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Malaysia Jobless Rate Rises In February
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Malaysia's unemployment rate rose in February, data from the Department of Statistics showed on Tuesday.
The jobless rate rose to 3.3 percent in February from 3.2 percent in January. A similar rate of unemployment was seen in the same month last year.
On a seasonally adjusted basis, jobless rate rose marginally to 3.3 percent in February from 3.2 percent in the previous month.
The number of unemployed increased to 525,200 in February from 511,700 in the previous month.
The number of employed increased to 15.34 million in February from 15.31 million in the prior month.
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Australia Consumer Sentiment Logs Record Fall
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Australia's consumer confidence declined the most on record in April after the coronavirus outbreak evolved from serious concern to full-blown pandemic, survey data from Westpac showed on Wednesday.
The Westpac-Melbourne Institute Index of Consumer Sentiment plunged 17.7 percent to 75.6 in April from 91.9 in March.
This was the biggest monthly decrease in forty seven year history of the survey, taking the indicator beyond the global financial crisis lows.
The survey reflects the large shocks to jobs and spending. Moreover, there was a collapse in confidence in the housing market.
All five component sub-indexes fell in April. The biggest falls were in the near term outlook for the economy and in attitudes towards spending - reflecting the immediate effects of the shut-down, Westpac noted.
The indicator measuring past family finances decreased 14.8 percent to an eight-year low of 70.4 and the outlook for family finances slid 6.6 percent to 90.9.
The 'economy, next 12 months' sub-index logged a record fall of 31 percent to 53.7 in April. At the same time, the index measuring the outlook for long-term, say five years, dropped moderately by 3.8 percent to 87.0 in April.
Further, the 'time to buy a major household item' plunged 31.6 percent to 76.2 in April. This was the lowest reading since the record low of 71 set in October 2008.
The Westpac-Melbourne Institute Unemployment Expectations Index jumped 8.2 percent in April following the sharp 8.5 percent increase in March. At 158.1, the index was at a five year high. RSS feed
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UK Retail Sales Decline At Record Pace: BRC
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British retail sales declined at a record pace in March due to measures taken to fight the spread of coronavirus, data from the British Retail Consortium, or BRC, showed Thursday. According to BRC-KPMG retail sales monitor, retail sales decreased 4.3 percent on a yearly basis in March, the sharpest fall since records began in 1995.
At the same time, like-for-like sales declined 3.5 percent from the same period last year.
"The headline figure masked even more dramatic swings: food and essentials faced an unprecedented surge in demand in the early part of March, only to drop significantly into negative growth after the lockdown and introduction of social distancing in stores," Helen Dickinson, chief executive at BRC, said.
The closure of non-essential shops led to deserted high streets and high double-digit declines in sales, which even a rise in online shopping could not compensate for, Dickinson added.
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China GDP Contracts 9.8% In Q21
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China's gross domestic product was down a seasonally adjusted 9.8 percent on quarter in the first quarter of 2020, the National Bureau of Statistics said on Friday.
That was in line with expectations following the 1.5 percent gain in the three months prior.
On a yearly basis, GDP sank 6.8 percent - missing expectations for a drop of 6.0 percent following the 6.0 percent increase in the previous three months.
The bureau also said that fixed asset investment tumbled an annual 16.1 percent in March, shy of forecasts for a decline of 15.0 percent following the 24.5 percent plunge in February.
Industrial production dipped 1.1 percent on year, beating forecasts for a fall of 5.8 percent after dropping 13.5 percent in the previous month.
Retail sales plunged 15.8 percent on year, missing forecasts for a fall of 10.0 percent after skidding 20.5 percent a month earlier.
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China Cuts Benchmark Lending Rates
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China's central bank on Monday reduced its benchmark lending rates, as widely expected, as the economy contracted for the first time at least since 1992 amid coronavirus outbreak.
The one-year loan prime rate was lowered by 20 basis points to 3.85 percent and the five-year loan prime rate was cut by 10 basis points to 4.65 percent.
The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This new lending rate replaced the central bank's traditional benchmark lending rate in August 2019.
The People's Bank of China last week reduced its one-year medium-term lending facility, or MLF, rate to 2.95 percent from 3.15 percent and injected CNY 100 billion through the MLF operation.
In March, the PBoC had reduced the reserve requirement ratio for qualified banks and the reverse repo rate.
September should mark the point when the PBoC hits the "ultra-low" interest rate level, Iris Pang, an ING economist said.
After that, the PBoC may need to rely more on reserve requirement ratio cuts than rate cuts. The PBoC may use RRR cuts more than rate cuts before September to delay its policy rates touching ultra-low levels, the economist noted.
The economy shrank 6.8 percent on a yearly basis in the first quarter, which was the first decline since the nation began reporting quarterly data in 1992. The economy had expanded 6 percent in the fourth quarter of 2019.
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European Economics Preview: German ZEW Economic Confidence Due
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Corrected first para
Economic confidence survey results from Germany and labor market statistics from the UK are due on Tuesday, headlining a busy day for the European economic news.
At 2.00 am ET, the Office for National Statistics releases UK unemployment data. The jobless rate is forecast to remain unchanged at 3.9 percent in three months to February.
In the meantime, foreign trade from Switzerland and wholesale prices from Germany are due.
At 3.00 am ET, the Czech Statistical Office is set to release producer price data for March. Economists forecast prices to rise at a slower pace of 0.2 percent after climbing 1.4 percent in February.
Half an hour later, Statistics Sweden issues unemployment data for March. The jobless rate stood at 8.2 percent in February.
At 4.00 am ET, industrial production and producer price figures are due from Poland. Industrial production is forecast to fall 2.1 percent on year in March, reversing a 4.9 percent rise in January.
At 5.00 am ET, Germany's ZEW economic confidence survey results are due. Economists forecast the economic confidence index to rise to -42.3 in April from -49.5 in March.
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Malaysia Consumer Prices Drop In March
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Malaysia's consumer prices dropped in March, figures from the Department of Statistics showed on Wednesday.
The consumer price index declined 0.2 percent year-on-year in March, after a 1.3 percent increase in February. Economists had expected a 0.1 percent fall.
Among the main groups, prices for transport declined 8.9 percent annually in March and clothing and footwear prices decreased by 1.3 percent.
Meanwhile, cost of food and non-alcoholic beverages rose at a faster pace of 1.2 percent following a 0.8 percent rise in February.
At the same time, prices for miscellaneous goods and services grew 2.6 percent and those of housing, water, electricity, gas and other fuels and communication increased 1.6 percent and 1.5 percent, respectively.
On a month-on-month basis, consumer prices fell 1.2 percent in March.
The core CPI rose 1.3 percent annually in March.
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New Zealand Credit Card Spending Declines In March
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New Zealand's credit card spending declined at the fastest rate in March, figures from the Reserve Bank of New Zealand showed on Thursday.
Credit card spending fell 9.1 percent month-on-month in March, following a 0.7 percent decrease in February. Credit card spending fell for the second straight month.
Domestic billing decreased 7.2 percent monthly to NZ$3.35 billion and overseas billings declined 24.9 percent to NZ$338 million.
On a year-on-year basis, overall credit card spending dropped 8.2 percent in March, after a 2.2 percent rise in the previous month.
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Japan Inflation Steady At 0.4% In March
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Consumer prices in Japan were up 0.4 percent on year in March, the Ministry of Internal Affairs and Communications said on Friday - in line with expectations and unchanged from the February reading.
Core CPI, which excludes volatile food prices, also was up an annual 0.4 percent. That also matched expectations and was down from the 0.6 percent gain in the previous month.
Individually, prices were up for food, housing, furniture, clothing, medical care, communications and recreation. They were down for fuel and education.
On a monthly basis, overall inflation was flat, while core inflation was down 0.1 percent.
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Dollar Mostly Subdued Against Peers
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The U.S. dollar recovered after a mid-session setback and traded slightly higher against some of its peers on Thursday, with traders digesting economic data from across the globe and tracking news about the virus pandemic and geopolitical issues.
The dollar index, which dropped to 100.04 around mid morning, recovered gradually and was last seen hovering around 100.50, up 0.12% from previous close.
Against the Euro, the U.S. dollar firmed up to $1.0794 from Wednesday's close of $1.0823. The euro area private sector suffered its steepest falls in business activity and employment due to the measures taken to contain the spread of coronavirus, flash survey data from IHS Markit showed.
The flash IHS Markit composite output index plummeted to an all-time low of 13.5 in April, down from a prior record low of 29.7 in March. This was the largest monthly collapse in output recorded in over two decades of survey data collection.
The services Purchasing Managers' Index plunged to a record low 11.7 from 26.4 in March, while the manufacturing PMI came in at 33.6, down from 44.5 in the previous month.
Against Pound Sterling, the dollar edged down to $1.2340.
The Japanese Yen gained against the dollar, trading at 107.64 a dollar, compared to 107.75 a dollar Wednesday evening.
The Aussie gained against the dollar, rising to $0.6358 from its previous close of $0.6323.
The Swiss franc eased to CHF 0.9739 from CHF 0.9713, while the Loonie firmed up to 1.4124 a dollar, from $1.4161, thanks to another jump in crude oil prices.
In U.S. economic news, more than 4 million people filed first-time claims for U.S. unemployment benefits in the week ended April 18th, according to a report released by the Labor Department on Thursday. That reflects a continued decline from the nearly 7 million people that filed first-time claims in the last week of March.
The Labor Department said initial jobless claims dropped to 4.427 million, a decrease of 810,000 from the previous week's revised level of 5.237 million. Economists had expected jobless claims to slump to 4.200 million from the 5.245 million originally reported for the previous week.
A report released by the Commerce Department showed new home sales plunged by 15.4% to an annual rate of 627,000 in March after tumbling by 4.6% to a revised rate of 741,000 in February. With the steep drop, new home sales pulled back further off the more than twelve-year high of 777,000 set in January.
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Japan Rate Decision On Tap For Monday
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The Bank of Japan will warp up its monetary policy meeting on Monday and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity.
The central bank is widely expected to keep its benchmark lending rate unchanged at -0.10 percent, although it may introduce other means of stimulus to combat the economic woes brought about by the Covid-19 pandemic.
China will see March figures for industrial profits; in February, profits plummeted 38.3 percent on year.
Hong Kong will release March numbers for imports, exports and trade balance. In February, imports were worth 277.11 billion HKD and exports were at 238.56 billion HKD for a trade deficit of 38.55 billion HKD.
Finally, the markets in New Zealand are closed on Monday for ANZAC Day and will reopen on Tuesday.
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European Economics Preview: French Consumer Confidence Data Due
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Consumer confidence survey data from France is due on Tuesday, headlining a light day for the European economic news.
At 2.45 am ET, France's Insee is set to issue monthly consumer confidence survey results. The confidence index is forecast to fall sharply to 83 in April from 103 in March.
At 3.00 am ET, Spain's quarterly unemployment data is due from the statistical office INE. The jobless rate is expected to rise to 15.6 percent in the first quarter from 13.78 percent in the previous quarter.
At 3.30 am ET, Sweden's central bank is set to release its monetary policy report. In the meantime, retail sales and foreign trade figures are due from Statistics Sweden.
Half an hour later, IHS Markit releases Austria's manufacturing Purchasing Managers' survey results for April.
At 6.00 am ET, the Confederation of British Industry releases Distributive Trades survey results. The UK retail sales balance is seen at -40 percent in April versus -3 percent in March.
At 8.00 am ET, Hungary's central bank interest rate decision is due. The bank is expected to hold its key rate at 0.90 percent.
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Australia Inflation Rises 0.3% In Q1
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Overall consumer prices in Australia were up 0.3 percent on quarter in the first quarter of 2020, the Australian Bureau of Statistics said on Wednesday. That exceeded expectations for an increase of 0.2 percent and was down from 0.7 percent in the three months prior.
On a yearly basis, inflation climbed 2.2 percent - again topping forecasts for 2.0 percent and up from 1.8 percent in Q4.
The Reserve Bank of Australia's trimmed mean was up 0.5 percent on quarter and 1.8 percent on year following the 0.4 percent quarterly increase and the 1.6 percent yearly gain in the previous three months.
The RBA's weighted median was up 0.5 percent on quarter and 1.7 percent on year after adding 0.4 percent on quarter and 1.3 percent on year in the fourth quarter.
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Australia Private Sector Credit Climbs 1.1% In March
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Private sector credit in Australia was up 1.1 percent on month in March, the Reserve Bank of Australia said on Thursday - accelerating from 0.4 percent in February.
On a yearly basis, credit jumped 3.6 percent - slowing from 3.9 percent in the previous month.
Housing credit was up 3.0 percent on month and 3.1 percent on year, while personal credit fell 1.4 percent on month and 6.5 percent on year and business credit advanced 2.9 percent on month and 6.3 percent on year.
Broad money was up 2.7 percent on month and 6.3 percent on year.
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Vietnam Manufacturing PMI Falls To 32.7 In April - IHS Marketing
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The Vietnam manufacturing sector continued to contract in April, and at a faster rate because of the Covid-19 pandemic, the latest survey from IHS Marketing revealed on Monday with a manufacturing PMI score of 32.7.
That's down from 41.9 in March and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Individually, there were severe declines in output and new orders, while employment was also down at a record pace.
Firms were pessimistic regarding the 12-month outlook.
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Aussie Slightly Down After RBA Decision
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The Reserve Bank of Australia kept its benchmark lending rate at 0.25 percent, as expected. Following the announcement, the aussie fell slightly against its major rivals.
The aussie was trading at 68.67 against the yen, 1.6925 against the euro, 0.6440 against the greenback and 1.0627 against the kiwi around 12:34 am ET.
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European Economics Preview: Germany Factory Orders Data Due
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Factory orders from Germany and final composite Purchasing Managers' survey from euro area are due on Wednesday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is set to release Germany's factory orders for March. Economists forecast orders to fall 10 percent on month after falling 1.4 percent in February.
At 3.00 am ET, retail sales figures are due from Hungary and the Czech Republic. The Czech retail sales are expected to fall 9 percent annually, following February's 7.4 percent increase.
At 3.15 am ET, IHS Markit releases Spain's services PMI data. The PMI is seen at 10.0 in April versus 23.0 in March.
At 3.45 am ET, Italy's services PMI data is due. Economists expect the index to decline to 9.0 in April from 17.4 in March. Thereafter, final PMI survey data is due from France and Germany at 3.50 and 3.55 am ET, respectively.
At 4.00 am ET, IHS Markit publishes euro area final composite PMI data. Economists expect the index to drop to 13.5 in April, as initially estimated, from 29.7 in March.
Half an hour later, UK IHS Markit/CIPS construction PMI survey data is due. The construction PMI is forecast to drop to 22.0 in April from 39.3 in March.
At 5.00 am ET, Eurostat releases euro area retail sales data. Sales are forecast to decline 10.5 percent on month in March, reversing a 0.9 percent rise in February.
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China Services PMI Rises To 44.4 In April - Caixin
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The services sector in China continued to contract in April, albeit at a slightly slower pace, the latest survey from Caixin showed on Thursday with a Services PMI score of 44.4.
That's up from 43.0 in March, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Individually, total new work fell at a modest rate, although export sales tumbled at a near-record pace. Companies trimmed their staff numbers for the third month in a row.
The survey also showed that the composite index ticked up to 47.6 in April from 46.7 in March.
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Malaysia Jobless Rate Rises In March
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Malaysia's unemployment rate rose in March, data from the Department of Statistics showed on Friday.
The jobless rate rose to 3.9 percent in March from 3.3 percent in February. In the same month last year, the unemployment rate was 3.4 percent.
On a seasonally adjusted basis, jobless rate rose to 3.9 percent in March from 3.3 percent in the previous month.
The number of unemployed increased to 610,500 in March from 525,200 in the previous month.
The number of employed decreased to 15.23 million in March from 15.34 million in the prior month.
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New Zealand Electronic Card Spending Plummets In April
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The total value of overall electronic spending in New Zealand was down a seasonally adjusted 48 percent or NZ$3.5 billion in April, Statistics New Zealand said on Monday - following the 8.6 percent drop in March.
Spending in the retail industries fell 47 percent (NZ$2.6 billion), while spending in the core retail industries - which excludes the automobile-related industries) fell 44 percent (NZ$2.2 billion).
The non-retail (excluding services) category was down NZ$686 million (47 percent), and the services category fell NZ$200 million (84 percent) in April 2020.
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China Inflation Slows To 3.3% In April
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Consumer prices in China were up 3.3 percent on year in April, the National Bureau of Statistics said on Tuesday.
That was beneath expectations for an annual increase of 3.7 percent and down from 4.3 percent in March.
On a monthly basis, consumer prices sank 0.9 percent - again missing forecasts for a decline of 0.5 percent after sliding 1.2 percent in the previous month.
The stats bureau also reported that producer prices tumbled 3.1 percent on year - well shy of expectations for a drop of 2.6 percent and down sharply from the 1.5 percent decline a month
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Japan Overall Bank Lending Jumps 3.0% On Year
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Overall bank lending in Japan was up 3.0 percent on year in April, the Bank of Japan said on Wednesday - coming in at 553.486 trillion yen.
That's up sharply from the 2.0 percent annual increase in March.
Excluding trusts, bank lending gained 3.1 percent on year to 482.863trillion yen - up from 2.2 percent a month earlier.
Lending from trusts rose 1.7 percent to 70.622 trillion yen- up from 1.0 percent in the previous month. Lending from foreign banks surged 25.7 percent to 3.506 trillion yen.
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Australia Unemployment Rate Rises To 6.2% In April
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The jobless rate in Australia came in at a seasonally adjusted 6.2 percent in April, the Australian Bureau of Statistics said on Thursday. That was up from 5.2 percent in March but was well beneath expectations for 8.3 percent.
The Australian economy lost 594,300 jobs last month to 12,418,700 - missing forecasts for a decline of 575,000 following the increase of 5,900 jobs in the previous month.
Full-time employment decreased 220,500 to 8,656,900 people and part-time employment decreased 373,800 to 3,761,800 people.
Unemployment increased 104,500 to 823,300 people. Underutilization rate increased 5.9 pts to 19.9 percent.
The participation rate was 63.5 percent in April, well shy of expectations for 65.2 percent and down from 66.0 percent a month earlier.
Monthly hours worked in all jobs decreased 163.9 million hours to 1,625.8 million hours.
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Japan March Core Machine Orders Ease 0.4%
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Core machine orders in Japan slid a seasonally adjusted 0.4 percent on month in March, the Cabinet Office said on Wednesday - standing at 854.7 billion yen.
That beat expectations for a tumble 0.7.1 percent following the 2.3 percent increase in February.
On a yearly basis, core machine orders sank 0.7 percent - again beating forecasts for a all of 9.5 percent following the 2.3 percent drop in the previous month.
The total value of machinery orders received by 280 manufacturers operating in Japan increased by a seasonally adjusted 3.0 percent on month and 0.9 percent on year in March at 2,289.0 billion yen.
Manufacturing orders fell 8.2 percent on quarter and 3.2 percent on year, while non-manufacturing orders added 5.3 percent on quarter and 0.9 percent on year.
Government orders surged 17.1 percent on month and 66.5 percent on year, while orders from overseas fell 1.3 percent on month and 14.4 percent on year. Orders through agencies sank 3.3 percent on month and 5.8 percent on year.
For the first quarter of 2020, core machine orders slid 0.7 percent on quarter and 1.0 percent on year. Total machine orders gained 3.9 percent on quarter and fell 0.7 percent on year in Q1.
Manufacturing orders added 1.8 percent on quarter and lost 3.4 percent on year in Q1, while non-manufacturing orders fell 5.1 percent on quarter and rose 0.6 percent on year.
Government orders soared 25.5 percent on quarter and 45.0 percent on year, while orders from overseas gained 8.7 percent on quarter and lost 8.7 percent on year. Orders through agencies gained 3.6 percent on quarter and fell 4.1 percent on year.
Core machine orders are now predicted to fall 0.7 percent on quarter in Q2 and 10.4 percent on year.
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Malaysia Consumer Prices Fall More-Than-Expected In April
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Malaysia's consumer prices declined more-than-expected in April, figures from the Department of Statistics revealed on Wednesday.
The consumer price index declined 2.9 percent year-on-year in April, following a revised 0.2 percent decrease in March. Economists had expected a 1.6 percent fall. This was the second consecutive fall in prices.
Among the main components, prices for transport declined 21.5 percent annually in April and housing, water, electricity, gas and other fuels decreased by 2.2 percent.
Meanwhile, cost of food and non-alcoholic beverages rose 1.2 percent and prices for miscellaneous goods and services grew 2.3 percent. Cost for health and education rose by 1.2 percent, each.
On a month-on-month basis, consumer prices fell 2.7 percent in April.
The core consumer price inflation held steady at 1.3 percent in April.
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European Economics Preview: Eurozone Flash PMI Data Due
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Flash Purchasing Mangers' survey results from euro area and the UK are due on Thursday, headlining a busy day for the European economic news.
At 3.15 am ET, IHS Markit is scheduled to issue France's PMI data. Economists forecast the composite output index to improve to 32.0 in May from 11.1 a month ago.
At 3.30 am ET, Germany's flash PMI data is due. The composite index is seen at 34.1 in May versus 17.4 in the previous month.
At 4.00 am ET, Eurozone composite PMI data is due. The index is expected to advance to 25.0 in May from 13.6 in April.
In the meantime, industrial production and producer prices are due from Poland. Economists forecast industrial output to fall 10 percent annually in April, faster than the 2.3 percent decrease in March.
At 4.30 am ET, IHS Markit/CIPS publishes UK flash composite PMI data. Economists forecast the composite indicator to rise to 25.0 in May from 13.8 in April.
At 6.00 am ET, the Confederation of British Industry releases Industrial Trends survey data. The order book balance is forecast to fall to -59 percent in May from -56 percent in the preceding period.
At 7.00 am ET, Turkey's central bank interest rate announcement is due. Economists expect the central bank to cut its one-week repo rate to 8.25 percent from 8.75 percent.
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Bank Of Japan Launches New Lending Program
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The Bank of Japan introduced a new lending program to help small and medium-sized firms and left its target for short-term interest rate and the bond yield target unchanged on Friday.
At the emergency meeting, the policy board of the BoJ unanimously decided to launch a lending scheme worth about JPY 30 trillion to support SMEs struggling to operate amid the spread of the novel coronavirus, or Covid-19.
According to the new scheme, the bank will provide funds to eligible counterparties against pooled collateral for up to 1 year at the loan rate of zero percent.
The board voted 8-1 to retain the interest rate at -0.1 percent on current accounts that financial institutions maintain at the central bank.
Also, the bank will continue purchase a necessary amount of Japanese government bonds without setting an upper limit so that 10-year JGB yields will remain at around zero percent.
As for CP and corporate bonds, the BoJ will maintain their amounts outstanding at about JPY 2 trillion and about JPY 3 trillion, respectively.
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Forecast for EUR/USD on May 22, 2020
EUR/USD
The euro grew during the first half of Thursday due to optimistic rates of European business activity for the current month: Manufacturing PMI of the euro area grew from 33.4 to 39.5, Services PMI showed even greater dynamics - an increase from 12.0 to 28.7. The euro has decisively reversed since the US session opened. US PMIs came out better than expected, but not as much as we expected: Manufacturing PMI grew from 36.1 to 39.8 against 39.3, Services PMI grew from 26.7 to 36.9 with 32.6 expected. Nevertheless, the trading volumes were comparable to those observed on May 18, which indicates a massive closure of purchases and even the opening of sales. A more interesting story awaits us next week, when sales of new housing, orders for durable goods, incomes and expenses of consumers will be published in the US.
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The price was re-marked at the upper border of the price range and with the turn of the oscillator, Marlin headed down on the daily chart. The closest support for the price is the price channel line at 1.0918, below it is the MACD indicator line at 1.0888, overcoming it will confirm the euro's intention to go much deeper down to 1.0767 and 1.0578.
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The signal line of the Marlin oscillator penetrated into the downward trend zone after forming a double divergence on the four-hour chart. The closest target is the 1.0888 level, at which the MACD lines coincide on both scopes. Consolidation under the level opens the way to the lower border of the range 1.0767.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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Singapore Cuts 2020 GDP Outlook
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Singapore's economic outlook for 2020 was lowered further due to the deterioration in foreign demand forecast and the expected economic impact of the coronavirus containment measures.
The Ministry of Trade and Industry on Tuesday forecast the city-state economy to shrink "-7.0 to -4.0 percent" this year instead of "-4.0 to -1.0 percent projected in March.
The ministry said there continues to be a significant degree of uncertainty over the length and severity of the coronavirus, or Covid-19, outbreak, as well as the trajectory of the economic recovery, in both the global and Singapore economies.
Gross domestic product shrank 0.7 percent on a yearly basis in the first quarter, reversing a 1 percent rise in the fourth quarter 2019. The first quarter figure was revised from -2.2 percent.
On a quarter-on-quarter seasonally-adjusted annualized basis, the economy contracted 4.7 percent, a pullback from the 0.6 percent expansion in the fourth quarter of last year.
The manufacturing sector expanded by 6.6 per cent year-on-year on account of output expansions in the biomedical manufacturing, precision engineering and transport engineering clusters.
Meanwhile, the construction sector contracted 4.0 percent. Likewise, the wholesale and retail trade sector fell 5.8 percent and the transportation and storage sector declined 8.1 percent.
The accommodation and food services sector logged a sharp fall of 23.8 percent. At the same time, the information and communications sector grew 3.5 percent and the finance and insurance sector expanded 8.0 percent.
The business services sector shrank 3.3 percent in the first quarter.
A very strong performance from the biomedical manufacturing sector meant that Singapore's economy contracted much less in the first quarter than previously thought, Alex Holmes, an economist at Capital Economics, said.
But with a stringent lockdown in place at home and demand cratering abroad, the sector is unlikely to stop a huge contraction in the economy in the second quarter, the economist added.
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Technical Analysis of BTC/USD for May 26, 2020:
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Crypto Industry News:
New strict rules, in which many ways of using digital resources are punishable by a fine or imprisonment, may soon become law in Russia.
New bills specifying how Russia should regulate cryptocurrencies were sent to the parliament of the country, the State Duma, earlier this week. Although the official site for the planned regulations has not yet been updated, both documents were published in the OrderCom telegram channel and were confirmed as authentic by the sources of the Russian news channel RBK.
Legislative proposals were reportedly written by employees of the Digital Economy think tank and the Skolkovo business accelerator. They are looking for a new version of the Digital Resources Act that has been stuck in the Duma for over two years, as well as cryptocurrency-oriented additions to the national criminal code.
The first bill would regulate digital currencies in Russia, or more precisely, prohibit the issuance and operation of digital currencies. It would even be forbidden to disseminate information on such activities.
Individuals and companies will not be able to accept digital currencies as payments, unless they are inherited, transferred to the debtors of a bankrupt company or confiscated as a result of a court decision. People with cryptocurrency should declare it at the tax office, as well as provide information on how to buy.
A second draft would introduce a new article in the Criminal Code imposing sanctions for illegal operations using digital resources. If the regulations are adopted, the issue of digital assets in Russia without permission to enter in the register, which is yet to be created in the central bank of this country, will result in a fine of up to two million rubles (almost $ 28,000). The same level of penalty is suggested for organizing operations with digital resources and cryptocurrencies without permission, while people would face fines of up to $ 2,800.
Buying a cryptocurrency for cash or a bank transfer from a Russian bank would be subject to a fine of up to one million Russian rubles ($ 14,000) or up to seven years in prison, depending on the scale of the contract. A similar penalty would apply to those who accept crypto for goods and services.
If such a business brings "particularly large" profits or particularly large damage to citizens and the state, the proposal would cause the person (s) involved to be imprisoned for up to seven years, or even forced labor.
Mention of the central bank register suggests that legislators are free to some officially sanctioned entities to issue and use digital assets, while most general operations would be banned.
According to the RBK report, Anatoly Aksakov, head of the Duma of the Financial Markets Commission, confirmed the authenticity of the documents, but stated that they had not been finalized.
Technical Market Outlook:
The BTC/USD pair has bounced from the level of $8,576 after breaking through the key trend line support located around the level of $8,800. The bounce is so far very shallow and the next the nearest resistance is located at the level of $8,919 and $9,013. On the other hand, the next technical support is seen at the level of $8,464 and $8,357.The momentum remains weak and negative, so the odds for another wave down are high.
Weekly Pivot Points:
WR3 - $10,568
WR2 - $10,245
WR1 - $9,478
Weekly Pivot - $9,098
WS1 - $8,333
WS2 - $7,968
WS3 - 7,231
Trading Recommendations:
The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis are provided byInstaForex.
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European Economics Preview: French Consumer, Business Sentiment Data Due
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Consumer and business sentiment survey results from France are due on Wednesday, headlining a light day for the European economic news.
At 2.00 am ET, Statistics Norway is set to issue unemployment and retail sales data. The jobless rate is forecast to rise to 4 percent in March from 3.5 percent in the preceding period.
At 2.45 am ET, France's Insee publishes consumer and business confidence survey results. The consumer sentiment index is forecast to fall to 92 in May from 95 in April. The business confidence index is seen at 85 versus 82 a month ago.
At 3.00 am ET, unemployment data from Hungary is due.
At 3.30 am ET, European Central Bank President Christine Lagarde is set to speak at the European Youth Event 2020. In the meantime, Statistics Sweden publishes producer prices for April. Prices had fallen 3.6 percent annually in March.
At 4.00 am ET, unemployment data from Norway and manufacturing Purchasing Managers' survey from Austria are due.
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Korea Rate Decision On Tap For Thursday
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The Bank of Korea will wrap up its monetary policy meeting on Thursday and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity. The central bank is projected to trim its benchmark lending rate by 25 basis points, from 0.75 percent to 0.50 percent.
Australia will see Q1 numbers for capital expenditure and May figures for the business confidence index from ANZ. Capex is expected to sink 2.6 percent on quarter after falling 2.8 percent in the previous three months. The business confidence index had a score of -66.6 in April.
Taiwan will see May figures for its consumer confidence index; in April, the index score was 73.39.
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Japan Retail Sales Slide 9.6% On Month In April
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The total value of retail sales in Japan was down a seasonally adjusted 9.6 percent on month in April, the Ministry of Economy, Trade and Industry said on Friday.
That was shy of expectations for a decline of 7.0 percent following the 4.5 percent drop in March.
On a yearly basis, retail sales tumbled 13.7 percent - also missing expectations for a drop of 11.5 percent after slipping 4.6 percent in the previous month.
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Philippines Manufacturing PMI Rises To 40.1 In May - IHS Markit
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The manufacturing sector in the Philippines continued to contract in May, albeit at a slower rate, the latest survey from IHS Markit revealed on Monday with a manufacturing PMI score of 40.1.
That's up from the record low 31.6 in April, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Individually, the rates of decline in output and new orders eased but remained sharp.
Employment levels fell steeply again, while output prices ricked higher as cost pressures rose.
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Ireland Manufacturing Downturn Continues In May
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Ireland's manufacturing sector contracted at a softer pace in May, as the local and global economies remained in lockdown amid coronavirus outbreak, survey data from IHS Markit showed on Tuesday.
The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, rose to 39.2 in May from 36.0 in April. Any reading below 50 indicates contraction in the sector.
New orders remained weak in the midst of lockdown measures. Employment increased in May, but it signaled the second fastest rate of job shedding in nearly eleven years. Suppliers' delivery time lengthened in May.
Stocks of purchase signaled the slowest rate of input destocking in seven months. New export orders declined further at the second-fastest pace on record.
As many firms remained shut down in May, backlogs of work declined at the fastest rate since September 2011. Purchasing activity declined due to suspended output and fall in demand due to coronavirus pandemic.
On the price front, the survey showed that input prices fell for the third straight month in May and manufacturers reduced their charges for the third month and at the strongest rate since July 2019.
Manufacturers reported overall optimism regarding future output in May, following a record degree of pessimism in April.
"The AIB Irish Manufacturing PMI data for May paint a downbeat picture of the sector for the third month in a row as the lockdowns associated with the coronavirus pandemic continue to depress activity," Oliver Mangan, AIB chief economist said.
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Australia Building Approvals Dip 1.8% In April
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The total number of building permits issued in Australia was down a seasonally adjusted 1.8 percent on month in April, the Australian Bureau of Statistics said on Wednesday - coming in at 15,294.
That beat expectations for a plunge of 15.0 percent following the 4.0 percent drop in March.
On a yearly basis, building permits were up 5.7 percent.
Permits issued for private sector houses rose 2.7 percent on month and 4.9 percent on year to 8,912, while permits issued for private sector dwellings excluding houses fell 8.9 on month but rose 4.0 percent on year to 6,079.
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Australia April Trade Surplus A$8.800 Billion
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Australia posted a seasonally adjusted merchandise trade surplus of A$8.800 billion in April, the Australian Bureau of Statistics said on Thursday - down 16 percent on month.
That exceeded expectations for a surplus of A$7.5 billion following the downwardly revised A$10.44 billion surplus in March (originally A$10.60 billion).
Exports were down 11.0 percent on month to A$37.505 billion following the downwardly revised 13.9 percent increase in the previous month.
Non-rural goods fell A$2.192 billion (8 percent) and non-monetary gold fell A$1.694 billion (47 percent). Rural goods rose A$39 million (1 percent) and net exports of goods under merchanting rose A$15 million (79 percent). Services credits fell A$924 million (13 percent).
Imports sank 10.0 percent on month to A$28.705 billion after losing a revised 3.6 percent a month earlier (originally -4.0 percent).
Intermediate and other merchandise goods fell A$507 million (5 percent) and non-monetary gold fell A$402 million (40 percent). Consumption goods rose A$329 million (4 percent) and capital goods rose A$243 million (4 percent). Services debits fell A$2.773 billion (42 percent).
Also on Thursday, the ABS said that the total value of retail sales in Australia tumbled by a seasonally adjusted 17.7 percent on month in April, coming in at A$24.791 billion.
That was slightly better than expectations for a decline of 17.9 percent following the 8.5 percent increase in March.
The decline was led by drops in food retailing (-17.4 percent), cafes, restaurants and takeaway food services (-35.4 percent), clothing, footwear and personal accessory retailing (-53.6 percent), other retailing (-14.4 percent), department stores (-14.9 percent), and household goods retailing (-0.1 percent).
By region, sales were down in Victoria (-21.1 percent), New South Wales (-17.5 percent), Queensland (-15.7 percent), Western Australia (-16.8 percent), South Australia (-14.6 percent), Tasmania (-17.5 percent), the Australian Capital Territory (-14.9 percent), and the Northern Territory (-7.7 percent).
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Japan Household Spending Sinks 11.1% On Year In April
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The average of household spending in Japan was down 11.1 percent on year in April, the Ministry of Internal Affairs and Communications said on Friday - coming in at 267, 922 yen.
That beat expectations for a drop of 15.4 percent on year following the6.0 percent fall in March.
The average of monthly income per household stood at 531,017 yen, up 0.9 percent on year.
On a monthly basis, household spending fell 6.2 percent - also beating expectations for a fall of 8.7 percent after slipping 4.0 percent a month earlier.
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Ireland Construction Sector Continues To Contract In May
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Ireland's construction sector contracted for the third straight month in May, though at a softer pace, amid covid-19 restrictions, data from the IHS Markit showed on Monday.
The Ulster Bank construction Purchasing Managers' Index rose to 19.9 in May from 4.5 in April.
This rate of contraction was still sharper than at any other time in 20 years of data collection. Any score below 50 indicates contraction in the sector.
"Mirroring the pattern of the headline PMI, the sectoral sub-indices also point to a slower pace of contraction (particularly so in the case of commercial and housing), consistent with April having been the point of peak stress for Irish construction activity during the current crisis," Simon Barry, chief economist Republic of Ireland at Ulster Bank, said.
All three categories of activity decreased in May, though the rate of contraction eased in each case. Civil engineering activity declined sharply, while commercial activity fell softly.
New orders declined for the third straight month in May due to covid-19 crisis. Employment and purchasing activity fell for the third month in a row.
Suppliers' delivery time lengthened further in May.
Input prices rose slightly in May, but the rate of inflation was below the series average.
The 12-month outlook for the construction firms remained pessimistic in May.
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Australia NAB Business Conditions Rise In May
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Australia's business conditions and confidence improved in May but remained deeply negative, survey data from National Australia Bank showed Tuesday.
The business conditions index gained 10 points to -24 in May after hitting the lowest level since the global financial crisis.
While improvement in conditions was broad-based across industries, conditions in services industries remained notably weaker.
The increase in conditions was driven by an improvement in trading conditions and profitability, while the employment index logged a more moderate improvement.
At the same time, the business confidence index advanced to -20 in May from -45 in April.
Business confidence increased from its low point in March, but remained weak with a current reading last seen around the trough in the 1990s recession.
With coronavirus containment measures having generally been eased, although to varying degrees across the states, there have seen some pickup in activity, the NAB said. However, uncertainty remains high both globally and domestically and businesses likely remain concerned about how quickly they will return to full capacity.
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