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JAPAN HOUSEHOLD SPENDING SINKS 10.2% ON YEAR IN SEPTEMBER



The average of household spending in Japan was down 10.2 percent on year in September, the Ministry of Internal Affairs and Communications said on Friday - coming in at 269,863 yen.

That beat forecasts for a decline of 10.7 percent following the 6.9 percent drop in August.

The average of monthly income per household stood at 469,235 yen, up 2.6 percent on year.

Individually, spending on furniture, clothing, medical care and recreation all were down sharply.

On a monthly basis, household spending rose 3.8 percent - beating forecasts for a gain of 2.2 percent following the 1.7 percent gain a month earlier.

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AUSTRALIA TOTAL BUILDING PERMITS JUMP 15.4% IN SEPTEMBER



The total number of building permits issued in Australia in September was up a seasonally adjusted 15.4 percent on month at 15,827.

Permits for private sector houses rose 9.7 percent to 10,238 and permits for private sector dwellings excluding houses spiked 23.4 percent to 5,189.

On a yearly basis, total permits rose 8.8 percent, while private sector houses surged 20.7 percent and private sector dwellings excluding houses tumbled 12.1 percent.

The value of total building approved fell 17.0 percent in September, in seasonally adjusted terms. The value of non-residential building fell 36.7 percent, after rising 40.0 percent in August.

The value of total residential building fell slightly in September, by 0.7 percent. This was driven by a fall in the value of new residential building (1.0 percent), while the value of residential alterations and additions rose 1.1 percent.

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PHILIPPINES GDP SINKS 11.5% ON YEAR IN Q3



The Philippines' gross domestic product contracted 11.5 percent on year in the third quarter of 2020, the Philippines Statistics Authority said on Tuesday.

That missed expectations for a decline of 9.8 percent following the 16.9 percent contraction in the three months prior.

On a seasonally adjusted quarterly basis, gross domestic product was up 8.0 percent - roughly in line with expectations following the 15.2 percent fall in the previous three months.

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NEW ZEALAND RATE DECISION ON TAP FOR WEDNESDAY



The Reserve Bank of New Zealand will wrap up its monetary policy meeting on Wednesday and then announce tis decision on interest rates, highlighting a modest day for Asia-Pacific economic activity. The RBNZ is widely expected to keep its Official Cash Rate steady at 0.25 percent.

Australia will see November results for the consumer confidence index from Westpac Bank; in October, the index jumped 11.9 percent to a score of 105.

South Korea will release October figures for unemployment, with forecasts calling for the jobless rate to fall to 3.6 percent from 3.9 percent in September.

Indonesia will provide September data for retail sales; in August, sales were down 9.2 percent on year.

Japan will see October numbers for machine tool orders; in September, orders were down 15.0 percent on year.

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JAPAN CORE MACHINERY ORDERS FALL MORE THAN EXPECTED



Japan core machinery orders declined more than expected in September weighing on the prospects of a sustained recovery in business investment.

Core machinery orders declined 4.4 percent on a monthly basis, in contrast to a 0.2 percent rise in August, data published by the Cabinet Office showed Thursday. This was the first fall in three months and worse than economists' forecast of 0.7 percent drop.

Year-on-year, core machinery orders were down 11.5 percent versus an expected fall of 11.6 percent.

Overall machinery orders also dropped 4.4 percent on month in September, reversing a 19.8 percent expansion posted in the previous month.

In the September quarter, the total value of machinery orders received by 280 manufacturers increased 7.8 percent from the previous three months.

Manufacturers expect overall machinery orders to fall 7.8 percent and core machinery orders to drop 1.9 percent in the fourth quarter.

Across this year non-residential investment is likely to have fallen by around 6.5 percent, Tom Learmouth, an economist at Capital Economics, said. And while the early distribution of an effective vaccine presents an upside risk, the recovery is likely to be lacklustre in 2021.

Another report from the Bank of Japan showed that producer prices continued to show negative growth in October.

Producer prices decreased 2.1 percent annually, following a 0.8 percent drop in September. Prices have been falling since March. Month-on-month, producer prices slid 0.2 percent in October, the same rate of fall as registered in September.

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NEW ZEALAND FOOD PRICES CLIMB 2.7% ON YEAR IN OCTOBER



Food prices were up 2.7 percent on year in October, Statistics New Zealand said on Friday - down from 3.1 percent in September.

Individually, fruit and vegetable prices increased 10 percent on year; while meat, poultry, and fish prices increased 1.0 percent; grocery food prices increased 0.7 percent; non-alcoholic beverage prices were flat; and restaurant meals and ready-to-eat food prices increased 3.4 percent.

Food prices fell 0.7 percent in October 2020. After seasonal adjustment, they were up 0.1 percent.

Individually, fruit and vegetable prices fell 5.6 percent (flat after seasonal adjustment); while meat, poultry, and fish prices rose 0.5 percent; grocery food prices fell 0.2 percent (down 0.2 percent after seasonal adjustment); non-alcoholic beverage prices rose 1.1 percent; and restaurant meals and ready-to-eat food prices were flat.

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CHINA INDUSTRIAL PRODUCTION JUMPS 6.9% ON YEAR IN OCTOBER



Industrial production in China was up 6.9 percent on year in October, the National Bureau of Statistics said on Monday - beating forecasts for a gain of 6.5 percent and roughly unchanged from the September reading.

The bureau also said that fixed asset investment rose 1.8 percent on year - exceeding expectations for 1.6 percent and up from 0.8 percent in the previous month.

Retail sales gained 4.3 percent on year, missing forecasts for 4.9 percent but still up from 3.3 percent a month earlier.

The unemployment rate came in at 5.3 percent, down from 5.4 percent in September.

Finally, house prices climbed an annual 4.3 percent in October, easing from 4.7 percent a month earlier.

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SINGAPORE NON-OIL EXPORTS SINK 5.3% IN OCTOBER



Non-oil domestic exports in Singapore were down 5.3 percent on month in October, Enterprise Singapore said on Tuesday - well shy of expectations for a gain of 4.6 percent following the 11.4 percent decline in September.

On a yearly basis, exports fell 3.1 percent - again missing forecasts for a gain of 5.7 percent following the 5.8 percent increase in the previous month.

The decline was mainly due to a drop in non-electronics.

NODX to the top 10 markets as a whole decreased in October, though exports to the US, China, Japan and the EU 27 grew.

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AUSTRALIA WAGE PRICES ADD 0.1% ON QUARTER IN Q3



Wage prices in Australia were up a seasonally adjusted 0.1 percent on quarter in the third quarter of 2020, the Australian Bureau of Statistics said on Wednesday - shy of expectations for an increase of 0.2 percent, which would have been unchanged from the Q2 reading.

On a yearly basis, wage prices rose 1.4 percent - again missing forecasts for 1.5 percent and slowing from 1.8 percent in the three months prior.

Private sector wages were up 0.1 percent on quarter and 1.2 percent on year, while public sector wages gained 0.2 percent on quarter and 1.8 percent on year.

Wage gains from health care and social services offset losses among administrative and support services.

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AUSTRALIA UNEMPLOYMENT DATA DUE ON THURSDAY



Australia will on Thursday release October figures for unemployment, highlighting a light day for Asia-Pacific economic activity.

The jobless rate is expected to climb to 7.2 percent from 6.9 percent in September, with an expected loss of 30,000 jobs following the loss of 29,500 jobs a month earlier. The participation rate is seen at 64.7 percent, down from 64.8 percent in the previous month.

The central bank in Indonesia will wrap up its monetary policy meeting and then announce its decision on interest rates; the bank is widely expected to keep its benchmark lending rate unchanged at 4.00 percent.

The central bank in the Philippines also will announce its decision on interest rates, with forecasts suggesting no change for the benchmark at 2.25 percent.

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