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Indian Rupee Rises To 2-day High Against U.S. Dollar
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The Indian rupee strengthened against the U.S. dollar in the morning deals on Friday. Against the greenback, the rupee rose to a 2-day high of 66.2900 from yesterday's closing value of 66.3500. If the rupee extends its uptrend, it is likely to find resistance around the 65.60 area.
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Usd/jpy Struggles to Break Above 121.30, Decline Till 119.60 Is Possible
USD/JPY has broken minor trend line support around 120.50 (trend line joining 119.96 and 120.35) and a short decline till 119.95 is possible. On the higher side intraday resistance is around 120.75 and break above will take the pair till 121.30. Short term trend reversal only above 121.30. The pair's minor support is around 120.20 and break below targets 119.95/119.50. It is good to sell on rallies around 120.40-45 with SL around 120.76 for the TP of 119.95/119.60
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Mexico Leading Index Falls For Third Month: Conference Board
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The leading index for Mexico, which measures the future economic activity, decreased for the third consecutive month in July, as majority of its components made negative contributions, figures from Conference Board showed Tuesday. The Conference Board leading economic index fell 1.6 percent in July, following a revised 0.7 percent decrease in June. Out of the six components, only one contributed positively to the index in July. The index declined by 1.9 percent between January and July 2015, but the contraction was not as deep as the decline of 5.5 percent over the previous six months. At the same time, the coincident index that reflects the current economic acticity rose 0.3 percent in July, the same rate of increase as in the previous month. Two of the three components gained during the month.
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Japan Has Y569.659 Billion Deficit In August
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Japan had a merchandise trade deficit of 569.659 billion yen in August, the Ministry of Finance said on Thursday. That missed forecasts for a shortfall of 542.5 billion yen following the 268.4 billion yen deficit in July. Exports gained 3.1 percent on year, shy of forecasts for an increase of 4.4 percent and down from the 7.6 percent jump in the previous month. Imports dipped an annual 3.1 percent versus expectations for a fall of 2.5 percent following the 3.2 percent contraction a month earlier.
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China Home Prices Rise In August
Home prices in majority of the Chinese cities increased in August, figures from the National Bureau of Statistics showed Friday. On a monthly basis, home prices climbed 35 out of 70 cities surveyed by the government. Prices declined in 26 cities but remained flat in 9 months. The biggest hike in prices was noted in Shenzhen, by 5.1 percent and the steepest decreases were seen in Dandong, Jining and Xiangyang, by 0.5 percent. Compared with the same month of the previous year, home prices fell 61 out of the 70 cities during August.
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Taiwan Jobless Rate Remains Stable In August
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Taiwan's unemployment rate held steady in August, defying economists' expectations for an increase, figures from the Directorate General of Budget and Statistics, or DGBAS, showed Tuesday. The seasonally adjusted jobless rate came in at 3.74 percent in August, the same rate as in the previous month. Economists had expected the jobless rate to rise to 3.77 percent. In the corresponding month of the previous year, the unemployment rate was 3.93 percent. The number of unemployed people remained unchanged at 435,000 during August. A year ago, the jobless figure totaled 453,000. At the same time, the number of persons in employment increased to 11.21 million in August from 11.20 million a month ago. The labor force participation rate rose marginally to 58.65 percent in August from 58.64 percent in July. On an unadjusted basis, the unemployment rate climbed to 3.90 percent in August from 3.82 percent in the previous
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Canadian Dollar Drops Against Most Majors
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The Canadian dollar weakened against most major currencies in the Asian session on Wednesday. The Canadian dollar fell to more than a 2-week low of 90.04 against the yen, from yesterday's closing value of 90.51. Against the U.S. dollar and the euro, the loonie dropped to 1.3294 and 1.4797 from yesterday's closing quotes of 1.3271 and 1.4751, respectively. If the loonie extends its downtrend, it is likely to find support around 87.00 against the yen, 1.33 against the greenback and 1.54 against the euro.
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New Zealand Trade Deficit NZ$1.03 Billion In August
New Zealand posted a merchandise trade deficit of NZ$1.03 billion in August, Statistics New Zealand said on Thursday - representing 28 percent of exports. The headline figure missed forecasts for a shortfall of NZ$875 million following the NZ$649 million deficit in July. Exports were worth NZ$3.73 billion, down from NZ$4.20 billion in the previous month. On a yearly basis, exports climbed NZ$197 million or 5.6 percent. Beef exports continued to rise, up 46 percent on year (NZ$61 million) in August. The beef export season runs from 1 October to 30 September. "With one month to go in the 2014-15 beef export season, beef exports are at a new high of NZ$3 billion," international statistics senior manager Jason Attewell said. "So far this season, 404,000 tons of beef have been exported, and if we export at least 18,000 tons next month we'll surpass the peak 2003-04 season for quantity exported." The United States remains the top beef export destination this season, for both value and quantity. Beef export values to the U.S. have hit a record high of NZ$1.6 billion (up 64 percent) for the season to date, with quantities up 21 percent on year. Beef export values to China continued to increase, up 88 percent for the season to date, to NZ$394 million, with quantities up 52 percent on year. "International shortages, rising production, and a falling New Zealand dollar have contributed to this record beef season," Attewell said. Imports were worth NZ$4.77 billion, down from NZ$4.85 billion a month earlier. On a yearly basis, imports jumped 19.0 percent.
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NZ Dollar Rises Against Majors
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The New Zealand dollar strengthened against the other major currencies in the Asian session on Monday. The NZ dollar rose to near 3-week highs of 1.7491 against the euro and 1.0984 against the Australian dollar, from Friday's closing quotes of 1.7530 and 1.0990, respectively. Against the U.S. dollar, the kiwi advanced to a 10-day high of 0.6402 from last week's closing value of 0.6376. The kiwi edged up to 77.01 against the yen, from Friday's closing value of 76.93. If the kiwi extends its uptrend, it is likely to find resistance around 1.70 against the euro, 1.08 against the aussie, 0.65 against the greenback and 78.00 against the yen.
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Canadian dollar plummets on lower oil prices, market gloom
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The Canadian dollar declined Monday as crude oil prices took a negative turn and an overall gloom over global growth ignited woes in markets. US crude prices ended at $44.43, partially affected by huge losses on Wall Street. Also, markets have been anxious over the condition of the Chinese economy along with other emerging markets. The loonie stood at 74.66 US cents from Friday's 75.10 US cents. Generally speaking, it is oil and risk appetite. Not a bunch of figures or information last weekend “really justifies the declines, but it's there and it's very troubling to asset markets,” said Greg Anderson, Global Head of Foreign Exchange Strategy at BMO Capital Markets. Traders will expect Canadian gross domestic product data for July due Wednesday.
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U.S. Dollar Drops Against Most Majors
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The U.S. dollar weakened against most major currencies in the Asian session on Tuesday. The U.S. dollar fell to 5-day lows of 1.1264 against the euro and 0.9718 against the Swiss franc, from yesterday's closing quotes of 1.1244 and 0.9738, respectively.
Against the yen, the greenback dropped to a 5-day low of 119.56 from yesterday's closing value of 119.91.
If the greenback extends its downtrend, it is likely to find support around 1.14 against the euro, 0.96 against the franc and 118.00 against the yen.
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Japan Industrial Production Eases In August
Industrial output in Japan fell a seasonally adjusted 0.5 percent on month in August, the Ministry of Economy, Trade and Industry said in Wednesday's preliminary reading. That was well shy of forecasts for an increase of 1.0 percent following the 0.8 percent decline in July. On a yearly basis, industrial production added just 0.2 percent - also below expectations for a gain of 1.8 percent following the flat reading in the previous month. Upon the release of the data, the METI downgraded its assessment of industrial production, saying that it has weakened; previously, the METI said output had been fluctuating indecisively. Industries that mainly contributed to the monthly decline included business-oriented machinery, electrical machinery and transport equipment. According to the survey of production forecast in manufacturing, production is expected to rise 0.1 percent in September and jump 4.4 percent in October. Industries that mainly contribute to the increase in September included electrical machinery, communications equipment and chemicals. Industries that mainly contribute to the increase in October included business-oriented machinery, transport equipment and electrical machinery. Shipments in August were down 0.5 percent on month, down for the second straight month. They were also up 0.8 percent on year. Industries that mainly contributed to the decline included business-oriented machinery, fabricated metals and paper products. Inventories in August added 0.4 percent on month, reversing the previous month's losses. They were also up 2.2 percent on year. The inventory ratio in July climbed 6.1 percent on month, rising for the first time in three months. It also showed an increase of 1.0 percent on year. Also on Wednesday, the METI said that retail sales in Japan were up 0.8 percent on year in August. That missed expectations for an increase of 1.2 percent following the 1.8 percent jump in July. Sales from large retailers jumped an annual 1.8 percent - beating forecasts for an increase of 1.3 percent following the 2.1 percent spike in the previous month. On a seasonally adjusted monthly basis, retail sales were flat in August versus expectations for an increase of 0.5 percent and down from 1.4 percent a month earlier.
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U.S. Dollar Rises Against Most Majors
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The U.S. dollar strengthened against most major currencies in the Asian session on Thursday. The U.S. dollar rose to a 3-day high of 1.1155 against the euro, from yesterday's closing value of 1.1176. Against the yen and the Swiss franc, the greenback edged up to 120.27 and 0.9759 from yesterday's closing quotes of 119.87 and 0.9731, respectively. If the greenback extends its uptrend, it is likely to find resistance around 1.10 against the euro, 122.00 against the yen and 0.98 against the franc.
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Euro escalates ahead of US jobs data
The euro lost its ground Thursday, a day before the US jobs data that may affect the Federal Reserve's timing of raising interest rates this year. Traders are anticipating the nonfarm payrolls data, which many of them believe the figures may give a clearest picture of the overall US economy. Against the US dollar, the common currency closed at $1.1196. Thursday's move emphasizes the uncertainty encompassing the market “regarding the Fed's timing,” said Joe Manimbo, Senior Market Analyst at Western Union.
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Taiwan CPI Rises Unexpectedly In September
Taiwan's consumer prices increased unexpectedly in September, figures from the Taiwan National Statistics showed Wednesday. The consumer price index rose 0.28 percent year-over-year in September, confounding economists' expectations for a 0.5 percent fall. In August, prices had fallen the same 0.5 percent. Food prices grew 5.85 percent annually in September and health costs went up by 0.31 percent. Meanwhile, costs for transport and communication declined 6.59 percent and clothing prices dropped by 0.67 percent. On a monthly basis, consumer prices climbed 0.68 percent in September. In a separate report, the statistical office announced that wholesale prices fell at a slower pace of 8.6 percent yearly in September, following a 9.4 percent decrease in August. Economists had expected a 8.8 percent decline for the month. Prices have been falling since September last year. Month-on-month, wholesale prices edged up 0.09 percent. Import prices plunged 12.2 percent in September from a year ago, while it rose 0.07 percent from the preceding month.
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Japan August Current Account Surplus Y1.653 Billion
Japan posted a current account surplus of 1.653 billion yen in August, the Ministry of Finance said on Thursday. That exceeded forecasts for a surplus of 1.226 billion yen following the 1.808 billion yen surplus in July. The trade balance came in at a deficit of 326.1 billion yen following the 108.0 billion yen shortfall in the previous month. Exports added 3.6 percent on year to 5.857 trillion yen after climbing 4.6 percent to 6.544 trillion in July. Imports slipped an annual 4.9 percent to 6.184 trillion yen after dipping 6.5 percent to 6.652 trillion yen a month earlier. The capital account reflected a shortfall of 10.1 billion yen, the ministry said, while the financial account saw a surplus of 1.938 trillion yen. The adjusted current account balance was a surplus of 1.590 trillion yen, topping expectations for 1.226 trillion yen and up from 1.321 trillion yen a month earlier.
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Global market at risk of new financial crisis, says IMF
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The International Monetary Fund warned the world is at risk of a fresh financial crisis leading to global recession if governments and policymakers misgovern market stability risks. IMF's head of financial stability José Viñals said the bad scenario does not depend on severe presumptions at all, indicating the increase in risk premiums and corporate defaults among emerging economies, and decrease in appetite for riskier assets. The institution, in its bi-annual global financial stability report, imitated the effects of the pressing financial perils in emerging markets turning sour from another shock to confidence or policy mishaps. IMF projected spending growth would slide sharply in advanced and emerging economies, resulting in a shortfall in output of 2.4% by 2017. Global growth would face the likelihood of slumping below 2% for a year.
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JPMorgan’s Chang Says Fed Rate Hike Would Help Emerging Markets
Joyce Chang, global head of research at JPMorgan Chase & Co., said a U.S. Fed rate hike would help emerging markets by lowering uncertainty that has kept investors from taking on risk there. Last month, official kept the rate near zero to see if slower growth in China undermines their forecast that U.S. inflation will move back to the Fed's 2% target. David Fernandez, head of fixed-income, currencies and commodities research for the Asia Pacific region at Barclays Plc, said during the panel discussion that emerging markets would benefit if the U.S. Federal Reserve increased rates.
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South Korea Leading Index Gains 0.2% In August - Conference Board
The leading economic index in South Korea was up 0.2 percent in August, the Conference Board said on Wednesday, following the 0.3 percent decline in July. The positive contributor was the yield of government public bonds. Negative contributors included the value of machinery orders, stock prices, private construction orders, the index of inventories to shipments and real exports FOB. The coincident index was up 0.2 percent, down from 0.4 percent in the previous month. The positive contributors were total employment, the wholesale and retail sales component, monthly cash earnings and industrial production.
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Yen Falls Against Majors
The Japanese yen weakened against the other major currencies in the Asian session on Thursday. The yen fell to a 1-1/2-month low of 125.49 against the Swiss franc, a 3-day low of 136.73 against the euro and a 2-day low of 184.35 against the pound, from yesterday's closing quotes of 125.04, 136.33 and 183.85, respectively. Against the U.S. dollar, the yen edged down to 119.16 from yesterday's closing value of 118.82. If the yen extends its downtrend, it is likely to find support around 129.00 against the franc, 138.00 against the euro, 188.00 against the pound and 121.00 against the greenback
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US stocks rebound on earnings report
US shares rallied following it recorded two days of losses Thursday, bolstered by the third quarter earnings report of the financial sector. The S&P's financial sector ended up 2.3% for its best trading day in over a month. Citigroup rose 4.4% following it surpassed projections. A Reuters data showed 67% of the companies that reported earnings so far have outmatched analyst estimates. The Dow Jones Industrial Average settled at 17,141.75, up 1.28%, the Nasdaq Composite ended at 4,870.10, up 1.82%, and the S&P 500 closed at 2,023.86, up 1.49%. The surge of stocks was merely a bounce back, as none of the fundamentals have become “decisive enough to take you away from the technical battle that's going on,” said Jim Paulsen, Chief Investment Officer at Wells Capital Management.
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Malaysian Ringgit Slides To 2-day Low Against U.S. Dollar
The Malaysian ringgit weakened against the U.S. dollar in the Asian session on Friday. Against the greenback, the ringgit fell to a 2-day low of 4.1888. At yesterday's close, the ringgit was trading at 4.1100 against the greenback. If the ringgit extends its downtrend, it is likely to find support around the 4.35 area.
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Ease Of Doing Business: India Amends Transfer Pricing Rules
As part of efforts to improve its ranking on 'Ease of Doing Business' and in line with the promise made by Finance Minister Arun Jaitley in his Budget speech, the Indian government on Tuesday notified amendments to the transfer pricing rules to incorporate a "range concept" and use of multi-year data in line with the international best practices. The amended regime will be applicable for computation of arms. The amended rules would provide clarity in determination of price in transfer pricing cases and reduce disputes on transfer pricing (TP) issues. The use of multiple-year data would average out any variations in a particular year and add value to the transfer pricing analysis. The range concept will be applicable in certain cases for determining the price and will begin with the 35th percentile and end with the 65th percentile of the comparable prices. Transaction price shown by the taxpayers falling within the range will be accepted and no adjustment will be made. The amended regime will be applicable for computation of Arm's Length Price (ALP) of international transactions and specified domestic transactions undertaken on or after 1/04/2014. The news rules are designed to provide stability in the direct tax regime. The notification is available on the website of the Department incometaxindia.gov.in.
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Taiwan Sep Jobless Rate Rises More Than Expected
Taiwan's unemployment rate climbed more-than-expected in September after remaining stable in the prior month, figures from the Directorate General of Budget Accounting and Statistics, or DGBAS, showed Thursday. The jobless rate rose to a seasonally adjusted 3.79 percent in September from 3.74 percent in August. Economists had expected the unemployment rate to increase slightly to 3.75 percent. The latest unemployment rate was the highest since December 2014, when it marked 3.82 percent. On an unadjusted basis, the unemployment rate edged up to 3.89 percent in September from 3.88 percent in the prior month. The number of unemployed people increased to 442,000 in September from 435,000 in the preceding month. The labor force participation rate came in at 58.69 percent in September, up from 58.65 percent a month ago.
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China Leading Index Jumps 1.6% In September - Conference Board
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A leading economic index for China spiked in September, the latest survey from Conference Board revealed on Friday, climbing 1.6 percent. That follows the 1.0 percent increase in August and the 0.9 percent gain in July. The coincident index skidded 1.2 percent after rising 0.7 percent in August and 1.0 percent in July. "China's economic situation, as measured by the coincident index, slowed substantially in September, due to very weak consumer demand and a struggling industrial sector," said Andrew Polk, resident economist at the Conference Board China Center in Beijing.
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Australian Dollar Rises Against Majors
The Australian dollar strengthened against the other major currencies in the Asian session on Monday. The Australian dollar rose to nearly a 2-week high of 0.9544 against the Canadian dollar, from Friday's closing value of 0.9492. The aussie advanced to 87.79 against the yen and 1.5212 against the euro, from last week's closing quotes of 87.63 and 1.5258, respectively. Against the U.S. and the New Zealand dollars, the aussie edged up to 0.7247 and 1.0715 from last week's closing quotes of 0.7211 and 1.0674, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.97 against the loonie, 91.00 against the yen, 1.49 against the euro, 0.74 against the greenback and 1.09 against the kiwi.
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Eurozone Leading Index Remains Flat In September
A measure of future economic activity in Eurozone remained unchanged in September, survey figures from the Conference Board showed Wednesday. The Conference Board's Leading Economic Index, or LEI, for the euro area showed no variations in September, following a 0.2 percent increase in August. "The Euro Area Leading Economic Index was unchanged in September, and its six-month change has slowed in recent months, suggesting economic activity is unlikely to accelerate in the coming months," said Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board. "However, the stock market has recently rebounded and after last week's ECB meeting, the business investment climate may solidify, providing an opportunity for sustained growth in the Euro Area in 2016." The coincident index, which measures current economic activity, edged up 0.1 percent in September after remaining flat in the previous month.
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Japan Inflation Flat On Year In September
Consumer prices in Japan were flat on year in September, the Ministry of Internal Affairs and Communications said on Friday. That matched expectations while slowing from 0.2 percent in August. Core inflation, which excludes the volatile costs of food prices, was down 0.1 percent on year. That was unchanged but beat forecasts for a decline of 0.2 percent. On a monthly basis, overall inflation added 0.1 percent while core inflation was flat.
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Commodity investors see the end of plunge
It took 21 months to overcome the decline following commodity prices plunged in 1997. After plummeting alongside the global economy in 2008, commodities touched the floor in only eight months. The Bloomberg Commodity Index has been declining for four years. The benchmark, from its most recent high in May 2011, is off by half and snapping its lowest levels of the 21st century. Investors are asking if the commodity prices have finally bottomed, and have expressed their woes the stock market is overhauled and bond prices are at risk of interest rate hikes. “It's top of mind for anyone looking at the market,” said Norbert Ruecker, Head of Commodities Research at Julius Baer. Many investors believe the plunge in commodities is over as prices are lower than the production cost. As a response, unprofitable producers are cutting back.
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NZ Dollar Edges Up Against Most Majors
The New Zealand dollar strengthened against most major currencies in the Asian session on Monday. The NZ dollar rose to 0.6785 against the U.S. dollar and 81.73 against the yen, from last week's closing quotes of 0.6768 and 81.65, respectively. Against the euro, the kiwi edged up to 1.6258 from Friday's closing value of 1.6241. If the kiwi extends its uptrend, it is likely to find resistance around 0.69 against the greenback, 83.00 against the yen and 1.61 against the euro.
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Asian markets plunge ignited by weak Chinese data
Asian markets plummeted Monday as China reported weak factory activities in October, fueling global growth concerns. Official figures showed the Caixin purchasing manager's index ended at 48.3 from 47.2 in September. The MSCI Asia Pacific Index tumbled 0.6%, while Japan's Nikkei retreated 1.7%. Hong Kong's Hang Seng China Enterprises Index slipped 0.4%. The Shanghai Composite Index lost as much as 1.6% to trade 0.1% higher. Global market woes ignited selling while the market became vulnerable to “profit-taking from last week's gains,” said Hikaru Sato, Senior Technical Analyst at Daiwa Securities.
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Nasdaq 100 hits 15-year peak as US shares soar
A broad advance in US shares jolted the Nasdaq 100 index above its July peak, another trace of recovery from the equity meltdown in summer. The index rose 1.2%, extending its advance from the August 25 low to 17%, making it the first major index of US stocks to regain a multiyear high reached earlier this year. Also, the Standard & Poor's 500 Index remains more than 1% from its May 21 high of 2,130.82. The Dow Jones Industrial Average climbed 2.6%. Increases in the index have come from the largest computer and software firms. Amazon surged 35%, Microsoft leaped 32%, and Facebook added 24%. Apple Inc. has rallied 17% after it dropped 21% in the summer rout. US shares joined a global rally in stocks as manufacturing activity in China slowed, which subdued demand from equity investors looking for signs of strength elsewhere.
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China Services PMI Rebounds In October - Caixin
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The services sector in China expanded again in October and at a faster pace, the latest survey from Caixin revealed on Wednesday with a PMI score of 52.0. That's up from 50.5 in September, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Individually, new orders and employment were stronger, although business sentiment tumbled to a 10-year low. The composite index moved to 49.9, up from 48.0 in September.
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UK Permanent Job Placement Growth At 4-Month High
Permanent job placements in the U.K. increased at the fastest pace in four months in October, the Report on Jobs compiled by the Recruitment and Employment Confederation and KPMG showed Friday. The number of people placed in permanent jobs climbed further in October and the growth was solid and sharpest in four months. Similarly, temporary and contract staff billings rose at a faster pace, marking the strongest growth in three months. At the same time, the availability of staff for permanent jobs continued to decline in October, although easing to the lowest since January. Overall vacancies continued to rise at a marked pace in October. Considering the regional and sector variation, the strongest rise in permanent placements was recorded by Midlands-based consultancies, followed by the North. Rates of expansion in the South and London were modest.
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IMF's Lagarde push Gulf nations to unveil tax, spending reforms
International Monetary Fund Managing Director Christine Lagarde urged Gulf Arab oil nations to implement tax and spending reforms to control budget deficits. Low oil prices have cut state revenues in the Gulf Cooperation Council. All of the countries have started to limit spending, but so far, most have inhibitions in taking measures to reduce consumers' disposable income. Lagarde pressed governments to slow growth of their current spending, referring to their practice of giving high-paying jobs to their citizens to secure political support. As of present, most GCC citizens work for the public sector. The IMF head also urged them, including Saudi Arabia and the United Arab Emirates, to unveil a regional value-added tax the soonest possible.
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European Economics Preview: German Foreign Trade Data Due
Foreign trade figures from Germany and investor sentiment from euro area are due on Monday, headlining a light day for the European economic news. At 2.00 am ET, Destatis is set to publish external trade figures for September. German exports are forecast to rise 2 percent on a monthly basis in September and imports to grow 1 percent. Economists forecast the trade surplus to rise to EUR 21 billion from EUR 15.3 billion in August. At 3.00 am ET, consumer prices and unemployment from the Czech Republic are due. Inflation is expected to remain unchanged at 0.4 percent in October. The jobless rate is forecast to ease marginally to 5.9 percent in October from 6 percent in September. In the meantime, the Turkish Statistical Office is slated to issue industrial production for September. At 4.30 am ET, Eurozone Sentix investor sentiment data is due. The investor confidence index is expected to rise to 12.7 in November from 11.7 in October. At 5.30 am ET, the Organisation for Economic Co-operation and Development is set to publish Economic Outlook. Eurozone finance ministers are set to meet in Brussels today. The Eurogroup will be updated on the state of play regarding the implementation of Greece's economic adjustment programme, including the disbursement of EUR 3 billion.
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US oil prices struggle to shy away from two-month low
US crude prices on Thursday held close to more than two-month lows following a sharp slump on woes the market will need a longer time to rebalance as supplies exceed demand. Benchmark US crude futures CLc1 settled at $43.15 a barrel, up 22 cents. Prices dropped 3% in the light of high production, higher US stocks, and Asian economic slowdown. Meanwhile, emerging markets worldwide are dealing with an escalating debt mountain which impends growth.
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Slumping commodity prices distress global markets
Global equity markets came under pressure as commodity prices slumped, despite continuing concerns about the risks to commodities from lower demand and oversupply. Copper fell to $4,800 tonne in London, its lowest since July 2009, before it slightly recuperated to $4,823. In the United States, the S&P 500 closed at 2,046, up 1.4%, as the energy and basic materials sectors slid 2.3% and 2%, respectively. In Europe, the FTSEurofirst 300 dropped 1.6%, its worst level since late September, as the mining sub-index lost 5.1%. The Shanghai Composite Index slipped 0.5%, but was still up around 24% from its August lows. The market has been unsettled by recent figures leading to sluggish industrial growth in China, even as the London Metal Exchange disclosed inventories of copper were escalating.
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Pound Falls Against Majors
The British pound weakened against the other major currencies in the Asian session on Friday. The pound fell to a 2-day low of 186.45 against the yen, from yesterday's closing value of 186.71. Against the U.S. dollar and the Swiss franc, the pound dropped to 1.5208 and 1.5230 from yesterday's closing quotes of 1.5231 and 1.5221, respectively. The pound edged down to 0.7097 against the euro, from an early high of 0.7087. If the pound extends its downtrend, it is likely to find support around 184.00 against the yen, 1.50 against the greenback, 1.50 against the franc and 0.72 against the euro.
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Eur/usd :watch Out for 1.0800 for Further Bullishness
EUR/USD has made a low of 1.06911 and started to recover from that level. It is currently trading around 1.07915. Short term trend is till weak as long as resistance 1.0800 holds. The pair has been struggling to break above 1.0800 for the past four trading session and break above confirms short term bullishness, a jump till 1.0900/1.1000 cannot be ruled out . On the downside major support is around 1.0660 and break below targets 1.0600. The pair's minor support is around 1.0750 and below that level decline till 1.0700/1.0680 is possible. It is good to buy only above 1.0800 with SL around 1.0748 for the TP of 1.0900/1.1000.
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