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AUSTRALIA WAGE PRICE INDEX CLIMBS 0.6% IN Q1



The wage price index in Australia was up a seasonally adjusted 0.6 percent on quarter in the first three months of 2021, the Australian Bureau of Statistics said on Wednesday.

That exceeded expectations for 0.5 percent and was unchanged from the three months prior.

On a yearly basis, the WPI advanced 1.5 percent - beating forecasts for 1.4 percent, which would have been unchanged.

Wages in the private sector were up 0.6 percent on quarter and 1.4 percent on year, while public sector wages gained 0.4 percent on quarter and 1.5 percent on year.

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AUSTRALIA JOBLESS RATE FALLS TO 5.5% IN APRIL



The unemployment rate in Australia was a seasonally adjusted 5.5 percent in April, the Australian Bureau of Statistics said on Thursday.

That was beneath expectation for 5.6 percent and down from the upwardly revised 5.7 percent in March (originally 5.6 percent).

The Australian economy lost 30,600 jobs last month, well shy of expectations for a gain of 15,000 jobs following the addition of 70,700 jobs in March.

The participation rate fell to 66.0 percent, missing forecasts for 66.3 - which would have been unchanged from the previous month.

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EUROPEAN ECONOMICS PREVIEW: EUROZONE FLASH PMI DATA DUE



Flash Purchasing Managers' survey results from euro area and the UK are due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics publishes UK retail sales data for April. Sales are forecast to grow 4.5 percent on month, slower than the 5.4 percent increase in March.

At 3.15 am ET, IHS Markit releases France flash PMI data for May. The composite output index is forecast to rise to 53.7 from 51.6 in the previous month. At 3.30 am ET, Germany's flash composite output survey results are due. The composite PMI is seen rising to 57.1 in May from 55.8 in the previous month.

At 4.00 am ET, IHS Markit is scheduled to publish Eurozone flash PMI data. The composite output index is expected to climb to 55.1 in May from 53.8 in the previous month.

In the meantime, Italy's industrial turnover data is due for March.

Half an hour later, UK Markit/CIPS flash composite PMI data is due. Economists forecast the composite index to remain unchanged at 60.0 in May.

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NEW ZEALAND RETAIL SALES CLIMB 2.5% ON QUARTER IN Q1



The total volume of retail sales in New Zealand was up a seasonally adjusted 2.5 percent on quarter in the first quarter of 2021, Statistics New Zealand said on Monday - following the upwardly revised 2.6 percent contraction in the three months prior (originally -2.7 percent).

By industry, the main movements were: electrical and electronic goods, up 8.4 percent; recreational goods, up 16 percent; hardware, building, and garden supplies, up 4.5 percent; and department stores, up 5.6 percent.

The total value of retail sales also was up 2.5 percent on quarter ($648 million).

On a yearly basis, sales rose 6.8 percent - accelerating from 4.8 percent in the three months prior.

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SINGAPORE GDP EXPANDS 1.3% ON YEAR IN Q1



Singapore's gross domestic product gained 1.3 percent on year in the first three months of 2021, the Ministry of Trade and Industry said on Tuesday.

That beat expectations for an increase of 0.9 percent following the 2.4 percent contraction in the fourth quarter of 2020.

On a seasonally adjusted quarterly basis, GDP rose 3.1 percent after climbing 3.8 percent in the three months prior.

Upon the release of the data, the MTI maintained its GDP growth forecast for 2021 at 4.0 to 6.0 percent.

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AUSTRALIA CONSTRUCTION WORK CLIMBS 2.4% IN Q1



The value of total construction work done in Australia was up a seasonally adjusted 2.4 percent on quarter in the first three months of 2021, the Australian Bureau of Statistics said on Wednesday - coming in at A$51.975 billion.

That beat expectations for an increase of 2.2 percent following the upwardly revised 0.4 percent increase in the three months prior (originally -0.9 percent).

Building construction was up 2.5 percent on quarter, while residential building gained 5.1 percent, non-residential building fell 1.6 percent and engineering rose 2.2 percent.

On a yearly basis, the value of total construction work fell 1.1 percent. Building construction was down 1.8 percent on year, while residential building gained 4.2 percent, non-residential building fell 10.4 percent and engineering eased 0.3 percent.

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EUROPEAN ECONOMICS PREVIEW: GERMANY GFK CONSUMER CONFIDENCE DATA DUE



Consumer confidence survey results from Germany and Italy are due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, German GfK consumer confidence survey results are due. The forward-looking consumer sentiment index is forecast to rise to -5.2 in June from -8.8 in May.

In the meantime, foreign trade figures for Switzerland are due.

At 3.00 am ET, the National Institute of Economic Research is slated to publish Sweden economic tendency survey data for May.

Half an hour later, Statistics Sweden is set to issue foreign trade figures for April. The trade surplus is seen at SEK 5.6 billion versus SEK 4.1 billion in March.

At 4.00 am ET, IHS Markit releases Austria's manufacturing Purchasing Managers' survey results.

In the meantime, business and consumer sentiment survey results are due from Italy. The consumer confidence indicator is seen rising to 104.4 in May from 102.3 in April. The business sentiment index is expected to climb to 106.4 from 105.4 a month ago.

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JAPAN JOBLESS RATE CLIMBS TO 2.8% IN APRIL



The unemployment rate in Japan came in at a seasonally adjusted 2.8 percent in April, the Ministry of Communications and Internal Affairs said on Friday.

That was above expectations for 2.7 percent and was up from 2.6 percent in March.

The job-to-applicant ratio was 1.09 - again missing forecasts for 1.10, which would have been unchanged from the previous month.

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AUSTRALIA PRIVATE SECTOR CREDIT GAINS 0.2% ON MONTH IN APRIL



Private sector credit in Australia was up 0.2 percent on month in April, the Reserve Bank of Australia said on Monday - slowing from the 1.0 percent gain in March.

On a yearly basis, credit gained 1.3 percent, accelerating from 0.4 percent in the previous month.

Housing credit was up 0.5 percent on month and 4.4 percent on year, while personal credit was flat on month and sank 7.8 percent on year and business credit fell 0.3 percent on month and 3.0 percent on year.

Broad money rose 0.2 percent on month and 6.8 percent on year.

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AUSSIE RETREATS AFTER RBA DECISION



As expected, the Reserve Bank of Australia left benchmark lending rate and the 3-year Australian Government bond yield target unchanged at 10 basis points. Following the announcement, the aussie pulled back from its early highs against its major rivals.

The aussie was trading at 84.83 against the yen, 1.5781 against the euro, 0.7747 against the greenback and 1.0641 against the kiwi around 12:35 am ET.

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