Canadian Exports & Eurozone Output
Canada's merchandise exports declined 3.9% and imports edged up 0.2%. As a result, Canada's trade surplus decreased from $1.9 billion in January to $292 million in February.
Exports declined to $39.6 billion, as volumes fell 3.5% in February. After posting several monthly increases, exports of energy products and automotive products were the main contributors to the overall decline.
Exports to the United States decreased 3.8% to $29.3 billion. Lower exports of crude petroleum were the largest contributor to the decline. Imports from the United States edged up 0.4% to $24.5 billion. Consequently, Canada's trade surplus with the United States decreased from $6.1 billion in January to $4.8 billion in February.
Exports to countries other than the United States fell 4.0% to $10.3 billion. Imports from countries other than the United States declined 0.2% to $14.9 billion. As a result, Canada's trade deficit with countries other than the United States increased from $4.1 billion in January to $4.5 billion in February.
Source: Stats Can via tradingeconomics.com
Eurozone's PMI Composite Output Index fell to a five-month low in April, according to the preliminary ‘flash’ reading which is based on around 85% of usual monthly replies. The index fell for the third month in a row to 47.4, down from 49.1 in March, to signal a faster rate of decline of private sector economic activity. Output has fallen seven times in the past eight months.
Output fell at the fastest rates for five months in both manufacturing and services, with the former seeing the steeper rate of decline.
By country, growth slowed to only a very modest pace in Germany, showing the weakest expansion in the current five-month sequence as weak service sector growth was offset by a sharp decline in manufacturing output. France meanwhile saw output fall for the second month in a row, with the rate of decline accelerating to the fastest since October. Falling manufacturing output was
accompanied by a steep deterioration in service sector activity.
The big-two euro countries nevertheless continued to outperform the rest of the region where output fell sharply, down for the eleventh successive month and at the fastest pace for four months. Steep declines in both manufacturing output and services activity were seen in the periphery.
Source: The Markit www.markiteconomics.com via pragcap.com
History, Charts & Curated Readings
"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense