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Japan All Industry Activity Rises More Than Expected October

Japan's all industry activity increased at a faster-than-expected pace in October, after falling in the previous month, figures from the Ministry of Economy, Trade and Industry showed Monday. The all industry activity index rose 1.0 percent month-over-month in October, reversing a 0.2 percent drop in September. Economists had expected a 0.9 percent climb for the month. In August, the measure showed no variations. The index measuring industrial production gained 1.4 percent monthly in October. Similarly, the index measuring both construction and tertiary activity index grew by 0.9 percent during the month. On a yearly basis, the all industry activity index climbed 0.9 percent in October, faster than the 0.6 percent spike in the preceding month. It was the fifth consecutive monthly rise.

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NZ Dollar Rises Against Majors

The New Zealand dollar strengthened against the other major currencies in the Asian session on Tuesday. The NZ dollar rose to a 5-day high of 0.6787 against the U.S. dollar and a 4-day high of 82.26 against the yen, from yesterday's closing quotes of 0.6759 and 81.88, respectively. Against the euro and the Australian dollar, the kiwi edged up to 1.6075 and 1.0607 from yesterday's closing quotes of 1.6127 and 1.0625, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.68 against the greenback, 83.50 against the yen, 1.57 against the euro and 1.04 against the aussie.

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Fitch: India, Se Asia Airlines to See improved Earnings Outlook

The earnings outlook for Indian and south-east Asian airline sectors should improve in 2016, driven by higher demand, lower fuel costs and ongoing industry restructuring, Fitch Ratings says. But the operating environment will be challenging due to strong competition and capacity expansion. Macroeconomic growth should help bolster demand and top-line growth for the region's airlines, and data so far in 2015 is already showing strong demand growth. Passenger load factors (PLF) in India and south-east Asia have risen steadily, with the average PLF across seven major airlines based in the region hitting multi-year highs above 80% in 3Q15. The continued decline in global oil prices will also provide a much-needed boost to airline earnings, with Brent crude falling further so far in 4Q15. Industry consolidation and restructuring should also result in improved profitability. Nonetheless, aggressive competition and capacity expansion remain key risks for the sector over the longer term. Capacity growth in south-east Asia and India has slowed in 2015 as airlines focused on profitability, but a huge order book for new aircraft remains, which could make it difficult to improve profitability for the sector. The full report 'Improved Earnings Outlook Likely for Indian and South-East Asian Airlines' is available to subscribers at www.fitchratings.com or by clicking on the link in this media release.

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Estonia Retail Sales Growth Slows For Second Month

Estonia's retail sales growth eased for the second straight month in November, figures from Statistics Estonia showed Monday. The volume of retail sales excluding vehicles rose 6.0 percent year-over-year in November, slower than the 8.0 percent climb in the previous month. The latest rate of increase was the weakest since April this year, when it grew the same 6.0 percent. The annual sales growth in stores selling manufactured goods eased to 11.0 percent in November from 12.0 percent in October. Similarly, the retail sales growth in grocery stores moderated significantly to 1.0 percent in November from 4.0 percent in the preceding month. The retail sales of automotive fuel alone surged 8.0 percent in November from a year ago. On a monthly basis, retail sales fell 6.0 percent in November, reversing a 5.0 percent gain in the prior month. On a seasonally and working-day-adjusted basis, retail sales dropped 1.0 percent.

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Chinese shares open lower as regulator seeks to reassure traders

Chinese stocks opened lower as the regulator sought to soothe investors following Monday's plunge ignited a trading halt in the country's equities, futures, and options. The CSI 300 dropped around 2.7% before alleviating declines. Meanwhile, the MSCI Asia-Pacific Index erased 0.3 to 128.46. Japan's Topix fell 0.4%. Futures on Hong Kong's Hang Seng Index wiped out 0.4%, while South Korea's Kospi rose 0.1%.

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Malaysia Exports Rise In November

Malaysia's exports increased in November from a year ago, figures from the Department of Statistics showed Thursday. Exports grew 6.3 percent year-over-year in November to MYR 67.6 billion. Shipments of electrical and electronics products, which contributed 34.2 percent to total exports, rose 0.6 percent in November. Exports of refined petroleum products surged 13.2 percent. Imports climbed 9.1 percent annually in November. The increase in imports was mainly attributed to consumption goods, intermediate goods and capital goods. On a monthly basis, exports plunged 10.8 percent in November and imports declined by 9.8 percent The visible trade surplus of the country came in at MYR 10.2 billion in November, which was lower by 6.9 percent and 15.9 percent respectively for the both yearly basis as well as monthly basis.

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China to face adversity in hitting 6.5% growth over 2016-2020

China will face great hardship in achieving economic growth above 6.5% between 2016 and 2020 due to sluggish global demand, escalating labor costs, and aggravating environmental concerns in the country. According to State Council's Development Research Centre President Li Wei, gross domestic product has recorded annual growth of approximately 10%. The 6.5% projection is not high, but it will be difficult to attain such pace of growth. China is scheduled to release fourth quarter and full-year GDP figures on January 19.

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Fxwirepro: Aud/jpy Extends Recovery from Multi-Year Lows, Good to Buy Dips

Poor Chinese inflation data released over the weekend raised concerns over China's ability to boost the economic growth, denting risk appetite and boosting yen. AUD/JPY hit a multi-year low of 80.88, levels not seen since Oct 2012, but was rejected at lows. The pair later rebounded higher towards 82 handle, on the back of strong pullback seen in the USD/JPY pair. Broader market sentiment will continue to dominate markets amidst a data-light economic calendar today. Strong resistance is seen at 81.95 levels, breaks above could take the pair to next hurdle at 82.95 (5-DMA) and then to 83.90 (Jan 8th highs). To the downside immediate support might be located 80.88 (Session lows Jan 11) below that at 79.50 (Oct 2012 Level). Recommendation: Good to buy dips around 81.50, SL: 80.90, TP: 82.95/83.90

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Singapore bond market sees default despite unrecognized notes

Singapore's bond market may default for the second time following lenders said Pacific Andes Resources Development Ltd. has not recognized some obligations on S$200 million ($139 million) of notes. In a January 10 filing, the Hong Kong-based company said it received a letter from HSBC Holdings Plc, alleging it breached on the 2017 securities. Investors, under the bond's terms, can request full immediate repayment in the event the firm's shares are suspended. Since November 25, Pacific Andes has halted trading in the country.

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Fxwirepro: Usd/jpy Bounces Off Trendline Support, But Unable to Hold Gains Above the 118 Handle

USD/JPY bounce overnight from trendline support failed near 118 handle and the major dropped to new session lows towards the mid-point of 117 handle. Yen back in demand amid falling Japanese stocks, Asian stocks have been volatile triggering risk-off trades. Strong support for the pair lies at 116.65 (trendline) and further below at 116 levels, while on the upside resistance is seen at 118.02 (Jan 11 & session highs) ahead of 118.75 (Jan 7 highs). Price action is well below the cloud and moving averages biased lower. RSI and Stochs on dailies are deeply in oversold territories. The data calendar is rather empty today, nothing of note for the JPY in terms of macro news except for the BOJ Governor Kuroda's speech.

Recommendation: We will wait for further technical confirmation to initiate any trade

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Disney to reveal Shanghai theme park on June 16

Walt Disney Co. announced the new Shanghai Disney Resort will be unveiled on June 16, the firm's biggest investment outside America. The $5.5 billion resort will showcase Disney's two hotels, tallest castle, and a pirates-themed land. The size of their first Chinese resort is 963 acres (389 hectares), three times bigger than the Hong Kong Disneyland. Chairman and Chief Executive Bob Iger has remained upbeat on the project, which has been planned for years, amid China's economic degeneration and stock market slump.

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Australia Unemployment Rate Steady At 5.8% In December

The jobless rate in Australia was a seasonally adjusted 5.8 percent in December, the Australian Bureau of Statistics said on Thursday. That was unchanged from the November reading, and it beat forecasts for 5.9 percent. The Australian economy lost 1,000 jobs in December to 11,902,300 - which also topped forecasts for a decline of 10,000 jobs following the addition of 71,400 jobs in the previous month. Full-time employment saw an increase of 17,600 jobs in December to 8,228,700 following the spike of 41,600 a month earlier. Part-time employment was down 18,500 jobs to 3,673,600 following the 29,700 increase in November. Unemployment decreased 10,900 to 727,500. The number of unemployed persons looking for full-time work decreased 2,600 to 515,000 while the number of unemployed persons only looking for part-time work decreased 8,400 to 212,500. "The trend shows that around 312,000 more people were employed in December 2015 than in December 2014. Full-time employment growth was stronger than part-time over the year, increasing by 186,600 people," said Bruce Hockman, General Manager of ABS' Macroeconomic Statistics Division. The increase in employment has contributed to the trend employment to population ratio rising over the year from 60.6 percent to 61.4 percent, while the unemployment rate has decreased over the year from 6.2 percent to 5.8 percent. The participation rate was 65.1 percent - missing forecasts for 65.2 percent and down from 65.3 percent a month earlier. Monthly hours worked in all jobs increased 0.3 million hours to 1,645.2 million hours.

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European Economics Preview: Eurozone Foreign Trade Data Due

Foreign trade data from euro area is due on Friday, headlining a light day for the European economic news. At 3.00 am ET, Spain's statistical office INE publishes final consumer price data for December. Prices are forecast to remain flat on a yearly basis as initially estimated. In the meantime, Turkey's unemployment figures are due. The jobless rate is seen unchanged at 10.3 percent in October. At 4.00 am ET, Italy's statistical office Istat issues final consumer prices for December. According to preliminary estimate, consumer prices rose 0.1 percent from last year. Half an hour later, the Office for National Statistics issues U.K. construction output data. Output is forecast to fall 0.1 percent on a yearly basis in November after rising 1 percent in October. At 5.00 am ET, Eurostat is set to release Eurozone foreign trade figures for November. The trade surplus is expected to rise slightly to EUR 21 billion from EUR 19.9 billion in October.

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Oil Slides to Lowest Since 2003 As Iran Sanctions Lifted

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Brent and U.S. crude futures fell to the lowest since 2003 following the lifting of the sanctions at the weekend. Iran is ready to increase its crude exports by 500,000 barrels a day, the deputy oil minister said on Sunday, hours after international sanctions on Tehran were lifted, removing an obstacle to exports. NYMEX crude for February delivery was down 86 cents at $28.56 a barrel, after falling more than $1 earlier to $28.36, the lowest since Oct. 30, 2003. London Brent crude for March delivery was down $1.14 at $27.80 a barrel by 2333 GMT, after touching an intraday low of $27.70 earlier, the lowest since Nov. 25, 2003.

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UK House Prices Rise For First Time In 3 Months: Rightmove

British house prices climbed at the start of the year, after declining in the previous two months, the latest house price balance from property tracking website Rightmove showed on Monday. The house price index rose slightly by 0.5 percent month-over-month in January, in contrast to a 1.1 percent decrease in December. "With their asking prices pretty much the same as a month ago, perhaps the knock-on effects of the more punitive landlord tax regime have arrived early and they now face a dilemma over whether to buy now or wait to see if prices drop in this sector over the next few months," Miles Shipside, co-founder of Rightmove, said. On an annual basis, house prices house prices grew at a slower pace of 6.5 percent in January, following a 7.4 percent surge in the prior month.

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Azerbaijan gas output in 2015 totalled 29.1 BCM - energy minister

Azerbaijan's Energy Minister Natig Aliyev said the country's gas production in 2015 totalled 29.1 billion cubic metres (bcm). He said gas output from the Azeri Shah Deniz field was seen at 10.1 bcm in 2016, up from 9.9 bcm ilast year, and that oil production at BP-operated ACG fields amounted to 31 million tonnes last year.


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Australian Dollar Falls Against Majors

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The Australian dollar weakened against the other major currencies in the Asian session on Tuesday. The Australian dollar fell to a 4-day low of 0.9945 against the Canadian dollar, from yesterday's closing value of 0.9993. Against the U.S. dollar, the yen and the euro, the aussie dropped to 0.6839, 80.19 and 1.5943 from yesterday's closing quotes of 0.6865, 80.51 and 1.5861, respectively. If the aussie extends its downtrend, it is likely to find support around 0.98 against the loonie, 0.67 against the greenback, 79.00 against the yen and 1.61 against the euro.

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NZ Dollar Drops Against Majors

The New Zealand dollar weakened against the other major currencies in the Asian session on Wednesday. The NZ dollar fell to more than a 3-month low of 1.7165 against the euro and a 5-day low of 74.61 against the yen, from yesterday's closing quotes of 1.7000 and 75.38, respectively. Against the U.S. and the Australian dollars, the kiwi dropped to nearly a 4-month low of 0.6366 and more than a 5-week low of 1.0841 from yesterday's closing quotes of 0.6408 and 1.0775, respectively. If the kiwi extends its downtrend, it is likely to find support around 1.73 against the euro, 73.00 against the yen, 0.62 against the greenback and 1.10 against the aussie.

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Oversupply may saturate oil market, says IEA

Oversupply may submerge the overall crude oil market until at least in the latter part of 2016 due to increasing supply and unusual warm weather. Based on the International Energy Agency's monthly report, such factors could push oil prices lower than its present 12-year troughs. It also warned of more price declines ahead. Also, the IEA said oil supply worldwide could surpass demand by 1.5 million barrels per day in the first half of the year, with Iran adding 600,000 bpd by mid-2016 and other nations keeping current output. Brent futures LCOc1, sliding below $30 a barrel, have hit its lowest level since late 2003 after the Organization of the Petroleum Exporting Countries decided not to reduce output to stop the price decline amid oversupply.


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Fitch: Rising Interest Rates to Ease Taiwan Life Insurers' Negative Spreads

Fitch Ratings says in a new report that a persistent decline in the costs of insurance liabilities and improvements in recurring investment yields on rising market interest rates will reduce Taiwanese life insurers' negative interest spreads. However, the Sector Outlook remains Negative as Fitch expects that the high guaranteed rates of legacy policies will still constrain the sector's profitability at least in the near term. Life insurers' costs of insurance liabilities have been dropping by about 10 bp per year with inflows of low-guaranteed-rate policies. Fitch estimates that large insurers have lower funding costs at below 3.5% after including mortality/morbidity and loading gains, versus above 4.5% for some small insurers. Rising interest rates would help improve returns from life insurers' assets, which have shorter duration than their insurance liabilities. Asset risk is the key concern in the life sector, as life insurers have taken significant overseas investments at 55.7% of invested assets at end-August 2015. They are increasingly involved in corporate bonds, financial debentures and sovereign bonds of emerging markets, shifting from treasuries and agency bonds issued by developed countries. Their capitalisation, therefore, is vulnerable to unfavourable movements in the capital and currency markets. For non-life insurers, their Stable Sector Outlook is supported by strong capital buffers and satisfactory underwriting performance, with combined ratios generally below 95%. Non-life insurers' aggregate equity-to-assets ratio was 32% at end-August 2015. They had also accumulated claims equalisation reserves of 13% of total assets by end-2014. The sector's underwriting leverage remains low, at around 1x between 2011 and 2014, as measured by net premiums written/shareholders' equity.

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Wall Street slumps to 2014 trough as oil prices hit 2003 lows

Wall Street plummeted as the S&P 500 touched its lowest since October 2014 and US oil prices plunged to 2003 troughs. US crude slid 6.6% as a supply glut affected bearish financial reports, aggravating woes over demand. But a bounce in US oil prices helped counter losses in stocks. The Dow Jones Industrial Average closed at 15,766.74 points, down 1.56%. The Nasdaq Composite ended at 4,471.69, down 0.12%. The S&P 500 settled at 1,859.33, down 1.17%. Also, the CBOE volatility index was at 27.59, up 5.9%.

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Taiwan Dec Jobless Rate Rises More Than Expected

Taiwan's unemployment rate increased more-than-expected December, figures from the Directorate General of Budget Accounting and Statistics, or DGBAS, showed Friday. The seasonally adjusted jobless rate rose to 3.88 percent in December from 3.84 percent in November. Economists had forecast the unemployment rate to climb marginally to 3.85 percent. The number of unemployed people grew to 453,000 in December from 449,000 in the previous month. A year ago, the jobless figure totaled 442,000. Meanwhile, the labor force participation rate held steady for the second straight month in December at 58.67 percent. On an unadjusted basis, the unemployment rate came in at 3.87 percent in December, down from 3.91 percent a month earlier.

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Franc Little Changed After Swiss Trade Data

Swiss Federal Customs Administration published foreign trade data for December in the pre-European session on Tuesday at 2:00 am ET. After the data, the Swiss franc changed little against its major rivals. As of 2:01 am ET, the Swiss franc was trading at 1.0993 against the euro, 1.4393 against the pound, 1.0128 against the U.S. dollar and 116.33 against the yen.

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OPEC, Russia discuss likely joint action on supply glut

Senior OPEC and Russian officials talked over a potential joint act to resolve one of the worst supply gluts in decades. But Saudi Arabia implied its stance to letting the oil market rebalance itself. OPEC Secretary General Abdalla El-Badri said other producers should cooperate in order to settle oversupply for prices to recuperate. The Organization of the Petroleum Exporting Countries previously said it would only consider reducing output if others pledge to do so. So far, Russia has refused to collaborate, saying its fields and weather conditions are not similar to those in the Gulf region even as prices below $30 a barrel are way below what they need to break even.


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Federal Reserve leaves rates unchanged, accounts market selloff

The Federal Reserve, acknowledging a stock market selloff, kept interest rates unchanged and would closely monitor global economic and financial improvements, saying it cannot afford to ditch a plan to tighten this year's monetary policy. The decision by the Federal Open Market Committee was widely anticipated following stock markets in the United States and around the globe sustained month-long plunge, raising concerns a sudden global slowdown could dent US growth. In a statement, policymakers, after their two-day meeting, will be looking into the effects of global economic and financial growths in inflation and job market.

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Singapore Employment Logs Slowest Growth Since 2003

Singapore's employment increased at the slowest annual pace in 12 years on sluggish global economic conditions and weak performance of city-state economy, data published by the Ministry of Manpower showed Thursday. Total employment advanced 31,800 or 0.9 percent in 2015, which was the weakest expansion since 2003. In the fourth quarter, total employment grew 15,500 from the previous quarter when it rose 12,600. The ministry said total employment growth has moderated amidst weaker economic conditions and tightened supply of foreign manpower. Further, data showed that local employment increased marginally by an estimated 100 or zero percent in 2015, after growing strongly by 96,000 in 2014. Meanwhile, foreign employment, excluding foreign domestic workers, continued to grow at a moderate pace of an estimated 22,600, or 2 percent in 2015. The jobless rate slid to 1.9 percent in December quarter from 2 percent in September quarter. It was forecast to remain at 2 percent. For the whole of 2015, the annual average unemployment rate was broadly unchanged since 2011, at 1.9 percent.


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Facebook glides Wall Street higher

The Wall Street soared as Facebook Inc.'s stellar quarterly report bolstered tech stocks higher and a leap in oil prices lifted up the energy sector. The social media company shares surged 15.5%, its largest one-day bounce since 2013, as digital advertising soared 52% in fourth quarter revenue. The S&P tech sector rose 1.48% as Alphabet advanced 4.28%. The S&P energy sector climbed 3.15% as oil prices increased almost 3%. Earnings from Facebook and other companies, as well as oil prices rebound were the forces behind most of the day's improved sentiment. But investors cautioned the accelerations could be short-lived.

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China PMI narrows than projected in January

China's manufacturing sector activity constricted more than predicted in January, weaker than the preceding month. Official figures showed Purchasing Managers' Index settled at 49.4 last month from 49.7 in December. Chinese economic growth skidded to 6.9% in the past year, its slowest expansion in 25 years, pressuring policymakers to renew confidence of traders in the country.

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Obama to proffer $10 per barrel tax on crude oil

Next week, President Barack Obama will unveil a proposal to levy $10 a barrel on crude oil which would finance the rebuilding of the country's transportation infrastructure. According to the White House, the new tax would enable Obama's plan to create a precise concession for private sector transformation to invest in clean energy technologies and cut the country's dependence on oil. Legislators in the Congress, however, swifty criticized Obama's proposal. Obama has emphasized the United States must stop subsidizing fossil fuels and concentrate on clean fuels which do not worsen climate change.

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Yen Rises Against Majors

The Japanese yen strengthened against the other major currencies in the Asian session on Thursday. The yen rose to more than a 2-year high of 163.84 against the pound and a 16-month high of 112.53 against the U.S. dollar, from yesterday's closing quotes of 164.56 and 113.32, respectively. Against the euro, the Swiss franc and the Canadian dollar, the yen advanced to 3-week highs of 127.35, 115.93 and 80.89 from yesterday's closing quotes of 127.96, 116.39 and 81.35, respectively. Against the Australian and the New Zealand dollars, the yen climbed to 2-day highs of 80.17 and 75.36 from yesterday's closing quotes of 80.38 and 75.73, respectively. If the yen extends its uptrend, it is likely to find resistance around 162.00 against the pound, 111.00 against the greenback, 126.00 against the euro, 114.00 against the franc, 78.00 against the loonie, 79.00 against the aussie and 73.00 against the kiwi.

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Japan GDP Slides 1.4% On Year In Q4

Japan's gross domestic product contracted an annualized 1.4 percent on year in the fourth quarter of 2015, the Cabinet Office said in Monday's preliminary reading. That missed forecasts for a decline of 0.8 percent following the upwardly revised 1.3 percent increase in the third quarter (originally 1.0 percent). On a quarterly basis, GDP was down 0.4 percent - also shy of expectations for a decline of 0.2 percent following the 0.3 percent gain in the three months prior. Nominal GDP slipped 0.3 percent on quarter versus expectations for a fall of 0.1 percent following the upwardly revised 0.6 percent increase in the previous three months (originally 0.4 percent). The GDP deflator advanced 1.5 percent on year - also beneath forecasts for 1.6 percent and down from 1.8 percent in the third quarter. Private consumption tumbled 0.8 percent on quarter versus forecasts for a fall of 0.6 percent after gaining 0.4 percent in the previous three months. Capital expenditure gained 1.4 percent on quarter - topping expectations for a decline of 0.2 percent and accelerating from the 0.7 percent increase in the three months prior. Domestic demand shaved 0.5 percentage points from GDP growth, while net exports added 0.1 point.

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Singapore Airlines expects global economic weakness to dent premium traffic

Singapore Airlines is expecting weakness in the global economy to affect its premium air traffic, its chief executive officer Goh Choon Phong said on Monday. Phonh said, "we are still seeing the demand in this segment on our routes anyway, to be fairly strong”. SIA's business model hinges on using its hub at Singapore's Changi Airport to connect passengers within Asia and to Europe, Australia and the U.S.

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Canadian Dollar Rises Against Most Majors

The Canadian dollar strengthened against most majors in the Asian session on Tuesday. The Canadian dollar rose to near 2-week highs of 1.3773 against the U.S. dollar and 1.5372 against the euro, from yesterday's closing quotes of 1.3832 and 1.5428, respectively. Against the yen, the loonie advanced to a 1-week high of 83.24 from yesterday's closing value of 82.79. If the loonie extends its uptrend, it is likely to find resistance around 1.36 against the greenback, 1.49 against the euro and 87.00 against the yen.

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Fed mulls changing plans over rate hikes - minutes



Federal Reserve officials once considered changing their game plan on raising interest rates throughout this year, based on the minutes of their latest meeting. The minutes also showed policymakers were concerned a global economic degeneration could affect the United States and agreed the uncertainty had escalated since their decision to increase rates in December. Members unanimously voted to hike rates by 25 basis points last year for the first time since 2006. Since then, oil prices have continued to decline and global stock markets have been more volatile. Some officials felt they need to wait to further raise rates due to rigid economic conditions to ensure the US economic outlook is not dwindling and inflation is not below their 2% target.

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Russia: Oil output may hit worst price despite OPEC talks


Russia's oil production may slide 14% in the next five to ten years amid initial agreement with Saudi Arabia to freeze crude output at January levels to bolster crude prices. The country's Energy Ministry said oil output may decline to 460 million metric tons in 2020-2025 from 534 million metric tons a year ago. In a worst case scenario, the ministry emphasized oil prices would stay at approximately $31 to $33 per barrel between 2016 and 2017, rebounding to $42 per barrel in 2020. That scenario presumed demand in China and other Asian countries dwindles on degenerating economic expansion, the United States raises shale output, and Middle East nations bolster cheap supplies. Russia has been contending with its longest recession in two decades as slumping oil prices and global sanctions have dented its economy over the Ukrainian crisis.

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Fed official cautions on scrambling for government-only US funds

A top Federal Reserve official warned converting US money funds to government-only from prime could be steeply reverted and affect the general policy implementation when a new tool is gradually ditched. New York Fed Markets Group Head Simon Potter said money funds, a tool wrenching interest rates from close to zero, are only interim. Over 100 funds have secured an access to overnight repurchase facility rendering a 0.25% short-term yield on cash. Many of them are scrambling to make the change in recent months. The Securities and Exchange Commission has given them until October to redeem prime funds. Published: 2016-02-23 01:19:00 UTC+00 BACK TO NEWS LIST

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Taiwan Manufacturing Sector Turns To Contraction - Nikkei

The manufacturing sector in Taiwan swung to contraction in February, the latest revision from Nikkei showed on Tuesday with a PMI score of 49.4. That was down from 50.6 in January, and it slips beneath the boom-or-bust line of 50 that separates expansion from contraction. Among the individual components of the survey, output and new orders both contracted for the first time in three months. Outstanding work declined at its fastest rate since August, while deflationary pressures eased but remain marked.

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China Services Sector Slows In February - Caixin

The services sector in China continued to expand in February, albeit at a slower pace, the latest survey from Caixin showed on Thursday with a PMI score of 51.2. That's down from 52.4 in January, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. Among the individual components, new business growth slowed, while new orders continued to decline and new business was roughly unchanged. The composite index came in with a score of 49.4, down from 50.1 in the previous month.

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Citigroup hires two execs from Goldman for senior roles

Citigroup Inc has hired Quentin Andre as head of global structured sales and Dirk Keijer as head of equity derivative sales for Europe, the Middle-East and Africa (EMEA), both joined from Goldman Sachs, the company said. Andre spent five years at Goldman serving as managing director and head of EMEA equity and fund derivatives structuring & marketing, as well as head of cross-asset systematic strategies Keijer was managing director, head of equity derivatives sales for Europe at Goldman.


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Australia Retail Sales Add 0.3% In January

The total value of retail sales in Australia was up a seasonally adjusted 0.3 percent on month in January, the Australian Bureau of Statistics said on Friday - coming in at A$24.834 billion. That was shy of forecasts for an increase of 0.4 percent following the flat reading in December. There were rises in other retailing (1.4 percent), household goods retailing (1.0 percent), cafes, restaurants and takeaway food services (1.0 percent) and clothing, footwear and personal accessory retailing (0.1 percent). Food retailing (-0.2 percent) and department stores (-1.3 percent) both fell in January. There were rises in New South Wales (0.5 percent), Queensland (0.3 percent), South Australia (0.4 percent), Western Australia (0.2 percent), Tasmania (1.0 percent), the Australian Capital Territory (0.7 percent) and the Northern Territory (1.3 percent). Victoria (0.0 percent) was relatively unchanged in January 2016. Online retail turnover contributed 2.9 percent to total retail turnover.

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