 1.5 3. -..5-15. 11. 1. 1. 17. 11.9 1.3 1. 9.1 1.5 3. -5. -1. 17.5 1.7 57. -11. 11. -1.9.9 1. 1.9.9 11.7 1.3 1.7 11.9 19.3.7-5.5 -. 1. 7.9. -15.1-17. -1.3.1 17. 19. 9.9 7.9. -.7-1. 1.9 -. -. -.. 1.3 3. 7..5. 1.. 1.7 1.7 9. 3.3 13.7.3 1.3 11. 1..9 - - - - - - - - - - - - - - - - - -.7 13.3. 11.1. -1. 1. 7.9 5. 15.9.7..9 1.5 1.7 3. -. -..5 - - - - - - - - - - - - - - - - - 7. -.5 1. -1. -..1 -.5.5 -.5 -.5 -.. -.1 -.5 -....7..5 1.3 -... -.5.5-1. -.. -.1.1. -.7..3.9 5.3-1.1 1. -1.5-1.1. -.5.5 -. -.7 -.. -.3 -.9 -.9.5..5 3. -. -.5-1. - -.3 1.1. -. -. -.. -1. -.3.5 - -.1 -.1 1.1 -. -1.1. -..3 -. -. -.. -.5 -. -1.1..7. 5. -.1. -1. -1. -.1 -.. -.5 -.5 -.3.1 -. -. -1.....3 3.9.3-3.3 -.9... -.5-1. -1..9-1.1 -. -. 1...7. -1. 1. -1.9-1.1...3 -.1 -.3-1..3 -. -1. -.1.5 -..9 - - - - - - - - - - - - - - - - - - 11. -..5-3. -.1-1.3 -..3 -. -. -1. -.7 -.7 -. -1.9 -.1..9. -. 1. -.3 -.9 5.7 1..1-1.9 -. -3.3-3. -3..3 - - 9

March 19 (Percent change y/y, except quarterly trade data, which are percent change q/q, annualized, and international reserves data, which are percent change over the previous period) Interest rates and LIBOR (percent) U.S. Fed Funds Effective.97 1.7 1. 1.7 1..1 1.5 1.3 1.3 1.77 1. 1. 1.9.13.13..3.3.3 ECB repo................... US$ LIBOR 3-months 1..31 1.93.3.3.3.1.35.3.33.3.3.35..5.79.7.. EURIBOR 3-months -.33 -.3 -.33 -.33 -.3 -.3 -.33 -.33 -.33 -.3 -.3 -.3 -.3 -.3 -.3 -.31 -.31 -.31 -.31 US -yr Treasury yield.33.91.7.9.9 3.3..7.97.91.9.9 3. 3.1 3.1.3.71..1 German Bund, yr.37.39.57...9.5...33.5..35.37.3.19.1. -.1 Spreads (basis points) JP Morgan Emerging Markets 35 3 39 351 37 319 3 353 377 3 33 3 377 5 3 373 37 Asia 1 13 157 15 19 1 171 1 197 193 15 19 19 11 199 15 13 Europe 3 1 1 75 313 31 3 77 31 91 39 31 99 31 33 319 33 33 Latin America & Caribbean 9 71 1 55 7 53 3 59 71 93 9 9 5 59 519 93 9 Middle East 35 39 37 9 97 37 35 3 7 51 7 53 97 51 5 3 Africa 37 7 3 35 1 337 3 379 3 5 55 5 5 515 9 5 Stock Indices (end of period) Global (MSCI) 5 5 5 55 5 5 5 5 59 55 5 5 5 91 5 91 53 5 Advanced Economies ($ Index) 1 9 1 1 7 93 9 153 179 1 19 1 1 7 United States (S&P 5) 57 59 71 93 57 59 79 71 1 9 93 71 7 57 7 79 7 Europe (S&P Euro 35) 155 13 193 1533 15 13 193 155 155 1533 151 157 15 15 15 13 15 157 151 Japan (Nikkei 5) 53 19 13 35 1 19 13 95 35 55 7 1 19 351 19 773 15 1 Emerging Market and Developing Economies (MSCI) 1139 9 117 7 9 117 11 111 7 7 55 95 995 9 5 51 EM Asia 577 5 59 55 537 5 59 57 5 55 553 5 537 7 53 5 51 59 531 EM Europe 31 9 35 31 313 9 35 335 31 31 319 9 313 93 31 9 35 31 3 EM Europe & Middle East 75 53 59 71 57 53 3 59 7 5 7 3 5 EM Latin America & Caribbean 11 5 3 77 577 5 3 9 51 77 7 577 5 9 1 73 Exchange Rates (LCU / USD) Advanced Economies Euro Area.9.5.1....1.1.5...7..7..... Japan 11.11 1.3 7.9 9.1 111.5 11.7. 7. 9.7 1.13 111.5 111.3 11.9 11.7 113. 11..9 1.3 1.5 Emerging and Developing Economies Brazil 3.19 3.5 3. 3.1 3.95 3.1 3. 3.1 3. 3.79 3. 3.93. 3.7 3. 3.9 3.7 3.7 3.7 China.7.1.35.3.1.9.3.3.37.7.7.5..93.9..79.7.71 Egypt 17.5 17. 17. 17. 17.9 17.9 17.3 17. 17.3 17. 17.9 17. 17.9 17.9 17.93 17.93 17. 17.5 17.3 India 5.11.1..99 7.19 7. 5. 5.9 7.9 7.79.7 9. 7. 73.59 71.3 7.71 7.7 71..9 Russia 5.31. 5.9.3 5..7 57.15 1.1..1.3. 7. 5..9 7..79 5..7 South Africa 13.31 13.5 11.93 1.5 1.9 1.31 11. 1. 1.5 13.33 13.39 1.13 1.75 1.5 1. 1.31 13.5 13.3 1.9 Memo: U.S. nominal effective rate (index) 119. 11. 11.1 11. 1. 1.5 113.9 113.9 117. 11.9 119. 1. 1.9 11.7 13. 1. 1.9 1. 1. 7 9 93 1 9 91 9 9 9 97 73 7 77 77 5 9 3 1 9 9 3 1 1 1 1 3 3 7 7 9 91 5 3 9 9 9 9 5 3 3 3 79 79 5 7 1 79 79 1 79 77 77 79 53 71 73 9 73 7 73 71 75 77 5 5 1 15 19 139 137 113 19 135 1335 133 1 13 1 119 115 11 15 19 13 13 115 13 1171 15 1 135 119 11 19 135 19 17 17 155 11 13 3 9