March retail sales are expected to be strong, and some economists say stimulus checks may have quickly made their way into the economy, contributing to an even bigger gain of 10% or more.
The March sales data, released at 8:30 a.m. ET Thursday, could be the first in a series of powerful reports on consumer spending, as vaccinations increase and the economic reopening continues. The $1,400 fiscal stimulus checks sent to individuals, starting in mid-March, appear to have spurred spending in an environment of pent-up demand.
“We expect the March retail sales report to be outstanding with headline and core retail sales both surging more than 11%” month over month, wrote Bank of America economists. “Stimulus, reopening, and better weather served as a potent cocktail for consumer spending.”
· More than 100 companies sign letter opposing U.S. state voting restrictions
· India breaches 200,000 daily COVID-19 cases as hospital beds, oxygen fall short
· Thailand reports fourth record daily rise in coronavirus cases this week
Thailand reported 1,543 new coronavirus cases on Thursday, the sharpest increase since the start of the pandemic and the fourth record rise this week, amid a third wave of infections in the Southeast Asian country.
· PNG reports 11 COVID-19 deaths, pressuring a fragile health system
· German COVID-19 cases jump by most since early January
The number of confirmed coronavirus cases in Germany jumped on Thursday by 29,426 to 3.073 million, the biggest increase since Jan. 8 as the government seeks to push through tougher nationwide curbs to try to contain a third wave of the virus.
The reported death toll rose by 293 to 79,381 while the number of new infections per 100,000 residents over seven days rose to 160.1, data from the Robert Koch Institute for infectious diseases showed.
· Top German health official says need to break third COVID-19 wave now
· Germany's Spahn tells states to toughen COVID restrictions quickly
German Health Minister Jens Spahn urged the country’s 16 federal states to impose tougher restrictions quickly to try to slow the spread of the coronavirus and not to wait until a national law on measures is passed.
· German economy shrank 1.8% in first quarter due to COVID lockdown - institutes
The German economy probably shrank by 1.8% on the quarter in the first three months of this year due to COVID-19 restrictions, leading economic institutes said on Thursday as they revised their joint growth forecast for Europe’s largest economy.
The institutes now expect gross domestic product to grow by 3.7% this year, sharply down from their previous forecast of 4.7%. But the institutes revised upwardly their GDP estimate for 2022 to 3.9% from 2.7% as they expect household spending to bounce back once coronavirus restrictions are lifted again.
· Novartis agrees to make ingredients Roche's Actemra for COVID-19 patients
Swiss drugmaker Novartis has signed a deal to make ingredients for Roche’s Actemra treatment that is being repurposed for people with COVID-19, the company said on Thursday.
· BOJ's Kuroda warns of lingering pandemic pain for economy
Japan’s economy is picking up steam but any recovery is likely to be modest due to lingering caution over the coronavirus pandemic, Bank of Japan Governor Haruhiko Kuroda warned on Thursday.
· Japanese official says canceling Tokyo Olympics remains an option if Covid crisis worsens
· China's first quarter GDP growth seen hitting record 19% as domestic, global demand recovers: Reuters poll
China’s economy likely grew at record pace of 19% in the first quarter, rebounding from a pandemic slump early last year as demand recovered at home and abroad and as policy support for ailing smaller firms continued, a Reuters poll showed.
· Australian doctors urge government to rethink mass vaccination hubs
· Australia’s jobs growth tops forecasts in March, unemployment drops to 1-year low
· Beijing's top official in Hong Kong warns foreign powers not to interfere
Beijing’s top representative in Hong Kong warned foreign powers on Thursday that they would be taught a lesson if they tried to use the global financial centre as a “pawn”, as tensions escalated between China and Western governments over the city.
· Biden, Suga to send signal to assertive China at U.S.-Japan summit
· U.S. set to slap new sanctions on Russia as soon as Thursday: sources
· Russia, Ukraine hold military drills, NATO criticizes Russian troop build-up
· India and Pakistan held secret talks to try to break Kashmir impasse
Top intelligence officers from India and Pakistan held secret talks in Dubai in January in a new effort to calm military tension over the disputed Himalayan region of Kashmir, people with close knowledge of the matter told Reuters in Delhi.
Reference: CNBC, Reuters
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