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Japan Producer Prices Rise 1.2% On Year In September
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Producer prices in Japan were up 1.2 percent on year in September, the Bank of Japan said on Thursday - matching expectations and down from 1.3 percent in August.
On a monthly basis, producer prices added 0.1 percent following the flat reading in the previous month.
For the third quarter of 2018, producer prices gained 1.2 percent on year and 0.2 percent on quarter. That follows the 1.0 percent yearly increase and the 0.6 percent quarterly gain in the three months prior.
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South Korea's Consumer Confidence Weakens In October
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South Korea's consumer sentiment weakened in October, survey data from Bank of Korea showed Friday.
The consumer confidence index fell to 99.5 from 100.2 in the previous month. A score below 100 means pessimists outnumber optimists.
Consumer sentiment regarding current living standards gained one point to 91, while that concerning their future outlook dropped two points to 91.
Similarly, consumer sentiment related to household income declined 2 points to 99, and that concerning their future spending held steady at 111.
Consumer sentiment as to current domestic economic conditions rose three points to 67, while that concerning future domestic economic conditions was unchanged at 77.
The expected inflation rate for the coming year was 2.5 percent.
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European Economics Preview: UK Mortgage Approvals Data Due
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Mortgage approvals data from the UK is due on Monday, headlining a light day for the European economic news.
At 2.00 am ET, Statistics Finland publishes consumer confidence survey results for October.
At 4.00 am ET, Austria's factory PMI data is due for October. The score was 55.0 in September.
At 4.30 am ET, Bank of England is slated to issue mortgage approvals figures for September. Economists forecast mortgage approvals to fall to 64,700 in September from 66,400 in August.
At 6.00 am ET, Italy's Istat releases producer prices for September. Prices had advanced 5.1 percent on year in August.
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Japan's Jobless Rate Declines In September
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Japan's unemployment rate declined in September, the Ministry of Internal Affairs and Communications reported Tuesday.
The jobless rate fell to 2.3 percent from 2.4 percent in August. This was the lowest rate since early 1990s. The rate was expected to remain unchanged at 2.4 percent.
The jobs-to-applicant ratio rose slightly to 1.64 from 1.63 a month ago.
The unemployment rate is the lowest it has been in a generation and it will fall further over the coming year, Marcel Thieliant, an economist at Capital Economics, said.
The upshot is that wage growth probably won't reach the 2.5 percent annual rate required to meet the BoJ's 2 percent inflation target, the economist added.
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China Manufacturing PMI Slips To 50.2 In October
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The manufacturing sector in China continued to expand in October, albeit at a slower pace, the latest survey from the National Bureau of Statistics said on Wednesday with a manufacturing PMI score of 50.2.
That missed expectations for 50.6 and was down from 50.8 in September - although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
The bureau also said its non-manufacturing index came in with a score of 53.9 - missing forecasts for 54.6 and down from 54.9 in the previous month.
The composite index had a score of 53.1, down from 54.1 a month earlier.
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Japan Services Sector Accelerates In October - Nikkei
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The services sector in Japan continued to expand in October, and at a faster rate, the latest survey from Nikkei revealed on Monday with a PMI score of 52.4.
That's up from 50.2 in September, and it moves back above the boom-or-bust line of 50 that separates expansion from contraction.
The October reading also touched a six-month index high.
Individually, there was a stronger upturn in business activity, while new business growth quickened to a five-year high.
Selling charge inflation eased despite a strong rise in costs.
The survey also said its composite index climbed to 52.5 from 50.7 a month earlier.
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RBA Keeps Interest Rate Unchanged At Historic Low
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The Reserve Bank of Australia on Tuesday decided to put its benchmark interest rate on hold at a record low for the 26th consecutive meeting.
The board of the Reserve Bank of Australia, governed by Philip Lowe, voted to maintain the cash rate at 1.50 percent. The interest rate has been at the current level since August 2016.
"Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time," the bank said in a statement.
Policymakers observed that the low level of interest rates is continuing to support the Australian economy.
Although policymakers expect further progress in the reduction of unemployment and inflation returning to target, this progress is likely to be gradual, the bank noted.
The Australian economy was performing well with the GDP growing by 3.4 percent and the unemployment rate declining to five percent over the past year, it said.
The bank revised up its economic growth forecasts for 2018 and 2019. Economic growth is expected to be around 3.5 percent over these two years, before slowing in 2020 due to slower growth in exports of resources.
The upward revision to the RBA's growth and inflation forecasts suggest that the Bank is moving closer to tightening policy, Marcel Thieliant, an economist at Capital Economics, said.
The central bank may be seeking clearer evidence that the tighter labour market is generating stronger wage growth before hiking interest rates.
The economist suggested the full impact of tighter lending standards on house prices and consumption have yet to be felt.
Thieliant believed that the downturn in the housing market would lead to a renewed slowdown in activity next year and hence the first rate hike is likely to come by the end of 2020.
Regarding property market, the bank said conditions in the Sydney and Melbourne housing markets have continued to ease and nationwide measures of rent inflation remain low.
The outlook for household consumption continued to be a source of uncertainty for the economy, the bank cautioned. Growth in household income remains low, debt levels are high and some asset prices have declined.
Growth in credit extended to owner-occupiers remained robust, but demand by investors has slowed noticeably amid changing dynamics of the housing market, it added.
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European Economics Preview: German Factory Production, Eurozone Retail Sales Due
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Wednesday is a relatively busy day in Europe with the release of German factory production data and Eurozone retail sales figures scheduled.
Germany's Destatis is set to release the industrial production figures for September at 2 am ET. Production is expected to fall 0.1 percent monthly after a 0.3 percent slump in August. On a year-on-year basis, output is forecast to grow 0.2 percent following a 0.1 percent drop in the previous month.
Figures released on Tuesday showed that factory orders unexpectedly rose for a second straight month in September, led by domestic demand, suggesting improvement in the economic momentum ahead.
At 5 am ET, Eurostat is set to publish the euro area retail sales data for September. Sales are expected to edge up 0.1 percent from the previous month, when they fell 0.2 percent. Compared to a year ago, retail sales are expected to grow 0.8 percent after a 1.8 percent gain in the previous month.
A look at other news scheduled for the day.
Inflation data for October is due from Estonia at 1 am ET. Headline CPI inflation accelerated for a second straight month to 3.7 percent in September and prices were unchanged from the previous month.
At 2 am ET, Statistics Norway is set to publish the industrial production data for September. In August, industrial production grew 1.8 percent from the previous month and 2.3 percent from a year ago.
Manufacturing output is forecast to grow 0.4 percent from the previous month after a 0.1 percent drop in August. Factory output grew 5.1 percent year-on-year in August.
France's Customs Office is expected to release the trade data for September at 2.45 am ET. The trade deficit was EUR 5.6 billion in August.
Swiss foreign currency reserves data for October is due at 3 am ET.
Elsewhere, the Hungarian Central Statistical Office is set to release the first estimate for September retail sales. Sales grew 6.8 percent year-on-year in August.
Half an hour later, IHS Markit is scheduled to release the latest Halifax house price index for October. Economists have forecast a monthly increase of 0.8 percent and an annual gain of 1.3 percent in the UK house prices. In September, house prices were 1.4 percent lower than in the pervious month and 2.5 percent higher from a year ago.
IHS Markit is also set to release the German Construction PMI for October at 3.30 am ET. In September, the reading was 50.2. A score above 50 suggests growth.
Further, Sweden's National Debt Office is set to release the budget balance for October at 3.30 am ET.
At 3.55 am ET, Iceland's central bank is scheduled to announce its latest policy decision. The interest rate is currently at 4.25 percent.
Italy's statistical office ISTAT is set to release retail sales data for September. Sales are expected to grow 2.1 percent year-on-year and 0.7 percent from the previous month. In August, retail sales grew 2.1 percent from a year ago and fell 0.2 percent from July.
In other news, the National Bank of Poland is scheduled to announce its latest policy decision on Wednesday. The central bank is widely expected leave the key interest rate unchanged at 1.50 percent.
Also due on Wednesday are Finland's trade data and Denmark's industrial production data for September at 2 am ET, Slovakia's retail sales, trade and industrial production data for September and Austria's wholesale prices for October at 3 am ET, Luxembourg's CPI figures for October at 5 am ET, and Portugal's Q3 unemployment rate and Ireland's September industrial production data at 6 am ET.
Late Wednesday, the UK RICS house price balance for October is due at 07.01 pm ET.
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China's Exports, Imports Rise More Than Forecast
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China's exports and imports increased more-than-expected in October, official data showed Thursday.
Exports grew 15.6 percent annually, the General Administration of Customs reported. Economists had forecast an increase of 11.7 percent.
At the same time, imports surged 21.4 percent compared to the forecast of 14.7 percent.
As a result, the trade surplus came in at $34 billion in October versus the expected level of $35.1 billion.
In yuan terms, imports advanced 26.3 percent and exports climbed 20.1 percent from last year. The trade surplus totaled CNY 233.6 billion.
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China CPI Steady At 2.5% On Year In October
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Consumer prices in China were up 2.5 percent on year in October, the National Bureau of Statistics said on Friday.
That was in line with expectations and unchanged from the September reading.
The bureau also said that producer prices climbed an annual 3.3 percent - matching forecasts and slowing from 3.6 percent in the previous month.
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Singapore Retail Sales Rebound In September
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Singapore's retail sales grew in September after declining in the previous two months, preliminary data from Statistics Singapore showed on Monday.
Retail sales at current prices rose 1.9 percent year-on-year following a 0.4 percent decline in August and a 2.6 percent slump in July. In June, sales grew 1.9 percent.
Excluding automobiles, retail sales increased 1.8 percent year-on-year after a 2.4 percent increase in August.
Automobile sales grew 2.5 percent year-on-year following declines in the previous two months.
Sales at petrol service stations registered the biggest gain of 11.4 percent in September followed by watches and jewelry, sales of which increased 7.4 percent.
Food store sales grew 2.5 percent. In contrast, sales of computer and telecommunication equipment continued to fall, down 5.8 percent. Sales of optical goods and books dropped 3.1 percent.
On a month-on-month basis, retail sales decreased a seasonally adjusted 0.4 percent at current prices in September after a 2.4 percent increase in August.
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European Economics Preview: German ZEW, UK Labor Market Data Due
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Europe is set for a busy day on the economics front with the ZEW investor confidence survey results from Germany and the labor market data from the UK due.
The UK labor market data is due at 4.30 am ET on Tuesday. The ILO unemployment rate is expected to remain unchanged at its 43-year low of 4 percent in the three months to September and employment is forecast to grow 25,000.
Average earnings including bonus is expected to grow 3 percent year-on-year after a 2.7 percent gain in the previous period. Excluding bonus, pay is forecast to rise 3.1 percent, the same as in August. The rate of growth was the fastest since late 2008.
The Mannheim-based ZEW is set release its latest investor confidence indicator for November at 5 am ET. The German investor confidence measure is expected to weaken to -26 from -24.7 in October. The current situation index is forecast to drop to 65 from 70.1.
In other data, the Central Bureau of Statistics is set to publish the Dutch retail sales figures for September at 00.30 am ET. Destatis is set to release the final figures for German inflation for October at 2 am ET.
European Central Bank's Chief Economist Peter Praet is set to speak in London at 3 am ET. Producer and Import prices for October are due from Switzerland's Federal Statistical Office at 3.15 am ET. The producer and import price index is forecast to rise 2.2 percent year-on-year following 2.6 percent increase in September. Month-on-month, the index is expected to edge up 0.1 percent following a 0.2 percent fall. ECB's Sabine Lautenschlager, who is the Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, is set to speak in Frankfurt at 3.45 am ET. Final consumer price inflation data for October is due from Portugal at 6 am ET. Headline inflation was estimated at 1 percent on October 31. ECB Vice President Luis de Guindos is set to speak in Frankfurt at 2 pm ET. Also due on Tuesday are unemployment data from Iceland and Poland current account balance, both at 7 am ET.
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China Industrial Production Climb 5.9% In October
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Industrial production in China was up 5.9 percent on year in October, the National Bureau of Statistics said on Wednesday.
That exceeded expectation for 5.8 percent, which would have been unchanged from the September reading.
The bureau also said that retail sales climbed 8.6 percent on year - missing forecasts for a gain of 9.2 percent, which again would have been unchanged from the previous month.
Fixed asset investment advanced an annual 5.7 percent, surpassing forecasts for 5.5 percent and up from 5.4 percent a month prior.
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Australia Jobless Rate Steady At 5.0% In October
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The unemployment rate in Australia came in at a seasonally adjusted 5.0 percent in October, the Australian Bureau of Statistics said on Thursday.
That was unchanged from the September reading, although it was beneath expectations for 5.1 percent.
The Australian economy added 32,800 jobs last month - beating forecasts for 20,000 following the addition of 7,800 jobs in the previous month.
The participation rate was 65.6 percent - exceeding expectations for 65.5 percent, which would have been unchanged.
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Germany's Wholesale Price Inflation Accelerates In October
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Germany's wholesale prices climbed at a faster pace in October, data from Destatis revealed Friday.
Wholesale price inflation improved to 4 percent from 3.5 percent in the previous month.
The wholesale price growth in October was largely influenced by a 24.1 percent increase in solid fuels and petroleum products prices. Chemical product prices rose by 6.5 percent. Meanwhile, prices for waste and residues dropped 8.4 percent and live animals fell 9.7 percent.
Month-on-month, wholesale prices rose 0.3 percent after a 0.4 percent increase in September.
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Turkey Retail Sales Fall For First Time In 19 Months
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Turkey's retail sales volume declined for the first time in over one-and-a-half years in September, preliminary data from the Turkish Statistical Institute showed on Monday.
The retail sales volume dropped a calendar adjusted 3.4 percent year-on-year following a 1.5 percent increase in August. The latest decline was the first since February 2017, when sales decreased 1 percent.
On a month-on-month basis, retail sales fell a seasonally-and-calendar adjusted 4.6 percent in September after a 0.2 percent gain in August. The latest drop was the first since February this year, when sales decreased 1 percent.
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RBA Minutes: Domestic Economy Improved More Than Expected
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Members of the Reserve Bank of Australia's monetary policy board said that the country's economy has continued to pick up steam, and at a slightly faster rate than expected, minutes from the central bank's November 6 meeting revealed on Tuesday.
At the meeting, the RBA kept its benchmark interest rate on hold at a record low of 1.50 percent for the 26th consecutive meeting. The interest rate has been at the current level since August 2016.
"Members judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time," the minutes said.
The appreciating U.S. dollar and its effect on the Australian currency has helped to boost domestic growth, the minutes said. They added that the inflation rate remained low and stable beneath the midpoint of the target range, as expected.
They further added that while a change to the rate is not imminent, it's likely to be an increase - not a decrease, owing to the improvements in the economy.
"There was no strong case for a near-term adjustment in monetary policy. Rather, members assessed that it would be appropriate to hold the cash rate steady and for the Bank to be a source of stability and confidence while this progress unfolds," the minutes said.
Although policymakers expect further progress in the reduction of unemployment and inflation returning to target, this progress is likely to be gradual, the bank noted.
The Australian economy was performing well with the GDP growing by 3.4 percent and the unemployment rate declining to five percent over the past year, the RBA said.
The bank revised up its economic growth forecasts for 2018 and 2019. Economic growth is expected to be around 3.5 percent over these two years, before slowing in 2020 due to slower growth in exports of resources.
"Taking account of the available information on current economic and financial conditions, as well as the latest forecasts, members assessed that the current stance of monetary policy would continue to support economic growth and allow for further gradual progress to be made in reducing the unemployment rate and returning inflation towards the midpoint of the target," the minutes said.
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NZ Dollar Advances Against Majors
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The New Zealand dollar climbed against its major counterparts in late Asian deals on Wednesday.
The kiwi advanced to 0.6813 against the greenback, from an early weekly low of 0.6782.
The kiwi climbed to 76.92 against the yen and 1.6700 against the euro, off its previous 8-day low of 76.44 and a 2-day low of 1.6760, respectively.
The kiwi rose back to 1.0614 against the aussie, after falling to 1.0649 at 9:15 pm ET.
If the kiwi rises further, it may find resistance around 0.69 against the greenback, 78.00 against the yen, 1.65 against the euro and 1.05 against the aussie.
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The Ifo business climate index in Germany fell to 102 in November
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According to the Ifo Institute, the mood in German companies continued to decline in November, worsening their business forecasts for the next six months. The business climate index in November, calculated by the institute, fell from the October mark of 102.9 to 102.0. Experts predicted that the figure will be 102.3.
Thus, we can conclude that the German economy is showing signs of cooling, notes Ifo's president, Clemens Fuest. Manufacturing companies are unhappy with the current situation in the country and fear that the prospects for the success of their business are in doubt. However, according to Ifo, the number of companies willing to raise prices has increased.
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Brexit could cut UK GDP by 5.5% by 2030
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According to a study by the London School of Economics and King's College, UK GDP could be reduced by 5.5% by 2030 compared to what the United Kingdom could be in the European Union. Moreover, in the absence of a transaction, the growth of the British economy can be from 3.5% to 8.7%.
By making such assumptions, the authors of the study paid attention to the likelihood of the emergence of trade barriers after Britain's withdrawal from the EU and the decline in immigration flow. At the same time, the study was carried out taking into account the preservation of Great Britain in the customs union, but exclusion from the single market.
Experts also believe that Brexit will entail an increase in regulatory barriers to trade not only in goods but also in services. Also, the deal will mean a restriction of freedom of movement between countries, which will lead to a reduction in both skilled and unskilled workers from other countries.
Together, all these factors will lead to the fact that the growth rate of the British economy will be lower than 1.9-5.5% , if the country remained in the EU.
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Australia Company Operating Profits Rise 1.9% In Q3
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Company operating profits in Australia were up a seasonally adjusted 1.9 percent on quarter in the third quarter of 2018, the Australian Bureau of Statistics said on Monday.
That missed expectations for an increase of 2.8 percent and was down from 2.0 percent in the three months prior.
Inventories were flat on quarter, missing forecasts for an increase of 0.4 percent and down from 0.6 percent in the second quarter.
On a yearly basis, company profits were up 13.5 percent and inventories gained 1.6 percent. Wages and salaries were up 0.9 percent on quarter and 4.3 percent on year.
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RBA Leaves Interest Rate Unchanged At Record Low
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The Reserve Bank of Australia on Tuesday decided to keep its benchmark interest rate on hold at a record low citing sluggish wage growth and low inflation.
The board of the Reserve Bank of Australia, governed by Philip Lowe, voted to maintain the cash rate at 1.50 percent. The interest rate has remained at the current level since August 2016.
"Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time," the bank said in a statement.
Policymakers observed that the low level of interest rates is continuing to support the Australian economy. Policymakers expect further progress in the reduction of unemployment and inflation returning to target, but this progress is likely to be gradual.
The Australian economy is performing well with the GDP growth expected to average around 3.5 percent for this year and next, the bank said.
Inflation is forecast to pick up in the coming years, with the growth likely to be gradual. The central scenario is for inflation to be 2.25 percent in 2019 and a bit higher in the following year.
Labour market remained strong with the unemployment rate declining to five percent over the past year. As the economy is expected to continue to grow above trend, a further reduction in the unemployment rate is likely, the bank noted.
Concerning property market, the RBA said conditions in the Sydney and Melbourne housing markets have continued to ease and nationwide measures of rent inflation remain low.
The outlook for household consumption remained as a source of uncertainty for the economy, the bank cautioned.
Growth in household income remains low, debt levels are high and some asset prices have declined. Growth in credit extended to owner-occupiers has eased, while the demand by investors has slowed noticeably due to changing dynamics of the housing market, it added.
The RBA statement sounded a little cautious by assessing external conditions to be less favorable, Marcel Thieliant, an economist at Capital Economics, said.
Thieliant suggested that the Bank seemed to be getting a bit more worried about the downturn in the housing market.
Given dovish outlook for the economy and prices, the economist believe that rates will not rise until late in 2020.
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China Services PMI Surges In November - Caixin
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The services sector in China continued to expand in November, and at a greatly accelerated rate, the latest survey from Caixin revealed on Wednesday with a PMI score of 53.8.
That beat expectations for 50.8, which would have been unchanged from the October reading. It also moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Also, the composite index jumped to 51.9 in November, up from 50.5 a month earlier.
Individually, November marked the steepest increase in services activity in five months, while manufacturing production remained stable.
Composite new businesses climbed at their quickest pace since June, while inflationary pressures cooled.
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The European Commission presented a plan to reduce dependence on the US dollar
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The European Commission (EC) on Wednesday, December 5, published a plan to strengthen the global role of the euro in world markets.
EC Vice President for the Euro and Social Dialogue Valdis Dombrovskis said that Brussels intends to make the euro a more attractive currency for international payments than the US dollar. In addition, it is planned to use the euro more for calculations on the global oil and gas markets, as well as in strategic sectors of the economy.
According to officials, the euro must comply with the political, economic and financial level of the eurozone in order to act as a tool for legal regulation of the international political and economic order.
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Australia Q3 House Price Index Drops 1.5%
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House prices in Australia fell 1.5 percent on quarter in the third quarter of 2018, the Australian Bureau of Statistics said on Tuesday.
That exceeded expectations for a decline of 1.6 percent following the 0.7 percent drop in the three months prior.
On a yearly basis, house prices skidded 1.9 percent - again exceeding forecasts for a fall of 2.0 percent following the 0.6 percent decline in the previous three months.
The capital city residential property price indexes fell in Melbourne (-2.6 percent), Sydney (-1.9 percent), Perth (-0.6 percent) and Darwin (-0.9 percent), and rose in Brisbane (+0.6 percent), Adelaide (+0.6 percent), Hobart (+1.3 percent) and Canberra (+0.5 percent).
Annually, residential property prices fell in Sydney (-4.4 percent), Darwin (-4.4 percent), Melbourne (-1.5 percent), Perth (-0.5 percent) and rose in Hobart (+13.0 percent), Canberra (+3.7 percent), Adelaide (+2.0 percent) and Brisbane (+1.7 percent).
The total value of residential dwellings in Australia was A$6.847 trillion at the end of the September quarter 2018, falling $70.148 billion over the quarter.
The mean price of residential dwellings fell A$9,700 to A$675,000 and the number of residential dwellings rose by 40,900 to 10,143,700 in the September quarter 2018.
Also on Tuesday, the business confidence index from NAB came in with a score of +3 in November - down from +4 in October. The index for business conditions slipped to +11 from +12 a month earlier.
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Singapore Retail Sales Growth Slows Sharply In October
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Singapore's retail sales grew for a second straight month in October, but the pace of increased slowed sharply, amid weaker sales in department stores and supermarkets.
Retail sales at current prices edged up 0.1 percent year-on-year after a 1.9 percent gain in September. In August, sales fell 0.4 percent.
On a seasonally adjusted basis, retail sales dropped 0.4 percent month-on-month in October, same as in September.
Excluding automobiles, retail sales grew 0.5 percent yearly after a 1.7 percent gain in September. Compared to the previous month, sales fell 2.1 percent in October following a 0.1 percent drop in the previous month
Year-on-year, department store sales fell 3.6 percent, while sales at supermarkets and hypermarkets dropped 2.9 percent. Motor vehicles sales decreased 2 percent.
Sales at petrol service stations logged the biggest increase of 11.4 percent, followed by medical goods and toiletries with a 3.4 percent rise.
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Euro Mixed Ahead Of German CPI
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At 2:00 am ET Thursday, Destatis will release German final inflation data for November.
Ahead of the data, the euro traded mixed against its major counterparts. While the euro held steady against the yen and the franc, it rose against the pound and the greenback.
The euro was worth 1.1372 against the greenback, 129.00 against the yen, 1.1297 against the franc and 0.9009 against the pound as of 1:55 am ET.
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Euro Mixed Ahead Of German WPI
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Destatis will release German wholesale prices for November at 2:00 am ET Friday. Ahead of the data, the euro traded mixed against its major rivals. While the euro fell against the greenback and the yen, it rose against the pound. Against the franc, it held steady.
The euro was worth 1.1348 against the greenback, 128.89 against the yen, 1.1290 against the franc and 0.9001 against the pound as of 1:55 am ET.
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Turkey Jobless Rate At 19-month High
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Turkey's unemployment rate grew for a fifth straight month to its highest level in over one-and-a-half years, figures from the Turkish Statistical Institute showed on Monday.
The jobless rate climbed to 11.4 percent from 11.1 percent in August. The latest figure was the highest since March 2017, when the rate was 11.7 percent.
The number of unemployed grew to 3.75 million persons from 3.67 million in the previous month. Employment fell to 29.01 million from 29.32 million.
The seasonally adjusted unemployment rate edged up to 11.3 percent from 11.2 percent.
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Franc Mixed Ahead Of SECO Economic Forecasts
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Switzerland's State Secretariat for Economic Affairs is set to publish its quarterly economic forecasts at 1:45 am ET Tuesday. Ahead of the data, the franc traded mixed against its major counterparts. While the franc held steady against the yen, it fell against the greenback and the pound. Against the euro, it rose.
The franc was worth 113.37 against the yen, 1.1268 against the euro, 1.2541 against the pound and 0.9933 against the greenback as of 1:40 am ET.
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Euro Little Changed After German PPI
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Following the release of German producer prices for November at 2:00 am ET Wednesday, the euro changed little against its major counterparts.
The euro was trading at 127.99 against the yen, 1.1299 against the franc, 0.8995 against the pound and 1.1385 against the greenback around 2:03 am ET.
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Australia Unemployment Rate Climbs To 5.1% In November
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The jobless rate in Australia came in at a seasonally adjusted 5.1 percent in November, the Australian Bureau of Statistics said on Thursday.
That exceeded expectations for 5.0 percent, which would have been unchanged from the October reading.
The Australian economy added 37,000 jobs to 12,694,300 last month - blowing away expectations for an increase of 20,000 jobs following the gain of 32,800 in the previous month.
Full-time employment decreased 6,400 to 8,684,600 and part-time employment increased 43,400 to 4,009,600.
Unemployment increased 12,500 to 683,100. Male unemployment increased 11,500 persons and female unemployment increased 1,000 persons.
The participation rate was 65.7 percent, beating forecasts for 65.6 percent - which would have been unchanged from a month earlier.
Monthly hours worked in all jobs decreased 3.3 million hours to 1,759.5 million hours.
The monthly trend underemployment rate increased less than 0.1 pts to 8.4 percent.
The monthly trend underutilization rate remained steady at 13.5 percent. The monthly seasonally adjusted underemployment rate increased 0.2 pts to 8.5 percent.
The monthly seasonally adjusted underutilization rate increased 0.2 pts to 13.6 percent.
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Euro Mixed Ahead Of German Import Price Index, GfK Survey
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German import price index for November and GfK consumer sentiment index for January are scheduled for release at 2:00 am ET Friday. Ahead of these data, the euro traded mixed against its major counterparts. While the euro rose against the greenback and the yen, it held steady against the franc. Against the pound, it retreated.
The euro was worth 127.59 against the yen, 0.9043 against the pound, 1.1455 against the greenback and 1.1308 against the franc as of 1:55 am ET.
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New Zealand December Food Prices Rise Seasonally Adjusted 0.5%
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Food prices in New Zealand advanced a seasonally adjusted 0.5 percent on month in December, Statistics New Zealand said on Tuesday.
Unadjusted, food prices were down 0.2 percent last month.
In December, fruit and vegetable prices fell 1.1 percent (down 0.6 percent after seasonal adjustment) on month; meat, poultry, and fish prices rose 0.2 percent; grocery food prices rose 0.1 percent (up 0.5 percent after seasonal adjustment); non-alcoholic beverage prices fell 2.6 percent; and restaurant meals and ready-to-eat food prices rose 0.2 percent.
On a yearly basis, food prices were up 1.0 percent in December.
In December, fruit and vegetable prices decreased 6.1 percent on year; meat, poultry, and fish prices increased 3.8 percent; grocery food prices increased 1.4 percent; non-alcoholic beverage prices decreased 0.2 percent; and restaurant meals and ready-to-eat food prices increased 2.9 percent.
"Overall, getting your five-plus a day servings of fruit and vegetables was cheaper in 2018," consumer prices manager Geraldine Duoba said. "Bad weather in 2017 reduced the supply of many vegetables, pushing up their prices. Growing conditions were mostly more favorable during 2018, boosting supply and lowering prices."
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Dutch Retail Sales Growth At 7-Month High
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Dutch retail sales grew the most in seven months during November, mainly driven by non-food sales, figures from the Central Bureau of Statistics showed on Tuesday.
Retail sales rose a working-day adjusted 4.1 percent year-on-year following a 3.3 percent increase in October.
The pace of growth was the fastest since April, when sales rose 5.8 percent.
Food sales rose 2.5 percent and non-food sales increased 3.8 percent, largely led by increased demand for consumer electronics, shoes and leather goods.
Online sales surged nearly 20 percent in November.
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British authorities hold power, Nomura sells EUR / GBP
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There is a possibility that British Prime Minister Theresa May will resign within a few days after a devastating vote. Still, Nomura does not believe in tough Brexit, waiting for the stabilization of the political situation in the country and the growth rate of sterling. Thus, currency strategists explained the opening of a short position in EUR / GBP pair from 0.8880.
London representatives of the bank reported that the position of British Prime Minister Theresa May looks quite constructive. Her desire to lengthen the term of Article 50 of the Lisbon Treaty and the intention to begin inter-party negotiations on the country's withdrawal from the group will most likely allow the British government to retain power.
If a vote of no confidence is announced to the government, the pound may drop by 3%.
The bank estimates that next week traders will focus on what Ms. May can offer as a backup plan.
Many political analysts believe that the British Prime Minister will once again "stand on his feet." May lost in the House of Commons, but "there is no immediate threat to her position." Theresa May will remain in power, as the Democratic Unionist Party and the Conservatives, who voted against her unpopular EU exit deal, will support her.
Note that Ms. May herself contacted, saying that the British government is already busy searching for an acceptable Brexit plan, which would receive the support of parliamentarians.
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Oil reserves in the US for the week decreased by 0.6%, stronger than forecast
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According to the Energy Information Administration of the Ministry of Energy, commercial oil reserves in the US (excluding strategic reserves) declined by 2.7 million barrels, or 0.6%, to 437.1 million barrels. Analysts predicted a decline in stocks of only 1.32 million barrels, to 438.38 million barrels.
Oil production in the United States increased by 200 thousand barrels up to 11.9 million barrels per day.
Oil reserves at the country's largest terminal in Cushing decreased by 0.8 million barrels to 41.5 million barrels. Gasoline stocks also showed an increase of 3% (+7.5 million barrels), to 255.6 million barrels. Distillate stocks rose by 2.1% (+3 million barrels), to 143 million barrels.
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China's growth will slow in 2019 and threatens the financial world
China's economy is expected to continue to slow down this year particularly on domestic demand and exports affected by US tariffs. Beijing will most likely have to deploy additional incentive measures.
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According to forecasts, China's economic growth will slow to 6.3 percent this year and will be the weakest in 29 years. A significant slowdown in growth in China has already been observed. The resumption of negotiations between the United States and China has increased optimism that Washington may agree to suspend the planned tariff increase, which was originally scheduled to take effect this month. However, a comprehensive agreement to end the dispute seems unlikely, given the number of highly controversial and politically sensitive issues. Even if both sides can conclude a long-term trade deal, it will provide only minor relief to the Chinese economy if Beijing cannot increase domestic investment and demand.
Sources said that China plans to lower its target for economic growth between 6 to 6.5 percent this year. Weak industrial growth and lower consumer spending reduce company profits. Moreover, it also discourages new investment and increases the risk of high job losses. Since earlier growth measures had little impact, we expect Beijing to deploy more incentives in the coming months to prevent a sharp slowdown. More large-scale tax cuts are expected, along with measures to increase consumer demand for products such as household appliances and cars. Both fiscal and monetary policies eased over the past few months and this should begin to spread to the real economy by the second half of this year.
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