Eurozone industrial production increased more than expected in November. Industrial production in the eurozone expanded by 2.5 percent on a monthly basis in November, data published by Eurostat showed. This followed October's increase of 2.3 percent and blew past market expectation of a 0.2 percent increase. On a yearly basis, industrial production contracted by 0.6 percent in November despite the upsurge witnessed toward the end of 2020. The better-than-expected result was mainly due to a seven percent monthly increase in output of capital goods and a 1.5 percent monthly rise in intermediate goods, which helped cancel out falls in the production of energy and durable and non-durable consumer goods.
UK retail sales fall by most since 1995. UK retail sales sustained the biggest decline in at least 25 years last year as the closure of non-essential shops during lockdowns more than offset the online spending boom fuelled by Covid-19, data released by the British Retail Consortium, or BRC, showed on Tuesday. Total retail sales decreased by 0.3 percent - the worst annual change since the data series began in 1995 - reflecting the impact of government lockdowns and shifting consumer spending trends. While online sales were boosted during lockdown, as consumers largely stayed away from the high street, sales of non-food items in physical shops collapsed by 24 percent.
US consumer prices rose in December on higher gasoline prices. US consumer prices were firmly on the increase in December as automobile fuel costs surged, although underlying inflation remained subdued amid the raging COVID-19 pandemic, which put pressure on the labour market and the services industry. The Labour Department said on Wednesday that its consumer price index (CPI) increased by 0.4 percent last month after gaining 0.2 percent in November. An 8.4 percent jump in gasoline prices accounted for more than 60 percent of the rise in the CPI. For the whole of 2020, CPI advanced by 1.4 percent, the smallest yearly gain since 2015 and was a deceleration from 2.3 percent seen in 2019. The CPI increased at a 1.7 percent average annual rate over the last 10 years.
China exports continue to expand strongly in December. China’s export boom continued into December, pushing the trade surplus to a record high in the month and providing a boost what is already the world’s best-performing major economy. Exports grew 18.1 percent on a yearly basis in December, faster than the expected growth of 15.0 percent, data from the General Administration of Customs, showed. Nonetheless, the rate of increase slowed from 21.1 percent posted in November. Fueling the shipments surge is the global appetite for work-from-home technology and health care equipment as Covid-19 continues to surge in many places around the world. .
India’s industrial production contracted in November. India's industrial production pulled back more-than-expected in November, figures from the statistics ministry showed on Tuesday. The industrial production index fell 1.9 percent from the same month in the previous year. Economists had forecast the gauge to fall by 0.4 percent. In November 2019, production grew 2.1 percent. Manufacturing output decreased by 1.7 percent annually in November. Mining output shrunk by 7.3 percent. Electricity output rose by 3.5 percent. In the April to November period, industrial production decreased 15.5 percent from the same period in the previous year.