Switzerland's KOF Leading Indicator hit a record low in May
KOF Economic Research Agency said, in May, the KOF Economic Barometer reaches the lowest value in its history. After the exceptionally strong decline in April, the Barometer falls again, but at 6.5 points, the minus is much smaller than in the previous month. The rapid decrease of the last three months is more pronounced than, for example, during the financial crisis in 2008/2009. The KOF Economic Barometer falls by 6.5 points in May, from 59.7 in April (revised from 63.5) to 53.2 points.
Asian session review: the dollar declined against most major currencies
TimeCountryEventPeriodPrevious valueForecastActual01:30AustraliaPrivate Sector Credit, y/yApril3.6% 3.6%01:30AustraliaPrivate Sector Credit, m/mApril1.1% 0.0%05:00JapanHousing Starts, y/yApril-7.6%-12.1%-12.9%05:00JapanConsumer ConfidenceMay21.6 24.006:00GermanyRetail sales, real adjusted April-5.6%-12%-5.3%06:00GermanyRetail sales, real unadjusted, y/yApril-2.8%-14.3%-6.5%06:45FranceConsumer spending April-16.9%-15%-20.2%06:45FranceCPI, m/mMay0%0.1%0%06:45FranceCPI, y/yMay0.3%0.3
French GDP fell less than forecast in Q1
According to the report from INSEE, in Q1 2020, real gross domestic product (GDP) fell sharply: -5.3% after -0.1% in Q4 2019, thus a revision of +0.5% compared with the first estimate published in April. Economists had expected a 5.8% decrease.Household consumption expenditure recorded an unprecedented drop (-5.6% after +0.3%). Total gross fixed capital formation (GFCF) fell even more sharply (-10.5% after +0.1%). All in all, total domestic demand (excluding changes in inventories) contracted: