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Forex News from InstaForex


U.S. Allies Retaliate Against Trump Administrations Steel, Aluminum Tariffs

Canada and Mexico retaliated against America's move to impose additional duties on steel and aluminum imports and the European Union had its own countermeasures prepared, reviving concerns of a global trade war.

U.S. Commerce Secretary Wilbur Ross announced the tariffs in a telephone briefing on Thursday. The move ends months of uncertainty regarding possible exemptions and indicated a toughening of the Trump administration's stance on trade negotiations.

Ross told reporters that a 25 percent tariff on steel imports and 10 percent tariff on aluminum imports will be imposed on the EU, Canada and Mexico from midnight on Friday.

The measures, which were first announced by President Donald Trump in March, received criticism from Republican lawmakers and the nation's top lobbying group. It also affected global financial markets.

Canada and Mexico, currently engaged in talks with the US to overhaul the North American Free Trade Agreement immediately responded to the announcement. Canada, the biggest supplier of steel to America, said it will impose tariffs covering C$16.6 billion on imports from the U.S. It will include whiskey, orange juice, steel, aluminum and other products, according to Canadian Foreign Minister Chrystia Freeland.

In a news conference, Prime Minister Justin Trudeau criticized the decision made by the Trump administration and was clearly going to result in retaliatory measures.

Mexico announced what it called an equivalent measures on a wide range of U.S. farm and industrial products. The measures target pork legs, apples, grapes and cheese as well as steel and other products, which will be implemented until the U.S. government removes the tariffs, according to Mexico's Economy Ministry.

The EU threatened tariffs on Harley Davidson motorcycles and bourbon, measures aimed at the political bases of U.S. Republican lawmakers.

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Tech Rally Powers Wall Street Higher, Nasdaq Notches Record Close

Wall Street's three benchmark indexes rallied on Monday, led by broad gains in tech stocks, driving the Nasdaq to a record closing high as investors wager on the retention of solid economic growth, while declining oil prices affected the energy sector.

The Dow Jones Industrial Average edged up 178.48 points, or 0.72 percent, to 24,813.69. The S&P 500 rose by 12.25 points, or 0.45 percent, to 2,746.87.The Nasdaq Composite jumped 52.13 points, or 0.69 percent, to hit 7,606.46, a record closing high.

Apple shares climbed to their highest level in history due to investor expectations on its annual developers conference and Microsoft received nods for its latest acquisition, driving the S&P 500 technology index to a record high. Meanwhile, Amazon.com outperformed among consumer stocks. The S&P 500's technology sector was the benchmark index's biggest gainer, 0.8 percent higher.

According to traders, better-than-expected U.S. jobs data for ay was still a main factor to investor optimism as traders looked past recent trade war concerns.

Despite the impressive jobs report, markets are worried about the U.S. government's announcement last week of steel and aluminum tariffs for Europe, Canada and Mexico, which concluded a two-month exemption.

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Mexico Hits Back against Steel Duties with Tariffs on U.S. Imports

Mexico has announced new levies on U.S. imports in response to U.S. President Donald Trump's decision to impose hefty tariffs on imports of steel and aluminum.

The peso fell on Tuesday after Mexico imposed tariffs on U.S. products including bourbon, apples, potatoes, cheese, and pork in retaliation to the steel duties.

Mexico's peso was down 1.4 percent at 20.35 to the dollar in early trade.

The announcement of tariffs ranging from 15 percent to 25 percent came as the future of the NAFTA trade deal came under new pressure from the White house. The list of U.S. products subject to fresh tariffs did not include the top two US agricultural exports to Mexico: Corn and soybeans. This would enable the animal feed products to continue to enter Mexico's domestic livestock and poultry industries.

The new tariffs came after the Trump administration restated its desire to push for bilateral talks on NAFTA with Mexico and Canada. According to Larry Kudlow, economic adviser to Trump, Washington was now inclined towards such change, saying that countries that are different potentially deserves varying deals. Mexico has opposed such attempts to split the NAFTA allies.

Jaime Zabludovsky, one of Mexico's original Nafta negotiators, said Trump's desire to negotiate separately was senseless and also put the interests of US private sector at risk.

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Oil Prices Rally on Venezuelan Supply Disruptions

Oil prices rallied on Thursday to pare some of the prior session's losses, propped up by declining exports by OPEC-member Venezuela.

Brent crude futures traded up 33 cents or 0.4 percent, to $75.69 per barrel. Meanwhile, U.S. WTI crude rose 33 cents or 0.6 percent at $65.11 per barrel. It finished the prior session 1.2 percent lower at $64.73 per barrel.

Venezuela, a member of the OPEC,is lagging in shipping crude to clients from its main oil export port for almost a month, according to Reuters data, as chronic postponements threaten to breach state-run PDVSA's crude supply contracts if they are not quickly delivered.

Tankers waiting to load over 24 million barrels of crude,almost as much as PDVSA sippined in April, are waiting in the country's main oil port. Reuters data showed that the backlog is so serious, PDVSA advised some customers it may announce force majeure, allowing it to temporarily stop contracts if they do not take on new delivery terms.

Venezuela's supply troubles come amid voluntary production cuts by OPEC which have been implemented since 2017 in order to rebalance the market and drive up prices. The cartel is slated to meet at its headquarters in Vienna, along with top producer but non-OPEC member Russia, on June 22 to talk about production policy.

Iran, a member of OPEC, said on Wednesday that a production boost was not up for consideration as the market was steady and prices were good.

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Chinese Australian Imports Rise but AUD Does Not, May Fall Rather

The Australian Dollar headed lower after Mays Chinese trade data crossed the wires. In both Yuan and US Dollar terms, Chinas surplus missed expectations. This suggests a lower-than-anticipated boost to local economic growth as net exports are one of the four components of GDP. However, in both measurements, exports and imports rose above estimates.

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South Korea Producer Prices Add 0.2% In May

Producer prices in South Korea were up 0.2 percent on month in May, the Bank of Korea said on Thursday - up from 0.1 percent in April.

Individually, prices for agricultural, forestry and marine products tumbled 0.9 percent on month, while manufacturing products were up 0.4 percent, utilities added 0.3 percent and services gained 0.1 percent.

On a yearly basis, producer prices advanced 2.2 percent, accelerating from 1.6 percent in the previous month.

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UK House Price Growth At 5-Year Low: Nationwide

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UK house prices increased at the slowest pace in five years in June on squeezed household budgets and Brexit uncertainty, data from the Nationwide Building Society showed Wednesday.

House prices grew 2 percent year-on-year in June, following May's 2.4 percent rise. This was the weakest growth since 2013. Nonetheless, the pace of increase was faster than the 1.7 percent economists had expected.

On a monthly basis, house prices rebounded 0.5 percent after falling 0.2 percent in May. Economists had forecast a 0.2 percent rise for June. Average house prices totaled GBP 215,444 in June.

Looking forward, much will depend on how broader economic conditions evolve, especially in the labor market, but also with respect to interest rates, Robert Gardner, Nationwide's chief economist, said.

"Subdued economic activity and ongoing pressure on household budgets is likely to continue to exert a modest drag on housing market activity and house price growth this year, though borrowing costs are likely to remain low," Gardner added.

The economist forecast house prices to rise by around 1 percent over the course of 2018.

Data showed that house prices climbed 2.2 percent on a yearly basis in the second quarter. London was the weakest performing region in the second quarter, with prices down 1.9 percent year-on-year.

Despite the recent underperformance, prices in the capital were more than 50 percent above their 2007 peak.

Meanwhile, the East Midlands was the strongest performing region, with prices up 4.4 percent year-on-year.



-- Edited by IFX Yvonne on Wednesday 27th of June 2018 10:18:00 AM

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BRAZIL: Savings Reached Net Funding Of R$ 5.639 Billion In June

Savings accounts in Brazil recorded net funding of R$ 5.639 billion in June, more than doubling the R$ 2.405 billion recorded in May, the country's Central Bank said on Thursday.

The balance is the result of R$ 179.9 billion in deposits and R$ 14.358 billion in withdrawals from savings accounts. In the first half of the year, there was a net funding of R$ 7.349 billion.

In the same period of 2017, savings recorded a net outflow of R$ 12.290 billion. The total savings in June amounted to R$ 749.8 billion, up 0.7% from May.

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Data on the labor market did not support the US dollar

The euro rose in the first half of the day amid good data on production orders in Germany, and in the second half of Thursday, a weak report on the number of employees from ADP put pressure on the US dollar.

According to the report, orders in Germany's manufacturing sector in May of this year increased significantly and exceeded forecasts of economists. This suggests that Germany's economic recovery is gaining strength again after a weak start in the first quarter of this year.

According to the Federal Bureau of Statistics, the volume of orders for goods produced in Germany in May 2018 increased by 2.6% compared with April. The main reason for the increase was the growth in domestic orders by 4.3%, while export orders were up by 1.6% compared with April. Economists expected that in May orders will increase by 1.1%.

Data for April were also revised upward. A decline in orders in the manufacturing sector accounted for 1.6%, and not as previously reported 2.5%. Data on the labor market did not provide the expected support for the US dollar, as it turned out to be worse than the economists' forecasts.

According to the report, the number of jobs in the private sector in the US in June of this year increased by 177 thousand, while in May this figure was at 163 thousand. Economists predicted an increase in the number of jobs by 185 thousand.

The ADP said that the US labor market continues to move towards full employment and the number one problem for businesses is finding qualified workers. It is projected that, at the current rate of growth in employment, the shortage of labor will be exacerbated in all sectors and in companies of all sizes.

On Thursday, the British pound rose against the US dollar after statements made by the head of the Bank of England.

Mark Carney said in his speech that in the coming years it will be necessary to raise interest rates, since the weakness of the UK economy in the 1st quarter was apparently a temporary phenomenon. Many experts also agree that the economic downturn that was observed earlier this year is coming to an end, but they are less optimistic about the forecasts of further GDP growth.

Carney also drew attention to the fact that there are signs of a negative impact of trade conflicts on business activity in the UK, and the trade war, which is now being waged by the US against most developed countries, could be a catalyst for a wider slowdown in global economic growth.

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Australia Business Confidence Steady In June - NAB

Business confidence in Australia was unchanged in June, the latest survey from National Australian Bank revealed on Tuesday with an index score of +6.

That's unchanged from the May reading.

The bank also said that business conditions were steady with a score of +15, also unchanged from the previous month.

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Australia Housing Finance Rises Unexpectedly

The total number of owner occupied housing commitments in Australia increased unexpectedly in May, after falling in the previous five months, figures from the Australian Bureau of Statistics showed Wednesday.

On a seasonally adjusted basis, total number of owner occupied dwelling commitments rose 1.1 percent month-over-month in May, reversing a 0.9 percent fall in April.

In contrast, economists had expected 2.0 percent decline for the month.

The value of owner occupied housing commitments, excluding alternations and additions, climbed 0.5 percent.

Meanwhile, the total value of investment housing commitments dropped slightly by 0.1 percent.

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Malaysia Industrial Production Growth Slows As Expected

Malaysia's industrial production growth eased in May, in line with expectations, data from the Department of Statistics showed Thursday.

Industrial production advanced 3.0 percent year-over-year in May, slower than the 4.6 percent rise in April.

Among sectors, manufacturing output grew 4.1 percent annually in May and electricity production expanded by 2.6 percent. Meanwhile, mining output registered a decline of 0.5 percent.

On a monthly basis, industrial production edged up 0.2 percent from April, when it climbed by 1.5 percent.

Another report from the statistical office showed that manufacturing sales rose 5.5 percent yearly in May, following a 8.2 percent spike in the preceding month.

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China Exports Rise More Than Forecast

China's exports increased at a faster-than-expected pace in June, data from the General Administration of Customs showed Friday.

In dollar terms, exports climbed 11.3 percent year-over-year in June, faster than the expected rise of 9.5 percent.

Imports advanced 14.1 percent in June from a year ago, well below economists' forecast for a growth of 21.3 percent.

The trade surplus totaled $41.61 billion in June versus the expected surplus of $27.72 billion.

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Malaysia Unemployment Rate Remains Stable

Malaysia's unemployment rate held steady in May, figures from the Department of Statistics showed Monday.

The jobless rate came in at 3.3 percent in May, the same rate as in April.

In the corresponding month last year, the unemployment rate was 3.4 percent.

There were 507,000 unemployed people in May compared with 504,800 a year earlier.

The labor force participation rate edged up to 68.4 percent in May from 68.2 percent in April.

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Singapore NODX Rises Less Than Expected In June

Singapore's non-oil domestic exports increased at a slower-than-expected pace in June, data from the International Enterprise Singapore showed Tuesday.

NODX rose 1.1 percent year-over-year in June, much slower than the 15.5 percent surge in May. That was also well below the 7.8 percent growth economists had forecast.

Meanwhile, exports of electronic products decreased 7.9 percent annually in June, following a 7.8 percent decline in the previous month.

Non-electronic NODX expanded 4.6 percent yearly in June after a 26.2 percent spike a month ago.

On a monthly basis, NODX fell a seasonally adjusted 10.8 percent from May, when it grew by 10.3 percent

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Malaysia Inflation Eases More Than Forecast

Malaysia's consumer price inflation eased at a faster-than-expected pace in June to the lowest level in more than three years, following the withdrawal of the GST, figures from the Department of Statistics showed Wednesday.

Consumer prices rose 0.8 percent year-over-year in June, slower than the 1.8 percent increase in May. Economists had expected the inflation to moderate to 1.3 percent. For the first time within 40 months, the consumer price index recorded a value below 1.0 percent in June.

The abolishment of the GST by the government and discounts and price control measures during the Aidilfitri celebrations had a remarkable impact on goods prices, the agency said.

On a monthly basis, consumer prices dropped 1.2 percent in June.

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Australia Unemployment Rate Steady At 5.4%

The jobless rate in Australia came in at a seasonally adjusted 5.4 percent in June, the Australian Bureau of Statistics said on Thursday.

That was in line with expectations and unchanged from the previous month.

The Australian economy added 50,900 jobs last month to 12,573,600 - shattering expectations for an increase of 16,500 following the addition of 12,000 in May.

Full-time employment increased 41,200 to 8,565,200 and part-time employment increased 9,700 to 4,008,400.

Unemployment decreased 1,100 to 714,100. The number of unemployed persons looking for full-time work increased 5,100 to 501,900 and the number of unemployed persons only looking for part-time work decreased 6,100 to 212,200.

The participation rate ticked up to 65.7 percent, exceeding expectations for 65.5 percent - which would have been unchanged.

Monthly hours worked in all jobs increased 10.7 million hours (0.6%) to 1,750.7 million hours.

Year-on-year growth in trend employment was above the 20 year average in all states and territories except for Victoria and Western Australia.

Over the past year, the states and territories with the strongest annual growth in trend employment were New South Wales (3.7 percent), Australian Capital Territory (2.9 percent) and Queensland (2.6 percent).

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Japan All Industry Activity Rises Marginally In May

Japan's all industry activity grew only marginally in May after recovering in April, data from the Ministry of Economy, Trade and Industry showed Friday.

The all industry activity index gained 0.1 percent on month, much slower than April's 1 percent rebound. Nonetheless, the monthly rate was better than the expected nil growth.

Data showed that construction activity growth eased to 0.7 percent from 2.4 percent. At the same time, industrial production dropped 0.2 percent, reversing a 0.5 percent rise in April. The tertiary industry activity edged up 0.1 percent after climbing 1 percent a month ago.

Meanwhile, on a yearly basis, all industry activity growth accelerated to 1.6 percent from 1.4 percent in the previous month.

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UK Household Finance Outlook Turns Positive July

British households' finance outlook turned positive for the first time since March 2016, while their financial pressures softened in July, results of a survey by IHS Markit and financial information provider Ipsos Mori revealed Monday.

The seasonally adjusted Household Finance Index, or HFI, rose to 44.6 in July from 43.6 in June.

However, a score below 50 suggests pessimism regrading finances among the U.K. households.

The index measuring the outlook for financial well-being over the next twelve months, climbed to 51.3 in July from 48.2 in the previous month.

A continued solid increase in income from employment and softer inflationary pressures combined to help ease the perceived strain on current finances.

On the price front, inflation expectations eased to a 19-month low in July, indicating that UK households forsee a softer squeeze from inflationary pressures over the next year.

"Nonetheless, households shifted their interest rate rise expectations towards the near-term, with around half of respondents anticipating a Bank of England rate rise before the end of the year," Sam Teague, Economist at IHS Markit, said.

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Australia's Consumer Confidence Weakens

Australia's consumer confidence weakened during the week ended July 22, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Tuesday.

The consumer confidence index dropped to 118.9 from 121.5 in the preceding week. Moreover, this was the lowest value in seven months.

"The decline in confidence was primarily driven by a weakening in sentiment around current and future economic conditions," ANZ's head of Australian Economics, David Plank, said.

"This likely reflects ongoing geopolitical tensions, such as the extending of trade tensions beyond the US and China."

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Australia Q2 CPI Unchanged At 0.4% On Quarter

Consumer prices in Australia were up 0.4 percent on quarter in the second three months of 2018, the Australian Bureau of Statistics said on Wednesday.

That was shy of expectations for an increase of 0.5 percent but unchanged from the Q1 reading.

On a yearly basis, inflation rose 2.1 percent - beneath expectations for 2.2 percent and up from 1.9 percent in the three months prior.

The trimmed mean was up 0.5 percent on quarter and 1.9 percent on year - both as expected and unchanged from the previous three months.

The weighted median was up 0.5 percent on quarter, unchanged and as expected. It was also up 1.9 percent on year, matching forecasts and down from 2.1 percent in Q1.

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Australia Q2 Import Prices Rise More Than Expected

Australia's import prices increased at a faster-than-expected pace in the three months ended June, figures from the Australian Bureau of Statistics showed Thursday.

The import price index climbed 3.2 percent sequentially in the second quarter, faster than the 2.0 percent rise in the first quarter. It was the third consecutive quarterly increase.

That was above the 1.9 percent rise economists had forecast.

The increase was driven by higher prices paid for petroleum, petroleum products and related materials, general industrial machinery, electrical machinery, apparatus and appliances.

On a yearly basis, imports prices grew at a faster rate of 6.0 percent in the June quarter, after a 2.6 percent gain in the March quarter.

Data also revealed that export prices grew 1.9 percent quarterly and by 6.6 percent yearly in the June quarter.

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BRAZIL: DI Rates Close Mixed On Thursday

The one-day interbank deposit futures rates (DI rates) in Brazil ended mixed Thursday. While the shorter maturities closed stable in an adjustment movement, the longer ones rose, tracking the locally traded U.S. dollar appreciation against the Brazilian real.

"The shorter DIs did not keep up with the dollar and were relatively well-behaved, even though they made maximums throughout the session. The perception is that the dollar's rise is much more technical, an adjustment, than a perception of improvement in the assets," said H.Commcor operator Cleber Alessie.

Alessie stressed that longer maturities have risen in line with the U.S. currency.

"It was a day of profit-taking," he pondered.

The January 2019 DI contract rate closed stable at 6.625%, while the January 2020 DI rate was at 7.91%, from 7.93% in the previous settlement. The January 2021 DI contract rate settled at 8.94%, from 8.93%.

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Dutch Producer Confidence At 11-Month Low

Dutch producer confidence weakened further in July to the lowest level in almost a year, data from the Central Bureau of Statistics showed Monday.

The producer confidence index dropped to 6.3 in July from 7.7 in June.

Moreover, this was the lowest score since August 2017, when it marked 5.4.

Producers in the industry were less positive about the order book and the expected activity in July than a month earlier.

However, their assessment of the stocks of finished products was more positive.


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Yen Declines After BoJ Decision

As expected, the Bank of Japan kept its interest rate unchanged at -0.1 percent and maintained the purchase of government bonds so that the 10-year JGB yeild remains at zero percent. The bank said the purchase of government bonds would continue at an annual pace of about JPY 80 trillion.

After the decision, the yen dropped against its major rivals.

The yen was trading at 111.34 against the greenback, 112.61 against the franc, 130.21 against the euro and 146.04 against the pound around 12:09 am ET.

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China Manufacturing PMI Slide To 50.8 - Caixin

The manufacturing sector in China continued to expand in July, albeit at a slower pace, the latest survey from Caixin revealed on Wednesday with a PMI score of 50.8.

That's down from 51.0 in June, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Individually, there were slower increases in output and new orders.

New export sales fell at the quickest rate in more than two years, while input costs rose solidly.

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Japan Monetary Base Climbs 7.0% On Year In July

The monetary base in Japan was up 7.0 percent on year in July, the Bank of Japan said on Thursday - coming in at 497.639 trillion yen.

That follows the 7.4 percent jump in June.

Banknotes in circulation were up 4.1 percent on year, the bank said, while coins in circulation gained an annual 0.9 percent.

Current account balances advanced 7.9 percent, including a 6.4 percent gain in reserve balances.

The adjusted monetary base was up 2.3 percent on year to 489.229 billion yen.

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Japan Services Sector Slows In July - Nikkei

The services sector in Japan continued to expand in July, albeit at a slower pace, the latest survey from Nikkei showed on Friday with a PMI score of 51.3.

That's down from 51.4, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Individually, employment growth accelerated, but output and new business expanded at softer rates. Price pressures intensified.

The survey also showed that Japan's composite index fell to a score of 51.8, down from 52.1 in June.

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Australia Job Ads Rebound In July


Job advertisements in Australia increased in July after falling in the previous month, the latest survey from the Australian and New Zealand Banking Group revealed Monday.

On a monthly basis, total job ads rose a seasonally adjusted 1.5 percent month-over-month in July, reversing a 1.7 percent decline in June.

Annual growth in job ads accelerated to 7.3 percent in July from 6.9 percent in the preceding month.

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European Economics Preview: Germany's Trade, Industrial Output Data Due

Foreign trade and industrial production figures from Germany are due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is slated to release Germany's industrial production and foreign trade reports. Industrial production is seen falling 0.5 percent on month in June, reversing a 2.6 percent rise in May.

Economists forecast Germany's exports to drop 0.4 percent month-on-month after rising 1.8 percent a month ago.

At 2.45 am ET, France's foreign trade figures are due. Economists forecast the trade deficit to narrow to EUR 5.5 billion in June from EUR 6 billion in May.

At 3.00 am ET, industrial output from Hungary and trade figures from the Czech Republic are due.

At 3.30 am ET, UK Halifax house price data is due. House prices are expected to rise 0.2 percent on month in July, following a 0.3 percent increase in June.

Also, at 3.30 am ET, Statistics Sweden releases industrial production and orders figures.

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Japan Overall Bank Lending +2.0% On Year

Overall bank lending in July was up 2.0 percent on year in July, the Bank of Japan said on Wednesday - coming in at 526.621 trillion yen.

That follows the 2.2 percent gain in June.

Excluding trusts, bank lending advanced an annual 2.0 percent to 458.097 trillion yen, slowing from the 2.1 percent gain in the previous month.

Lending from trusts climbed 2.2 percent to 68.523 trillion yen, while lending from foreign banks surged an annual 21.3 percent to 2.506 trillion yen.

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China Inflation Climbs 2.1% In July

Consumer prices in China were up 2.1 percent on year in July, the National Bureau of Statistics said on Thursday.

That exceeded expectations for 2.0 percent and was up from 1.9 percent in June.

On a monthly basis, CPI added 0.3 percent after easing 0.1 percent in June.

The bureau also said that producer prices jumped an annual 4.6 percent - beating forecasts for 4.5 percent and down from 4.7 percent in the previous month.

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Japan Producer Prices Climb 0.5% In July

Producer prices in Japan were up 0.5 percent on month in July, the Bank of Japan said on Friday.

That beat forecasts for a gain of 0.2 percent, which would have been unchanged from the previous month.

On a yearly basis, producer prices climbed 3.1 percent - exceeding expectations for 2.9 percent and up from 2.8 percent in the previous month.

Export prices were up 0.5 percent on month and 2.8 percent on year, the bank said, while import prices advanced 1.0 percent on month and 11.5 percent on year.

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Ireland Construction Growth Quickens In July

Ireland's construction growth accelerated in July amid strengthening demand, survey data from IHS Markit showed Monday.

The Ulster Bank construction Purchasing Managers' Index rose to 60.7 in July from 58.4 in June. Any reading above 50 indicates expansion in the sector.

Among three monitored categories, the fastest growth was on housing projects. Commercial activity also grew markedly, while civil engineering activity returned to growth in July.

New orders continued to rise sharply on the backdrop of improving customer demand. Consequently, firms raised their employment and purchasing activity at a substantial pace.

On the price front, the rate of input cost inflation remained marked amid some reports of material shortages.

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South Korea Money Supply Growth Accelerates In June

South Korea's money supply growth accelerated in June after easing in the previous month, preliminary figures from Bank of Korea showed Tuesday.

M2, a broad measure of money supply climbed 6.1 percent year-over-year in June, faster than May's 5.7 percent increase.

On a monthly basis, M2 money supply rose at a steady rate of 0.5 percent in June.

The annual growth in liquidity quickened to 6.6 percent in June from 6.1 percent in the previous month.

Liquidity of financial institutions grew at a slightly faster rate of 6.7 percent yearly in June, following a 6.6 percent rise a month ago.

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Australia Wage Prices Rise 0.6% In Q2

Wage prices in Australia were up a seasonally adjusted 0.6 percent on quarter in the second three months of 2018, the Australian Bureau of Statistics said on Wednesday.

That was in line with expectations and up from 0.5 percent in the three months prior.

On a yearly basis, wage prices advanced 2.1 percent - matching forecasts and unchanged from the previous three months.

Western Australia and the Northern Territory both had the lowest annual wage growth of 1.5 percent, while Victoria and Tasmania were the highest at 2.5 percent.

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Japan Has Y231.2 Billion Trade Deficit

Japan had a merchandise trade deficit of 231.2 billion yen in July, the Ministry of Finance said on Thursday.

That was shy of expectations for a shortfall of 41.2 billion yen following the downwardly revised 720.8 billion yen surplus in June (originally 721.4 billion yen).

Exports were up 3.9 percent on year, missing expectations for a gain of 6.3 percent and down from 6.7 percent in the previous month.

Imports surged an annual 14.6 percent versus forecasts for 14.2 percent following the upwardly revised 2.6 percent gain a month earlier (originally 2.5 percent).

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Malaysia's GDP Growth Slows In Q2

Malaysia's economic growth slowed to the weakest in more than a year in the second quarter, data from the Department of Statistics showed Friday.

Gross domestic product advanced 4.5 percent year-on-year, slower than the 5.4 percent expansion seen in the first quarter. A similar weaker growth was last seen in the fourth quarter of 2016.

On a quarterly basis, GDP climbed 0.3 percent versus 1.4 percent growth a quarter ago.

The production-side breakdown of GDP showed that service sector sustained 6.5 percent annual growth. Manufacturing grew moderately by 4.9 percent. At the same time, the expansion in construction slowed to 4.7 percent.

For the first half of 2018, Malaysia's GDP grew 4.9 percent from the same period of last year.

Another report from statistical office showed that Malaysia's current account surplus narrowed to MYR 3.9 billion from MYR 15.0 billion in the previous quarter.

This was the lowest since the second quarter of 2016. The lower surplus was largely attributable to the lower net exports of goods.


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Thailand GDP On Tap For Monday

Thailand will on Monday release Q2 numbers for gross domestic product, highlighting a light day for Asia-Pacific economic activity.

GDP is expected to gain 1.0 percent on quarter and 4.5 percent on year, slowing from 2.0 percent on quarter and 4.8 percent on year in the three months prior.

Singapore will see Q2 figures for wholesale sales; in the first quarter, sales were up 5.7 percent on quarter and 6.6 percent on year.

Japan will provide July data for convenience store sales; in June, sales advanced 1.1 percent on year.

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Japan All Industry Activity Falls As Expected In June

Japan's all industry activity decreased in June, in line with expectations, data from the Ministry of Economy, Trade and Industry showed Wednesday.

The all industry activity index dropped 0.8 percent month-over-month in June, reversing a 0.1 percent increase in May.

Industrial production contracted 1.8 percent over the month and construction activity index slid by 2.5 percent. The tertiary activity registered a fall of 0.5 percent.

On a yearly basis, all industry activity growth slowed notably to 0.2 percent in June from 1.6 percent in the prior month.

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Japan Manufacturing Sector Picks Up Steam In August - Nikkei

The manufacturing sector in Japan continued to expand in August, and at a faster rate, the latest survey from Nikkei revealed on Thursday with a manufacturing PMI score of 52.5.

That's up from 52.3 in July, and it moves farther above the boom-or-bust line of 50 that separates expansion from contraction.

Individually, input and output price inflation climbed to multi-year highs, while overall demand improved - although export orders failed to rise for a third straight month.

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New Zealand Trade Deficit Biggest Since 2009

New Zealand logged its biggest annual trade deficit in nine years on higher imports, data from Statistics New Zealand showed Friday.

The annual trade deficit for the year ended July 2018 was NZ$4.4 billion, the widest annual deficit since March 2009.

Annual imports rose NZ$6.9 billion or 13 percent from last year to NZ$60.7 billion. At the same time, annual exports totaled NZ$56.2 billion, up NZ$5.7 billion or 11 percent on a year earlier.

"The rise in imports in the past year reflect large rises in both imports of petroleum and products, and in mechanical machinery and equipment," international statistics manager Tehseen Islam said. "Exports of dairy and meat products led the exports rise."

In July alone, the trade balance showed a deficit of NZ$143 million compared to a surplus of NZ$92 million a year ago.

Imports advanced 21 percent annually to NZ$5.5 billion, this was the second highest imports value ever. Exports rose 16 percent to NZ$5.3 billion.

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South Korea Consumer Confidence Weakens Further

South Korea's consumer confidence weakened for the third straight month in August, survey data from Bank of Korea showed Tuesday.

The consumer sentiment index dropped to 99.2 in August from 101.0 in July.

Consumer sentiment regarding current living standards was 2.0 points down from the preceding month at 89, while that concerning their future outlook was unchanged at 97.

Consumer sentiment as to future household income was 1.0 point lower than in the month before at 98, and that concerning their future spending one point higher at 106.

The index measuring current domestic economic conditions slid to 70 from 77 and that regarding future domestic economic conditions weakened from 87 to 82.

The expected inflation rate over the following year was 2.7 percent.

The survey was conducted among 2,200 households between August 13 and 20.

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Japan Consumer Confidence At 1-Year Low

Japan's consumer confidence weakened further in August to the lowest level in a year, survey data from the Cabinet Office showed Wednesday.

The seasonally adjusted consumer confidence index dropped to 43.3 in August from 43.5 in July.

Moreover, this was the lowest score since August last year, when it marked the same 43.3.

The sub-index for income growth fell to 41.8 in August from 42.2 in the previous month. Similarly, the component index for employment decreased from 48.0 to 47.7.

The gauge measuring willingness to buy durable goods worsened to 42.0 from 42.2, while the index for overall livelihood rose to 41.7 from 41.6.

The survey was conducted among 8,400 households on August 15.

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Japan Retail Sales Gain 0.1% In July

Retail sales in Japan were up a seasonally adjusted 0.1 percent on month in July, the Ministry of Economy, Trade and Industry said on Thursday.

That missed expectations for an increase of 0.2 percent following the 1.5 percent spike in June.

On a yearly basis, retail sales climbed 1.5 percent - exceeding expectations for 1.2 percent and down from 1.8 percent in the previous month.

Sales from large retailers tumbled 1.6 percent on year, missing forecasts for a decline of 0.7 percent following the 1.5 percent jump a month earlier.

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China Manufacturing PMI Rises To 51.3 In August

The manufacturing sector in China continued to expand in August, and at a slightly faster rate, the latest survey from the National Bureau of Statistics showed on Friday with a PMI score of 51.3.

That beat expectations for a score of 51.0 and was up from 51.2 in July.

The bureau also said that the non-manufacturing PMI came in at 54.2 - also exceeding expectations for 53.7 and up from 54.0 in the previous month.

The composite index had a score of 53.8, up from 53.6 a month earlier.

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Japan Manufacturing Growth Improves In August

Japan's manufacturing growth improved slightly in August, final survey figures from IHS Markit showed Monday.

The Nikkei flash manufacturing Purchasing Managers' Index, or PMI rose to 52.5 in August from 52.3 in July. That was in line with the flash data published on August 23.

Any reading above 50 indicates expansion in the sector.

In line with stronger inflows of new work, firms raised production and employment in August.

However, business sentiment dipped amid uncertainty arising from global geopolitics. On the price front, input price inflation remained sharp in August and selling prices grew at the fastest rate in almost ten years.

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South Korea Q2 GDP Growth Slows More Than Estimated

South Korea's economic growth eased more than initially estimated in the three months ended June, latest figures from Bank of Korea showed Tuesday.

Gross domestic product advanced 0.6 percent sequentially in the second quarter, revised down from 0.7 percent rise seen in the flash report.

During the first quarter, the rate of expansion was 1.0 percent.

On the expenditure side, private consumption grew 0.3 percent over the quarter, while gross fixed capital formation declined by 2.9 percent.

Exports of goods and services gained 0.4 percent, while imports logged a fall of 3.0 percent

On an annual basis, GDP expanded at a steady pace of 2.8 percent in the June quarter.

The government forecasts the economy to grow 2.9 percent this year. The Bank of Korea also projected 2.9 percent growth for 2018, and 2.8 percent for 2019.


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Australia GDP Rises 0.9% In Q2

Australia's gross domestic product expanded a seasonally adjusted 0.9 percent on quarter in the second quarter of 2018, the Australian Bureau of Statistics said on Wednesday.

That beat forecasts for a gain of 0.7 percent following the 1.0 percent gain in the three months prior.

On a yearly basis, GDP was up 3.4 percent - also exceeding forecasts for 2.9 percent and up from 3.1 percent in the previous three months.

Household final consumption expenditure increased 0.7 percent during the quarter, contributing 0.4 percentage points to GDP growth.

"Growth in domestic demand accounts for over half the growth in GDP, and reflected strength in household expenditure," Chief Economist for the ABS, Bruce Hockman, said.

General government final consumption expenditure increased 1.0 percent in the June quarter. Public investment remained at elevated levels reflecting continued work on infrastructure projects across the nation.

Investment in new dwellings increased 3.6 percent for the quarter. with strength observed in Victoria and South Australia. This strength was reflected in the Construction industry, which grew 1.9 percent for the quarter.

Compensation of employees increased by 0.7 percent, while net exports contributed 0.1 percentage points to GDP growth.

The terms of trade fell 1.3 percent on quarter but advanced 2.0 percent on year.

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Australia's Trade Surplus Falls In July

Australia's trade surplus decreased in July, the Australian Bureau of Statistics reported Thursday.

The trade surplus fell to a seasonally adjusted A$1.55 billion in July from A$1.94 billion in June. Nonetheless, this was above the expected level of A$1.45 billion.

Data showed that exports dropped 1 percent from the previous month, while imports remained broadly unchanged in July.

Export growth is likely to slow further through the second half of the year given the bulk of Australia's major LNG, iron ore and coal mines are now approaching output capacity and scope for further marginal increases appears limited, Tom Kennedy, an economist at J.P. Morgan, said.

As a result, the net export contribution to real GDP growth is expected to fade and become neutral by end-2018, the economist added.

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