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  1. #1221
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    UK Consumer Morale Improves in January



    UK consumers began 2018 in a less downbeat mood as Brits reported improved confidence in their financial situation for the coming year, according to a survey.

    Research house GfK's consumer confidence index increased by 4 points to -9 in January.

    The score reflects an improvement in consumers' views on their personal financial situation over the past 12 months as well as improved expectations for the year ahead. Consumer views of the U.K.'s economic situation in the past year and in the coming 12 months also improved.

    All five measures used to calculate the index increased in January as the demand for major purchases, like furniture or washing machines, saw the biggest rise, climbing by five points to one. The index tracking the personal financial situation over the next 12 months increased to six from two in December while the outlook for the general economy edged higher to -24 from -28 in the previous month.

    However, Joe Staton, head of market dynamics at GfK, cautioned that the headline measure of consumer confidence remained in negative territory and was lower than at the same time in 2016, when it stood at -5.

    "In the absence of good news about rising wages and declining inflationary pressures, this off-trend number could be a temporary blip rather than a strong sign of recovery," Staton said.

    Inflation stood at three percent in December, close to the quickest in nearly six years. Wage growth has failed to keep pace with the acceleration, fueled by the pound's drop in 2016. It may ease this year, and sterling's recent appreciation could help.

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  2. #1222
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    Australia Producer Prices Climb 0.6% In Q4

    Final demand producer prices in Australia were up 0.6 percent on quarter in the fourth quarter of 2017, the Australian Bureau of Statistics said on Friday - following the 0.2 percent gain in the three months prior.

    The increase was mainly due to rises in the prices received for petroleum refining and petroleum fuel manufacturing (+11.9 percent), heavy and civil engineering construction (+0.7 percent) and building construction (+0.4 percent).

    They were partly offset by falls in the prices received for sugar and confectionery manufacturing (-3.9 percent), tobacco product manufacturing (-3.8 percent) and sheep, beef cattle and grain farming; and dairy cattle farming (-3.6 percent).

    On a yearly basis, producer prices jumped 1.7 percent - up from 1.6 percent in Q3.

    Intermediate demand producer prices were up 1.2 percent on quarter and 3.1 percent on year, while preliminary demand producer prices advanced 1.3 percent on quarter and 3.0 percent on year.

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  3. #1223
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    Gold Eases on Stronger Dollar after Upbeat Jobs Data

    Gold prices edged down early on Monday on a stronger dollar following a positive U.S. jobs data published late last week, but a decline in stocks cushioned the fall.

    Spot gold has fallen 0.1 percent to $1,331.80 per ounce. Spot gold on Friday declined by 1.2 percent, marking its biggest one-day decline since December 7. In the previous week, the precious metal experienced its biggest weekly fall since the week ending December 8.

    U.S. gold futures traded down 0.1 percent at $1,336 per ounce.

    In January, non-farm payrolls increased by 200, 00 jobs, according to the Labor Department, surpassing the expected 180, 000 increase and their biggest annual gain in over eight and a half years.

    Average hourly earnings increased and bolstered the annual gain to 2.9 percent, the biggest since June 2009.

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  4. #1224
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    China Private Sector Growth At 7-Year High

    China's private sector activity expanded at the quickest pace in seven years in January, survey data from IHS Markit showed Monday.

    The Caixin composite output index, which covers both manufacturing and services, climbed to 53.7 in January from 53.0 in December.

    Any reading above 50 indicates expansion in the sector.

    Service sector activity grew at the fastest pace since May 2012. The seasonally adjusted General Services Business Activity Index rose to 54.7 in January from 53.9 in the preceding month.

    At the same time, manufacturers signaled the quickest upturn in production levels since December 2016.

    Composite employment rose slightly, after broadly stagnating between August and December last year.

    "Caixin PMI readings in January showed that the Chinese economy had a good start to 2018," Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group said.

    "Looking forward, we should watch for stability of demand in the manufacturing industry and the impact of growing costs on the profitability of service providers."

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  5. #1225
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    Gold Prices Stable as Global Equity Markets Hit by Selloff

    Gold prices were on steady footing on Tuesday, lifted by a slump in global stock markets but pressured by bets for additional rate hikes by the U.S. Federal Reserve this year.

    Spot gold was mostly unchanged at $1,338.62 an ounce, after ending up 0.5 percent on Monday. The precious metal on Friday edged up 0.5 percent on Monday.

    Gold fell 1.2 percent on Friday in its biggest one-day drop since December 7. In the previous week, the metal saw its biggest weekly decline since the week ending December 8. U.S. gold futures edged up 0.4 percent at $1,342 per ounce.

    Last week, the U.S. Federal REserve stood pat on interest rates, but lifted its inflation outlook and signaled more gradual interest rate increases.

    Stock markets retreated around the world as a rebound in U.S. inflation raised the possibility that the FEd would tighten monetary policy at a more aggressive pace than priorly expected.

    However, U.S. bond yields surged on Monday as traders eased expectations the Fed would accelerate its clip of interest rate increases in the aftermath of a dramatic sell-off in the U.S. stock market, with the Dow losing more than 1, 000 points.

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  6. #1226
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    U.S. Yields Pare Losses as Stocks Recover from Selloff

    Treasury yields reversed some of their losses but still closed lower after stocks rallied from the prior day's rout that drove investors toward safe havens and pushed bond prices up.

    The yield on the 10-year Treasury notes edged down 2.8 basis points to 2.766 percent, after having declined to as low as 2.648 percent. The benchmark yield had climbed to a four-year peak of 2.883 percent on Monday. Two-year note yield was mostly unchanged at 2.091 percent, while the 30-year rate was down 2.3 basis points to 3.043 percent.

    Yields on the 10-year German bund shed 4.6 basis points to 0.691 percent, according to Factset data.

    Appetite for safe-haven bonds eased after stocks jumped a day after a historic selloff in the U.S. equities markets when the Dow Jones Industrial Average observed its biggest one-day decline in history. Investors tend to shift towards bonds and other safe-haven assets whenever there is chaos in riskier assets, such as stocks.

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    China Consumer Prices Rise 1.5% On Year In January

    Consumer prices in China were up 1.5 percent on year in January, the National Bureau of Statistics said on Friday.

    That was in line with expectations and down from 1.8 percent in December.

    On a monthly basis, consumer prices advanced 0.6 percent - up from 0.3 percent in the previous month.

    The bureau also said that producer prices were up 4.3 percent on year - exceeding expectations for 4.2 percent but down from 4.9 percent a month earlier.


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  8. #1228
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    U.S. Yields Rally as Investors Eye Inflation Report

    U.S. government bond prices continued their decline, driving yields up, as investors looked forward to the coming inflation report that could reaffirm the bearish sentiment on Treasury bonds.

    The 10-year Treasury note yield advanced 2.7 basis points to 2.857 percent, but retreated from a four-year peak of 2.891 percent hit earlier in the day.

    The 30-year bond rate was almost unchanged at 3.138 percent but reached its highest level since March 2017, according to WSJ Market Data Group. Meanwhile, the two-year note yield recorded a gain of 1.7 basis points to 2.077 percent.

    Bond markets experienced selling pressure as a mixture of inflation worries, increasing budget deficits and the Federal Reserve's move to unwind its balance sheet have affected the demand for U.S. government bonds. Treasury issuance is expected to increase at the same time the U.S. government can no longer depend on a price-insensitive Fed to absorb the coming supply.

    Higher rates were said to be the cause of a deep correction that sent stocks plunging. The Dow Jones Industrial Average, the S&P 500 index and the Nasdaq Composite Index traded down over 5 percent in the previous week. Stocks look less attractive on several valuation indicators if the benchmark 10-year yield rises to high.

    However, stocks rallied on Monday to record back-to-back increases, with the Dow rising over 400 points.

    Investors are now expected to focus on the consumer-price index report on Wednesday, a possible turning point as investors faulted the strong reading on the wage index of the January jobs report as the main reason for the market turmoil.

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  9. #1229
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    Australia Jobless Rate Eases To 5.5% In January

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

    That was in line with expectations following the upwardly revised 5.6 percent reading in December (originally 5.5 percent).

    The Australian economy added 16,000 jobs last month - beating forecasts for 15,000 following the downwardly revised 33,500 increase in the previous month (originally 34,700).

    The participation rate came in at 65.6 percent - matching expectations and down from 65.7 percent a month earlier.

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  10. #1230
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    Japan Export Growth Accelerates in January

    Japanese exports increased for the fourth straight month in January as shipments to Asian and western Europe grew.

    Exports climbed 12.2 percent year on year in January, figures according to the Ministry of Finance. Exports increased 9.3 percent in December.

    Outbound shipments to Asia were up 16 percent while those to western Europe rose 20.8 percent. Imports also increased in January, climbing 7.9 percent year on year, short of the 8.3 increase percent forecast by economists.

    U.S.-bound shipments were 1.2 percent higher in the year to January, led by steel, batteries and medicines, while car shipments declined 3.9 percent. The small rise in U.S.-bound exports followed a 3.0 percent gain in the previous month.

    Those numbers resulted in a trade deficit of ¥943.4 billion ($8.9 billion). Economists expect exports will continue to expand in the coming months, led by demand for the semiconductor-related products that lifted exports in 2017.

    Analysts are also wary about a rising yen as well as the U.S. stance towards protectionism ahead of the mid-term elections later this year, and potential effects on Japan's exports of cars and other products.

    A strong yen erodes profits at Japanese manufacturers and could hurt the otherwise buoyant economy, which posted an eighth consecutive quarter of growth in October-December.

    The yen was flat against the dollar at ¥106.31 following the publication of the trade figures.

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  11. #1231
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    New Zealand Services Growth Robust In January

    New Zealand's service sector activity continued to expand strongly in January, survey figures from Business NZ showed Monday.

    The performance of services index, or PSI, dropped to 55.8 in January from 56.0 in December. However, any reading above 50 indicates expansion in the sector.

    The sub-index for new orders fell below the 60.0 point mark for the first time since April last year. It declined to 57.6 from 60.1.

    "While the PSI is relatively robust, combined with the Performance of Manufacturing Index it nonetheless signals something of a slowing in GDP growth for the near term," Craig Ebert, senior economist at Business NZ, said.


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  12. #1232
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    Walmart Shares Tumble on Weaker Holiday Online Sales

    Walmart shares tumbled after posting weak online sales for the Christmas period and issuing a disappointing annual profit forecast.

    In the three months to December, online sales were 23 percent higher. However, the increase was less than half the growth seen in the prior quarter and down from the same period in 2016.

    Shares in the world's biggest retailer declined more than 10 percent to $94.11. This year through Friday's close, the stock has risen by 6.1 percent.

    The retailer reported its online revenue clocked in at $11.5 billion in 2017, but it suffered losses on the said sales. CEO Doug MCMillon said e-commerce losses would be “about the same” for the current fiscal year. He said that the firm was making progress in its efforts to be at the same level with Amazon and other competitors.

    Under its transformation strategy, Walmart will spend more on Walmart.com and reduce spending on marketing for its Jet.com website, which targets younger and more affluent shoppers.

    Despite higher-than expected sales growth at Walmart's U.S. stores, which came in at 2.6 percent, net profit declined 42 percent to $2.2 billion.

    Walmart expects earnings of $4.75 to $5 per share this financial year, excluding some items, against the estimate of $5.13 by Wall Street.

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  13. #1233
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    Japan All Industry Activity Grows At Slower Pace



    Japan's all industry activity growth halved in December, the Ministry of Economy, Trade and Industry reported Wednesday.

    The all industry activity index rose 0.5 percent month-on-month in December, following November's 1 percent increase. Nonetheless, this was the third consecutive increase in activity and bigger than the expected 0.4 percent rise.

    Industrial production advanced 2.9 percent, while construction activity shrank 0.4 percent and tertiary industry activity contracted 0.2 percent in December.

    On a yearly basis, all industry activity growth slowed to 1.8 percent in December from 2 percent a month ago.

    In the fourth quarter, all industry activity rebounded 0.7 percent after declining 0.3 percent in the third quarter.

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    Eurozone Business Growth Remains Firm in February

    Eurozone business growth remained strong in February, with companies at their most optimistic in over five years, a private-sector survey showed.

    The eurozone was one of the best-performing major economies in 2017, and its businesses started 2018 by ramping up activity at the quickest rate in well over a decade.

    However, February's preliminary Purchasing Managers' Index (PMI) indicated that the pace of growth set in January, the fastest in well over a decade, has lost a little momentum.

    IHS Markit's composite flash PMI for the euro zone, seen as a good guide to economic health, dropped to 57.5 in February.

    Nevertheless, this month's reading was still one of the most growth - or farthest above 50 - in more than 11 years. According to IHS Markit, the eurozone was on track for its best quarterly growth since the second quarter of 2016, with the PMI pointing to first-quarter growth of 0.9 percent.

    Companies shared that optimism - an index measuring expected output in a year's time climbed to 68.3 from 68.0, its highest since IHS Markit started collecting the data in July 2012.

    Consumer confidence in the bloc dropped more than expected this month, but that was from a 17-year high set in January, official data recently showed.

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    Germany Business Confidence Drops in February

    Sentiment among German businesses dropped in February, according to a closely watched survey that comes on the heels of other polls indicating enthusiasm is easing after hitting multi-year peaks.

    The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 companies, declined to a 5-month low of 115.4 from 117.6 in January. The drop in the German headline figure was mainly caused by managers scaling back their business expectations for the next six months, with the respective sub-index dropping to a 10-month low.

    A sector breakdown of the Ifo figures revealed that the main impediment came from manufacturing, where the mood among managers had reached a record peak in January. Business sentiment also deteriorated in wholesaling, construction and retailing.

    The Ifo data come a day after a survey of German purchasing managers also pointed to a decline in output growth expectations.

    Ifo chief Clemens Fuest said firms were less satisfied with their current business situation, but the indicator remains at its second-highest level since 1991.

    This upbeat growth outlook was also mirrored in the finance ministry's monthly report that was recently released which said recent data was pointing to a continuation of the economic upswing at the beginning of the year.

    Germany is coming off of a year of strong economic expansion. Economists broadly expect the country to continue performing well in 2018, but some have questioned whether the rapid pace can hold.

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    UK Services Sector Logs Strong Growth: CBI

    UK services sector registered strong growth in business volumes in three months to February, the latest Services Sector survey from the Confederation of British Industry showed Monday.

    Both business and professional services and consumer services logged a rise in profits for the first time since November 2015.

    Business and professional services said their business volumes grew at the fastest pace since August 2015, and growth is set to accelerate further in the three months to May.

    In the consumer services sector, volumes grew at the fastest pace in a year. Consumer services growth is expected to ease next quarter, but nonetheless remain firm. Rain Newton-Smith, CBI chief economist, said "It's great to see the services sector start the year off on a firm footing."

    "Despite feeling the pinch from high inflation, business volumes have bloomed, profits have grown for the first time in over two years and hiring is on the up."

    Prices continued to rise in consumer services but were flat in business and professional services. Next quarter, price growth is expected to accelerate in both sub-sectors, survey showed.

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  17. #1237
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    Qualcomm to Consider Broadcom Takeover Bid on Higher Price Tag

    Qualcomm had a change of heart regarding an acquisition offer by its rival Broadcom, stating it is open to considering the bid if it is raised to $160 billion including $25 billion in assumed debt, according to sources cited by Financial Times.

    The change in the company's stance marks a big change for Qualcomm executives, who have been opposing the deal on antitrust grounds. Sources close to Qualcomm said that Broadcom has recently made sufficient progress in tackling the competition issues in order to make way for talks to reach a phase where the two parties can reach an agreed price.

    Qualcomm is seeking that Broadcom sweetens its offer by at least 15 percent to above $90 per share, up from its present $79 per share offer, to achieve what would be the biggest tech deal ever brokered, according to people knowledgeable of the proceedings. The total $160 billion price tag would include Broadcom taking on $25 billion in Qualcomm debt.

    Several sources close to Qualcomm's senior management said the firm is now open to sealing the deal, but the takeover depends on Hock Tan, Broadcom's CEO, who can decide whether to change course and increase his offer price.

    Qualcomm has sent a letter to Tan, expressing the team's interest in pursuing a non-disclosure deal that would enable the two parties to begin due diligence. Qualcomm chairman Paul Jacobs also called for the two chipmakers to set a meeting to negotiate a price as soon as possible. The proposals were dismissed by Broadcom, but said that it was ready to discuss terms that were 'realistic' for both companies.

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  18. #1238
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    Japan Industrial Output Falls 6.6% In January



    Industrial production in Japan contracted a seasonally adjusted 6.6 percent on month in January, the Ministry of Economy, Trade and Industry said in Wednesday's preliminary reading.

    That missed forecasts for a decline of 4.0 percent following the 2.9 percent gain in December.

    On a yearly basis, industrial production added 2.7 percent - again missing forecasts for 5.3 percent and down from 4.4 percent in the previous month.

    Upon the release of the data, the METI maintained its assessment of industrial production saying that it is picking up slowly.

    Industries that weakened in January included transport equipment, business-oriented machinery and electronic parts and devices.

    Shipments were down 5.6 percent on month and up 4201percent on year.

    Industries that were down included transport equipment, business oriented machinery and electronic parts - while communications electronics equipment was up.

    Inventories shed 0.6 percent on month and climbed 1.4 percent on year. Industries in contraction included business oriented machinery, transport equipment and iron and steel.

    Industries that were up included ceramics, non-ferrous metals and chemicals.

    According to the survey of production forecast, industrial output is expected rise 9.0 percent in February and fall 2.7 percent in March.

    Industries that are expected to contribute to the increase in February include business oriented machinery, transport equipment and electronic parts.

    Industries expected to contribute to the decline in March include electronic devices, electrical machinery and transport equipment.

    Also on Wednesday, the METI said that retail sales in Japan were down a seasonally adjusted 1.8 percent on month in January.

    That missed forecasts for a decline of 0.6 percent following the 0.9 percent gain in December.

    On a yearly basis, retail sales advanced 1.6 percent - again missing expectations for a gain of 2.4 percent and slowing from 3.6 percent in the previous month.

    Sales from large retailers advanced an annual 0.5 percent - exceeding forecasts for 0.4 percent and slowing from 1.1 percent a month earlier.

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    COLOMBIA: Bogot? Asks Caracas To Open Humanitarian Channel

    The President of Colombia Juan Manuel Santos asked the Venezuelan government to allow at least one humanitarian channel to alleviate the situation of the country's population.

    According to him, Venezuela's trouble is "an issue that greatly concerns us." He added that both Colombia and Peru are receiving significant inflows of Venezuelan migrants.

    Santos said that both countries are concerned "not only with the social situation that the Venezuelan people are experiencing, and the crisis that the country is experiencing and the repercussions on the population," but also with what he called as "the destruction of democracy, disrespect, and violation of all the fundamental rights of Venezuelan citizens and the overflow of democratic institutions."

    Santos also stressed that Colombia and Peru would continue to insist "until we see Venezuela with a functioning democracy again."

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    Treasury Yields Slide as Trump Slaps Tariffs on Steel, Aluminum Imports

    Prices of U.S. government bonds edged up, driving down yields, as investors hurried to secure safe-haven government paper after the Trump administration announced its decision to impose global tariffs on steel and aluminum imports that triggered a stock-market selloff.

    In his second testimony to the Congress, Federal Reserve Jerome Powell said he saw no indications of solid wage pressure, language that some market participants aw as an effort to backtraw his hawkish comments earlier in the week. The 10-year Treasury note yield declined 6.7 basis points to 2.802 percent, denoting the biggest one-day decline since September 5, according to WSJ Market Data Group.

    The two-year note yield, the most affected by the monetary policy outlook, edged down 5.6 basis points to 2.206 percent, marking the biggest one-day decline in three weeks. The 30-year bond yield fell 4.6 basis points to 3.084 percent.

    The last two days of trading has helped to counter some of the selloff in February when a revival of inflation worries weakened the appetite for bonds.

    Treasury yields climbed after President Donald Trump announced levies on steel and aluminum imports, causing stocks to slide. Jittery investors flocked to government paper to secure safe-haven assets to protect themselves against market volatility.

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