Key Takeaways
- The Eurozone reported a significant trade surplus of €16.2 billion in May, surpassing expectations.
- Italy's total trade balance for May saw a substantial increase to €6.163 billion, up from €2.482 billion previously.
- UBS Global Research has raised its 2025 GDP growth forecast for China to 4.7% from an earlier 4%.
- The UK House Price Index showed a year-on-year increase of 3.9% in May, an acceleration from the prior month.
- Russia's oil production for the first five months of 2025 decreased by 3.5% year-on-year, totaling 211 million tons.
The Eurozone's trade performance showed robust improvement in May, with the trade balance reaching a surplus of €16.2 billion. This figure significantly exceeded the estimated €14.0 billion and marked an increase from the revised previous month's surplus of €15.1 billion. This positive development suggests strengthening economic activity within the bloc.
Similarly, Italy's trade balance demonstrated strong growth, recording a total surplus of €6.163 billion in May. This is a notable rise from the previous month's €2.482 billion. The trade balance with EU countries alone registered a surplus of €0.776 billion, up from €0.162 billion. These figures indicate a healthy export performance for both the Eurozone and Italy.
In a positive outlook for the Asian giant, UBS Global Research has revised its China GDP growth forecast for 2025 upwards to 4.7%, an increase from its previous projection of 4%. This adjustment signals increased optimism regarding China's economic trajectory.
Meanwhile, the UK housing market continues to show resilience. The UK House Price Index for May registered a 3.9% year-on-year increase, up from 3.5% in the preceding period. This indicates continued, albeit modest, growth in property values across the United Kingdom.
On the energy front, Russia's oil production saw a decline in the first five months of 2025. The country pumped 211 million tons of oil, representing a 3.5% year-on-year decrease. This reduction in output comes amidst ongoing global energy market dynamics.
In corporate news, UBS has adjusted its price targets for two major companies. The firm cut its target price for Danish pharmaceutical giant Novo Nordisk (NVO) to DKK 600 from DKK 700. Conversely, UBS raised its target price for entertainment conglomerate Walt Disney (DIS) to $120 from $105.
Finally, Qatar Airways announced plans to resume flights to Aleppo, Syria, beginning August 10. This move marks a significant step in restoring air connectivity to the Syrian city.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.