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Japan GDP Revised To 1.8% In Q3









Japan's gross domestic product was bumped all the way up to a seasonally adjusted annualized 1.6 percent in the third quarter of 2019, the Cabinet Office said in Monday's revision.


That was a sharp upward move from the 0.2 percent gain originally reported last month for Q3.


On a seasonally adjusted quarterly basis, GDP was moved up to 0.4 percent from 0.1 percent in the preliminary reading.


Nominal GDP was knocked up to 0.6 percent on quarter from 0.3 percent, while the GDP deflator was unrevised at 0.6 percent.

Australia House Prices Climb 2.4% In Q3





Residential property prices in Australia were up 2.4 percent on quarter in the third quarter of 2019, the Australian Bureau of Statistics said on Tuesday.


That beat expectations for an increase of 1.5 percent following the 0.7 percent decline in the second quarter.


On a yearly basis, house prices fell 3.7 percent - again topping forecasts for a decline of 4.6 percent following the 7.4 percent tumble in the three months prior.


House prices were up in Sydney (+3.6 percent), Melbourne (+3.6 percent), Brisbane (+0.7 percent) and Hobart (+1.3 percent), and fell in Perth (-1.2 percent), Adelaide (-0.3 percent), Canberra (-0.5 percent) and Darwin (-1.2 percent) this quarter.


Prices fell in Darwin (-5.4 percent), Sydney (-4.6 percent), Perth (-4.6 percent), Melbourne (-3.5 percent), Brisbane (-2.6 percent), Canberra (-1.4 percent) and Adelaide (-1.0 percent), and rose in Hobart (+2.1 percent) over the last twelve months.


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Japan Producer Prices Rise 0.2% On Month In November





Producer prices in Japan were up 0.2 percent on month in November, the Bank of Japan said on Wednesday.


That beat expectations for an increase of 0.1 percent following the 1.1 percent drop in October.


On a yearly basis, producer prices added 0.1 percent - again exceeding expectations for a flat reading following the 0.4 percent decline in the previous month.


Export prices were up 0.2 percent on month and down 5.9 percent on year, the bank said, while import prices rose 0.2 percent on month and tumbled 11.2 percent on year.


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Japan Core Machine Orders Tumble 6.0% In October





The total value of core machine orders in Japan was down a seasonally adjusted 6.0 percent on month in October, the Cabinet Office said on Thursday - coming in at 798.8 billion yen.


That missed forecasts for an increase of 0.7 percent following the 2.9 percent decline in September.


On a yearly basis, core machine orders sank 6.1 percent - again missing expectations for a drop of 1.9 percent following the 5.1 percent jump in the previous month.


The total value of machinery orders received by 280 manufacturers operating in Japan increased by 5.2 percent on month in October.


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BoJ Tankan Survey On Tap For Friday





The Bank of Japan will on Friday see Q4 results for its quarterly Tankan Survey of business sentiment, highlighting a modest day for Asia-Pacific economic activity.


The large manufacturers index is expected to see a score of +3, down from +5 in Q3. The outlook is expected to rise to +4 from +2. All industry capex is expected to add 6.0 percent in Q4, slowing from 6.6 percent in the previous three months.


Japan also will see final October figures for industrial production, with the previous reading suggesting a decline of 4.2 percent on month and 7.4 percent on year.


Hong Kong will release Q3 figures for industrial production; in Q2, production was down 0.7 percent on quarter and up 0.4 percent on year.


Malaysia will provide September numbers for unemployment; in August, the jobless rate was 3.3 percent and the participation rate was 68.7 percent.


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China Data On Tap For Monday





China will release a raft of data on Monday, setting the pace for a busy day in Asia-Pacific economic activity. On tap are November numbers for industrial production, retail sales, fixed asset investment, unemployment and new home prices.


Industrial production is expected to add 5.0 percent on year, up from 4.7 percent in October. Retail sales are tipped to gain an annual 7.6 percent, up from 7.2 percent in the previous month. FAI is called steady at 5.2 percent. The jobless rate in October was 5.1 percent, while home prices rose an annual 0.5 percent.


Japan will see October figures for its tertiary industry index and preliminary December readings for the manufacturing, services and composite PMIs from Nikkei and Jibun Bank.


The tertiary industry index is tipped to slid 3.6 percent on month after rising 1.8 percent in September. The manufacturing PMI had a score of 48.9 in November, while the services index was at 50.3 and the composite was at 49.8.


New Zealand will provide November numbers for its Performance of Services Index; in October, the index score was 55.4.


Indonesia will release November data for imports, exports and trade balance. In October, imports were worth $14.77 billion and exports were at $14.93 billion for a trade surplus of $161.3 million


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Australia Home Loans Rise 2.0% In October





The total number of home loans issued in Australia was up a seasonally adjusted 2.0 percent on month in October, the Australian Bureau of Statistics said on Tuesday - worth A$18.21 billion.


Loans for owner occupied housing rose 2.2 percent to A$13.11 billion, while investment loans gained 1.4 percent to A$5.10 billion.


On a yearly basis, overall loans gained 0.9 percent, while owner occupied loans jumped 5.7 percent and investment loans dropped 9.7 percent. Personal fixed term loans were up 3.1 percent on month and down 9.4 percent on year to A$1.73 billion.


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Australia Jobless Rate Falls To 5.2% In November





The unemployment rate in Australia came in at a seasonally adjusted 5.2 percent in November, the Australian Bureau of Statistics said on Thursday.


That was beneath expectations for 5.3 percent, which would have been unchanged from the October reading.


The Australian economy added 39,900 jobs last month to 12,954,400, blowing away expectations for an increase of 15,000 jobs following the loss of 19,000 jobs a month earlier.


Full-time employment increased by 4,200 to 8,837,300 people and part-time employment increased by 35,700 to 4,117,200 people.


The participation rate remained steady at 66.0 percent.


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Dollar Stays Subdued Amid Impeachment News, Mixed Economic Data





The U.S. dollar recovered well after a weak start on Thursday, but swung between gains and losses till the end of the day as traders looked ahead to the crucial GDP data, due on Friday. The economic data released today turned out to be a mixed bag.


The impeachment of U.S. President Donald Trump made an impact as well on the currency.


On Wednesday, the U.S. House of Representatives voted to impeach President Donald Trump on grounds of misusing his powers and obstructing the congressional probe into his dealings with Ukraine.


Donald Trump becomes the third US president to be impeached by the House of Representatives, after the impeachments of Bill Clinton and Andrew Johnson.


Trump will now face a Senate trial next month.


Republicans currently hold a 53 to 45 majority in the Senate, with two Democratic-leaning independents, and removing Trump from office would require a two-thirds vote in favor.


Several Senate Republicans have already indicated they will not vote to remove Trump from office even before the Senate holds its trial on the House charges.


In economic news, the Labor Department's data showed initial jobless claims pulled back in the week ended December 14th. The report said initial jobless claims fell to 234,000, a decrease of 18,000 from the previous week's unrevised level of 252,000. Economists had expected jobless claims to drop to 225,000.


A report from the Federal Reserve said Philadelphia-area manufacturing activity was nearly flat in the month of December, with the bank's diffusion index for current general activity tumbling to 0.3 in December from 10.4 in November. Economists had expected the index to dip to 8.0.


With the much bigger than expected decrease, the Philly Fed Index slumped to its lowest reading in six months.


A report released by the National Association of Realtors said existing home sales tumbled by 1.7% to an annual rate of 5.35 million in November after jumping by 1.5% to a revised 5.44 million in October.


Economists had expected existing home sales to dip by 0.4% to a rate of 5.44 million from the 5.46 million originally reported for the previous month.


The Conference Board said its leading economic index was unchanged in November after dipping by 0.2% in both September and October. Economists had expected the index to inch up by 0.1%.


The dollar index, which declined to 97.22 early on in the day, rose to 97.49 by late morning, but retreated to 97.40 later on in the day, turning flat.


Against the Euro, the dollar was at $1.1122 at close, and edged down a bit to $1.1126 subsequently.


The Pound Sterling settled at $1.3010, after trading about $1.3100 earlier in the day.


The Japanese Yen strengthened to around 109.20 a dollar, from a low of 109.60 a dollar, and later eased a bit to 109.30 yen, but still held in positive territory.


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Australia Private Sector Credit Gains 0.1% In November





Private sector credit in Australia was up a seasonally adjusted 0.1 percent on month in November, the Reserve Bank of Australia said on Monday.


That was unchanged from the October reading but misses forecasts for an increase of 0.2 percent.


On a yearly basis, credit rose 2.3 percent - also shy of estimates for 2.4 percent and down from 2.5 percent in the previous month.


Housing credit was up 0.2 percent on month and 2.9 percent on year, while personal credit fell 0.5 percent on month and 4.9 percent on year and business credit rose 0.2 percent on month and 2.5 percent on year.


Broad money gained 0.3 percent on month and 4.4 percent on year.