Recent Updates

  • US: Consumer Sentiment (Jan-prelim), GDP by Industry (Q3)
  • Consumer Sentiment Detail (Jan-prelim)
  • Canada: MSIO, Intl Transactions in Securities (Nov)
  • Ivory Coast: IP (Nov); South Africa: Financial Soundness Indicators (Nov); Turkey: House Sales (Dec), IIP (Nov)
  • Spain: International Trade (Nov)
  • Italy: BOP (Nov)
  • UK: Retail Sales (Dec)
  • Euro area: Balance of Payments (Nov)
  • more updates...

Economy in Brief

Orders Drop In Italy And France Upward Trend Is Mixed
by Robert Brusca March 19, 2010

The year over year charts show that momentum is still in-place for Italy and for France despite a set-back in January. Both Italy and France have seen orders drop in January. For France the January drop was severe but it still did not overwhelm the gain from December. Italy’s order drop is across both domestic and foreign orders; it also comes on the heels of strong gains in those same orders in December but the drop does not exceed the past month’s gains, the same as the case for France.

Despite accelerating sequential growth rates from Both Italy’s and France’s orders, with 3-mo gains far in excess of six month gains, and ahead of Yr/Yr, however, both Italian and French orders are losing momentum.

If short term orders continue to rise, the Yr/Yr momentum drop will fade away, but it’s all a question of strength and consistency issues for orders growth that we cannot yet know with any degree of certainty. For now the drop in orders in France and Italy raise some questions about e-Zone growth. Germany has a contrary trend with orders rising strongly by 4.7% in January after a smaller drop in December. The e-zone remains a zone of intrigue when it comes to growth and momentum.

Italy Orders
Saar exept m/m Jan-10 Dec-09 Nov-09 3-mo 6-mo 12-mo
Total -2.8% 4.7% 2.8% 20.0% 3.7% 4.0%
 Foreign -2.3% 8.4% 3.1% 42.4% 3.6% 10.8%
 Domestic -3.1% 2.8% 2.6% 8.9% 3.6% 0.4%
Sales 2.7% 2.2% 1.8% 30.4% 14.9% 4.8%
French Orders
Saar exept m/m Jan-10 Dec-09 Nov-09 3-mo 6-mo 12-mo
Total -10.8% 15.7% 0.5% 15.8% 5.1% 2.6%
Foreign -11.2% 19.9% 0.7% 32.2% 13.9% 11.3%
IP xConstruct 0.8% -0.9% 1.0% 3.7% 3.7% 4.4%
large image