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Bitcoin Scales New Record High in Rally Towards $20, 000





The digital currency Bitcoin reached another record peak on Tuesday, two days after the debut of the bitcoin futures on a U.S. exchange and before the launch of another futures contract next week, raising investors' hope that the Bitcoin is nearing the $20, 000 mark.


On Sunday, Cboe Global Markets introduced bitcoin futures, allowing investors to experience trading with the cryptocurrency through a large, regulated exchange. On December 17, CME Group is expected to launch its own futures contract.


The biggest cryptocurrency in the world was priced at $17, 310 on Bitstamp exchange, up 5.1 percent on the day. Early on Tuesday, bitcoin rose to a record high of $17, 428.42, recording an almost 20-fold rise in its value for the year as it attracted millions of new investors.


However, as bitcoin hit a new record, digital currency exchange operators Coinbase and Bitfinex reported issues with service via their website, causing problems for traders looking to lock in their profits on the latest gains in the value of bitcoin and other cryptocurrencies.


Meanwhile, the one-month bitcoin futures on Cboe Futures Exchange traded slightly tepid, with prices generally stead and volumes around a third of those seen on Monday. Bitcoin futures due on January traded at $18, 450 with around 1,416 contracts traded.


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South Korea Money Supply Growth Accelerates Slightly





South Korea's money supply growth accelerated marginally in October after remaining stable in the previous month, preliminary figures from Bank of Korea showed Wednesday.


M2, a broad measure of money supply climbed 4.7 percent year-over-year in October, just above the 4.6 percent rise in the prior month.


On a monthly basis, M2 money supply rose 0.8 percent in October, following a 0.2 percent increase in September.


The annual growth in liquidity moderated to 6.0 percent in October from 6.7 percent a month ago.


Liquidity of financial institutions grew at a stable rate of 5.9 percent yearly in October.


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China Retail Sales Rise 10.2% In November





Retail sales in China were up 10.2 percent on year in November, the National Bureau of Statistics said on Thursday.


That missed forecasts for 10.3 percent but was still up from 10.0 percent in October.


The bureau also noted that industrial production advanced an annual 6.1 percent - matching forecasts and down from 6.2 percent in the previous month.


Fixed asset investment was up 7.2 percent, again in line with expectations and slowing from 7.3 percent a month earlier.


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Australian Dollar at 1-Month Peak as Jobless Rate Near 5-Year Lows





The Australian dollar rose to a one-month peak on Thursday after the jobless rate remained steady for the third straight month in November while number of full time roles increased.


According to the Australian Bureau of Statistics, the jobless rate stood at 5.4 percent for the third month in a row and is also at its lowest level since 2013. The participation rate jumped to 65.5 percent, highs not seen since early 2011.


Australian employment grew the most in over two years and is extending a run of 14 consecutive month of gains.


According to figures from the ABS, 61,600 net new jobs were added in November, compared with forecasts for an 18,000 rise and above an upwardly revised 7,800 gain in October. The number of full-time jobs rose in November with 41,000 jobs added. October's figures were revised upwards to 31,000 full-time roles from 24,300.


Following the publication of the data, the aussie increased by 0.4 percent against the greenback to $0.7668, a one-month peak. The data will be welcomed by the Reserve Bank of Australia which is hoping the strong run in employment would ultimately lead to higher wages growth and inflation.


However, it appears that companies are not so keen on paying workers more, which left wage growth near record lows. Wage growth is moving at 2.0 percent, only slightly above inflation of 1.8 percent. This weighs on the spending power of Australian consumers who are already facing a mountain of debt.


Latest figures showed that Australia's economy picked up at an annual 2.8 percent pace in the third quarter.


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U.S. Yield Curve Further Flattens on Rising Fed Hike Expectations





Yields on long-dated bonds declined, while short-dated yields rallied after the publication of strong economic data, however, weak expectations for future inflation increased the possibility that the Federal Reserve would tighten monetary policy at a more aggressive rate in 2018.


The 10-year Treasury yield edged up 0.7 basis point to 2.346 percent. Meanwhile, the two-year note yield advanced 2.4 basis points to 1.811 percent. The yield on the long bond or the 30-year note rose 2.8 basis points to 2.710 percent.


The yield curve flattened after the U.S. central bank's estimates and economic projections on Wednesday underlined the Fed's willingness to normalize monetary policy despite the weakness in inflation. Investors said expectations of more hikes have accelerated the curve's flattening as it showed that the Fed would not wait for inflation to pick up before making a move.


Long-dated yields were also limited after ECB President Mario Draghi echoed his traditional dovish comments, stating that an “ample” level of stimulus was required to bolster inflation. This dashed expectations that the central bank would make changes to its language from easing to tightening in anticipation of a sure exit to its bond purchasing program in September 2018.


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Indonesia Exports Rise More Than Expected In November





Indonesia's exports and imports grew more than expected in November, data from statistics bureau revealed Friday.


Exports rose 13.18 percent year-over-year in November, faster than the 12.63 percent growth economists had forecast.


Imports surged 19.62 percent in November from a year ago, well above the expected spike of 13.0 percent.


As result, the trade surplus shrank notably to around $130 million in November from $833 million in the corresponding month of 2016.


The expected surplus was $844 million. In October, the surplus totaled $1.0 billion.


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CHILE: Guillier And Pi?era Face Second Round For Presidency On Sunday





The ruling candidate Alejandro Guillier and the conservative former President Sebasti?n Pi?era will face each other on Sunday for the presidency of Chile in a hard-fought ballot, in which the continuity of the center-left reforms are challenged by Pi?era's promises for greater economic growth.


Pi?era achieved 36.6% of the votes in the first round, while the Senator Guillier won 22.7% of the vote. Although both candidates would maintain the free market model, Pi?era intends to reverse the tax and social reforms promoted by the current president Michelle Bachelet. If elected, Pi?era promises to double the growth of the economy.


Meanwhile, Guillier seeks to shield Bachelet's economic and social reforms and has promised to focus on deepening free education access, ending the monopoly of the Pension Fund Administrators (AFP) and promote a new Constitution for the South American country.


The main pollers in the country indicate a too close to call scenario. Cadem's survey shows Pi?era with 40% and Guillier with 38.6%, while Criteria gives 47% for Pi?era and 45% for Guillier.




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Japan Export Growth Picks Up in November





Japan's export growth picked up in November to mark a full year of annual gains, which highlights the strength of foreign demand.


According to the Ministry of Finance, the value of exports increased 16.2 percent year on year, as it accelerated from a 14.0 percent year-on-year rise in October. The result marked a twelfth consecutive month of growth.


In volume terms, Japan's exports increased 5.5 percent in November from a year ago, the 10th straight month of rises, led by robust shipments to China and Asia, the data showed.


Outbound shipments to Asia, which accounts for over a half of Japan's exports, increased 20.4 percent in the year to November to ¥3.89 trillion, the record amount.


The value of exports to China, Japan's biggest trading partner, was up 25.1 percent year-on-year in November to ¥1.38 trillion, the highest amount on record, led by equipment to manufacture liquid crystal displays (LCD).


Exports to the United States increased 13.0 percent in the year to November, led by cars and excavators, following a 7.1 percent advance in the previous month. Japan's trade surplus with the United States grew an annual 13.7 percent in November to ¥660 billion.


Imports increased 17.2 percent in the year to November, against the median estimate for a 18.0 percent annual rise, led by cell phones from China and crude oil.


These figures resulted in a trade surplus of ¥113.4 billion, which records a sixth consecutive surplus month.


The data supports the Bank of Japan's upbeat outlook for the Japanese economy. The central bank holds a two-day policy setting meeting that ends on Thursday.


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ARGENTINA: China Reduces Tariffs On Food Imports





The Chinese government has cut import tariffs for food products as of December 1, a decision that favors some of Argentina's exports, according to the South American country.


The regulations establish lower temporary tariffs aimed at reducing prices and stimulating spending of the final consumer on 187 products that China has to import.


According to the Argentinean government, there was a tariff reduction on 32 items that favor the country - for example, frozen shrimp (from 5% to 2%). That is one of the main export products of the Argentinean fishing sector to China. In the dairy sector, the tariff has been reduced for all cheeses, except for fresh ones.


In food and beverages, there will be a reduction in the tariffs for uncooked pasta, without egg (mainly comprising dried pasta) homogenized whiskey, said the Ministry of Agribusiness of Argentina.


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CME Bitcoin Futures Receive Muted Welcome in Market Debut





Bitcoin futures got a lukewarm reception following their debut on CME Group on Sunday, posting a decline while volumes in the tens of millions of dollar in the first 12 hours of trading.


The launch of the futures by the biggest derivatives exchange operator and its main rival, Cboe Global Markets a week prior, had been marked by many as the time bitcoin has been accepted as a mainstream investment. This view helped drive up the bitcoin higher than before in recent weeks. The cryptocurrency is poised for its biggest monthly gains in over four years, after its price increased by twofold since the start of December, when it stood at less than $10, 000.


Despite the hype surrounding bitcoin, trading volumes in CME and Cboe futures have so far been moderate.


A total of 751 contracts had been traded on CME's January futures contracts. CME bitcoin futures set to expire on January settled at $19, 100 on Monday, 2.1 percent lower than the level the exchange had set the opening price before the launch of the futures on Sunday evening.


Initially, the January contract climbed as high as $20, 650, before sliding to $18, 345 within several hours of trading. Bitcoin sold off following the futures launch and traded at $18, 722.65 late Monday afternoon, CoinDesk said.


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