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  1. #1181
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    ARGENTINA: China Reduces Tariffs On Food Imports

    The Chinese government has cut import tariffs for food products as of December 1, a decision that favors some of Argentina's exports, according to the South American country.

    The regulations establish lower temporary tariffs aimed at reducing prices and stimulating spending of the final consumer on 187 products that China has to import.

    According to the Argentinean government, there was a tariff reduction on 32 items that favor the country - for example, frozen shrimp (from 5% to 2%). That is one of the main export products of the Argentinean fishing sector to China. In the dairy sector, the tariff has been reduced for all cheeses, except for fresh ones.

    In food and beverages, there will be a reduction in the tariffs for uncooked pasta, without egg (mainly comprising dried pasta) homogenized whiskey, said the Ministry of Agribusiness of Argentina.

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  2. #1182
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    CME Bitcoin Futures Receive Muted Welcome in Market Debut

    Bitcoin futures got a lukewarm reception following their debut on CME Group on Sunday, posting a decline while volumes in the tens of millions of dollar in the first 12 hours of trading.

    The launch of the futures by the biggest derivatives exchange operator and its main rival, Cboe Global Markets a week prior, had been marked by many as the time bitcoin has been accepted as a mainstream investment. This view helped drive up the bitcoin higher than before in recent weeks. The cryptocurrency is poised for its biggest monthly gains in over four years, after its price increased by twofold since the start of December, when it stood at less than $10, 000.

    Despite the hype surrounding bitcoin, trading volumes in CME and Cboe futures have so far been moderate.

    A total of 751 contracts had been traded on CME's January futures contracts. CME bitcoin futures set to expire on January settled at $19, 100 on Monday, 2.1 percent lower than the level the exchange had set the opening price before the launch of the futures on Sunday evening.

    Initially, the January contract climbed as high as $20, 650, before sliding to $18, 345 within several hours of trading. Bitcoin sold off following the futures launch and traded at $18, 722.65 late Monday afternoon, CoinDesk said.

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  3. #1183
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    Japan All Industry Activity Rebounds As Expected In October

    Japan's all industry activity increased as expected in October, after falling in the previous month, data from the Ministry of Economy, Trade and Industry showed Wednesday. The all industry activity index rose 0.3 percent month-over-month in October, reversing a 0.5 percent decrease in September. Industrial production advanced 0.5 percent over the month and tertiary activity gained by 0.3 percent. At the same time, construction output dropped 0.3 percent. On a yearly basis, all industry activity growth accelerated to 2.0 percent in October from 1.0 percent in the prior month.

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  4. #1184
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    U.S. Regulators Halt Trading of Crypto Company Shares

    The U.S. Securities and Exchange Commission has suspended trading in shares of Crypto Company, whose stock value has surged more than 2, 000 percent this month due to the bitcoin mania, stating it was concerned over the possibility of market manipulation.

    The California-based company said it is building a cryptocurrency trading and advisory business, is one of some of the previously obscure stocks that have drawn the attention of regulators for volatile price movements, as investors track down equities that might gain from the hype around digital currencies.

    In a statement issued by SEC on Tuesday, the regulator said it was worries regarding the accuracy and the sufficiency of the information in the markets regarding payments for promotion of the firm and plans by company insiders to auction shares.

    The U.S. regulator added that questions have also been raised about potentially manipulative deals in the firm's stock in November 2017.

    The company said it would be releasing a statement in reaction to the SEC suspension but declined to issue more comments. The regulator said its suspension would be in place until January 3.

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  5. #1185
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    Oil Prices Steady on Lower U.S. Crude Inventories

    Oil prices were on a steady footing after posting solid gains late in the prior session on the back of a decline in U.S. crude stockpiles.

    However, another increase in U.S. oil production, which is near to surpassing the 10 million barrels per day level, is limiting crude prices as it erodes efforts led by OPEC and other producers to tighten the market by withholding production this year and through 2018.

    U.S. WTI crude futures stood at $58.05 per barrel, falling 3 cents from their last close. The international benchmark for oil prices, Brent crude futures, traded at $64.58 per barrel, falling by 8 cents. Both crude benchmarks edged up around 1 percent during the prior session.

    According to traders, the drawdown in U.S. crude oil inventories were providing supporting the market. U.S. crude stockpiles declined by 6.5 million barrels in the week to December 15, according to the Energy Information Administration's report on Wednesday. Total crude stocks declined to 436 million barrels, its lowest level since October 2015.

    The rebalancing of supply and demand is a result of OPEC and other participating countries' voluntary production cuts.

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  6. #1186
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    PETROBRAS: Company To Invest US$ 60 Billion In Pre-salt By 2022

    Brazilian state-owned oil company Petrobras is directing most of the investments in the area of oil production in the pre-salt layer, and by 2022 around US$ 60 billion in will be destined to the area, said Pedro Parente, Petrobras' chairman, during a press conference.

    According to him, Brazil today is the leader in oil exploration in Latin America and the ninth largest producer in the world. The goal is to reach the seventh place in the next few years.

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  7. #1187
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    US Treasury Yields Little Changed after Congress Passes Tax Bill

    U.S. government debt yields were little changed on Thursday, as investors priced in the latest news coming from the U.S. economic sphere.

    The yield on the benchmark 10-year Treasury note dropped to 2.486 percent, while the yield on the 30-year Treasury bond was lower at 2.84 percent. Bond yields move inversely to prices.

    The yield curve continued to flatten, with the 3-year Treasury note yield approaching two percent.

    A major obstacle surrounding overhauling the U.S. tax code was conquered after House Republicans voted to approve tax reform, consequently meaning that the legislation can be sent to President Donald

    Trump's desk for a signature by Christmas.

    This follows after Republicans had to fix the bill, as a result of violations concerning the Byrd rule.

    The overhaul is anticipated to become law for next year, with the bill set to reduce corporation tax rates while temporarily trimming the tax burden for the majority of people.

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  8. #1188
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    Japan Housing Starts Fall Less Than Expected In November

    Japan's housing starts declined at a slower-than-expected pace in November, data from the Ministry of Land, Infrastructure, Transport and Tourism showed Wednesday.

    Housing starts fell 0.4 percent year-on-year in November, much slower than October's 4.8 percent decrease.

    That was also below the 2.6 percent drop economists had forecast. Moreover, it was the fifth successive monthly fall.

    Annualized housing starts climbed to 951,000 from 933,000 in the previous month. It was forecast to rise to 934,000.

    Data also showed that construction orders received by big 50 contractors surged 20.5 percent yearly in November, following a 6.7 percent increase in October.

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    COLOMBIA: Hass Avocado Exports To The U.S. Are On Track, Producers Say

    Colombian exports of Hass avocado to the United States are still ongoing, according to a work plan signed by CorpoHass and U.S. sanitation authorities.

    The Colombian Agricultural Institute is moving forward with a program to eradicate pests from Hass avocados in 21 municipalities from seven Colombian states and, in January, the country should export the fruits from the Antioquia state.

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  10. #1190
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    South Korea Inflation Gains 0.3% In December

    Consumer prices in South Korea were up 0.3 percent on month in December, Statistics Korea said on Friday.

    That follows the 0.7 percent monthly decline in November.

    On a yearly basis, inflation advanced 1.5 percent - up from 1.3 percent in the previous month.

    Core CPI, which excludes food prices, gained 0.2 percent on month and 1.5 percent on year in December after slipping 0.3 percent on month and rising 1.4 percent on year a month earlier.

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  11. #1191
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    Thailand Manufacturing Sector Expands In December

    Thailand's manufacturing activity expanded marginally in December, survey data from IHS Markit showed Wednesday.

    The seasonally adjusted Nikkei Manufacturing Purchasing Managers' Index rose to 50.4 in December from 50.0 in November. Any reading above 50 indicates expansion in the sector.

    Among components, growth in both output and new orders were key drivers for the upturn, but employment and input inventories fell further.

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  12. #1192
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    China Services PMI Climbs To 53.9 In December - Caixin

    The services sector in China continued to expand in December, and at an accelerated pace, the latest survey from Caixin showed on Thursday with a PMI score of 53.9.

    That's up from 51.9 in November, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

    Also, the composite index came in at 53.0 - up from 51.6 in the previous month.

    Individually, there was a solid increase in services activity, accompanied by faster growth in manufacturing output.

    Employment remained broadly stable.

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  13. #1193
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    Tesla Falls on Further Delay of Model 3 Production Target

    Tesla Inc. pushed back a production target for its new Model 3 sedan for the second time, disappointing investors and causing its shares to slide.

    The electric-car maker now projects completing the production of 2,000 Model 3s per week by the end of the first quarter, postponing plans to hit a milestone by another three months. Tesla said it would likely assemble around 5,000 vehicles per week by the end of the second quarter.

    The announced delay in production targets caused shares of the company to fall in extended trading. The stock fell by as much as 2.7 percent after the end of regular trading to $308.80.

    The Model 3 is seen as a key to Tesla's long-term success, as it is the most affordable among its cars to date and is the only one with the capacity to transform the niche carmaker to a mass producer amid a number of competitors who are making their push into the electric vehicle market.

    Assembling the car in an efficient manner and delivering it without any setbacks to customers is also critical as the company faces high cash burn. The company burned through $1.1 billion in capital expenditures in its third quarter and said in November that Q4 capex would be around the same figures in the previous quarter. The delays also increases the risk that reservation-holders would junk their orders.

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  14. #1194
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    U.S. Yields Rally as Investors Eye Jobs Data

    U.S. government bond yields edged higher, driving Treasury bond prices lower, as investors weighed in data on jobless claims and private-sector payrolls a day before the release of the official December U.S. jobs report.

    Yield on the ten-year Treasury note trimmed an earlier gain to close at 2.452 percent, rising by around 0.7 basis point, while the two-year Treasury note yield advanced 2 basis points to 1.955 percent. The yield on the 30-year Treasury bond advanced marginally to 2.783 percent.

    On Wednesday, Treasury yields retreated after minutes from the Federal Reserve's December meeting underlined divisions over the pace of future monetary policy tightening.

    The following day, attention was diverted towards the labor market as investors priced in the private-sector employment data from payroll-services company ADP and stood by for data on weekly jobless claims, with yields continuing their rally after a solid reading from ADP.

    ADP reported private-sector payrolls increased 250, 000 in December. First time jobless claims in the week ended December 30 came in at 250, 000 versus a revised 248, 000 a week earlier. The figure is higher than the 240, 000 estimated initial claims.

    But markets are mostly focused on the December jobs to be released in Friday. Friday's jobs data is expected to show an increase of 198, 000 in December nonfarm payrolls after a 228, 000 increase in November. The jobless rate is estimated to remain steady at 4.1 percent, while average hourly earnings are projected to increase 0.3 percent after a 0.2 percent in November.

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  15. #1195
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    European Economics Preview: Eurozone Economic Confidence Data Due

    Economic confidence and retail trade from euro area and factory orders from Germany are due on Monday, headlining a busy day for the European economic news.

    At 2.00 am ET, Destatis is scheduled to issue Germany's factory orders data. Economists forecast orders to fall 0.2 percent on month in November, reversing a 0.5 percent rise in October.

    In the meantime, industrial production data from Norway is due.

    At 3.00 am ET, the Czech Statistical Office releases industrial and construction output and foreign trade figures. Also, Hungary's industrial output and retail sales reports are due.

    At 3.15 am ET, the Swiss Federal Statistical Office publishes inflation data.

    At 4.30 am ET, Eurozone Sentix investor confidence data is due. The indicator is forecast to rise slightly to 31.2 in January from 31.1 in December.

    At 5.00 am ET, the European Commission publishes Eurozone economic sentiment survey results. The index is seen at 114.7 in December versus 114.6 in November.

    In the meantime, Eurostat releases retail sales data. Economists forecast euro area retail sales to grow 1.2 percent on month in November in contrast to a 1.1 percent fall in October.

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  16. #1196
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    German Manufacturing Orders Drop in November

    German manufacturing orders slipped in November, marking its first decline since July 2017 on the back of a drop in domestic and international demand.

    The gauge was down 0.4 percent in November from October on a seasonally and working day adjusted basis. The October reading was revised upwards to a rise of 0.7 percent from 0.5 percent previously, according to data by the Federal Statistics Office.

    The Economy Ministry, detailing the figures, said the decline in November was a result of fluctuations in large orders but adds that the trend remained strongly upwards.

    A breakdown of the data showed domestic orders dropped 0.4 percent on the month and foreign orders by 0.5 percent.

    According to ING economist Carsten Brzeski, the overall fall ”is rather of a technical nature than any sign of weakness.

    Germany is facing robust domestic demand supported by record-high employment, rising real wages and low borrowing costs while its exporters are benefiting from a global economic recovery.

    The Ifo economic institute forecasts the German economy to grow by 2.6 percent in 2018, pointing to a broad upswing that is generating employment and buoyant tax revenues.

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    China Inflation Rises 1.8% On Year In December

    Consumer prices in China were up 1.8 percent on year in December, the National Bureau of Statistics said on Wednesday.

    That missed expectations for an increase of 1.9 percent but was up from 1.7 percent in November.

    On a monthly basis, inflation gained 0.3 percent following the flat reading a month earlier.

    The bureau also said that producer prices jumped an annual 4.9 percent, exceeding forecasts for a gain of 4.8 percent but down from 5.8 percent in the previous month.

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  18. #1198
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    US Job Openings, Layoffs Drop in November

    U.S. job openings dropped for the second consecutive month in November with declines in the manufacturing and real estate sectors, supporting economist forecasts that job growth will slow this year.

    The monthly Job Openings and Labor Turnover Survey, or JOLTS, by the Labor Department, also showed that layoffs fell to a six-month low, however, showing sustained labor market strength.

    Job openings, a measure of labor demand, fell by 46,000 to a seasonally adjusted 5.88 million, the lowest level since May. The job openings rate was 3.8 percent, a decline from October's 3.9 percent.

    The JOLTS report revealed that layoffs fell 7,000 to 1.67 million in November. That was the lowest level since May and marked five consecutive months of drops.

    Industries including manufacturing, business services and transportation and warehousing had fewer openings than in October, while available positions rose in construction and retail, the JOLTS report showed.

    Hiring declined 104,000 to 5.49 million in November, and the hiring rate fell to 3.7 percent from 3.8 percent. Economists expect job growth this year to slow to well below the 2017 monthly average of 170,000 as the labor market reaches full employment.

    The jobless rate is at a 17-year low of 4.1 percent and economists expect it to decline to 3.5 percent by the end of this year. Non-farm payrolls increased 148,000 in December.

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    VENEZUELA: Country And China Review Projects To Increase Oil Production

    Representatives of the Venezuelan oil company PDVSA and the China National Petroleum Corporation (CNPC) reviewed the scope of their Petrosinovensa joint venture and other joint projects aiming at accelerating oil production.

    The meeting was held at the PDVSA facilities in Caracas, where the Oil Minister and PDVSA's chairman Manuel Quevedo hosted Jia Yong, president of CNPC America and representative of CNPC for Latin America.

    "China and Venezuela are strategic allies to consolidate our nation as a power. We will continue advancing and working, and in the next meeting, which will occur after January 16, we will establish the advances of this very positive meeting," Quevedo said.

    Venezuela and China are jointly carrying out several projects in the oil sector, such as the development of the joint ventures Petroleo Sinovensa, Petrozumano, Petrourica and Petrolera Sino Venezolana.

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    China Exports Rise More Than Forecast

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

    In dollar terms, exports advanced 10.9 percent year-over-year in December, just above the 10.8 percent rise economists had forecast.

    Imports increased 4.9 percent in December from a year ago, much slower than the expected growth of 15.1 percent.

    The trade surplus totaled $54.69 billion in December versus the expected surplus of $37.0 billion.

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