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New Zealand Building Volume Slides 3.5% In Q1
The total volume of building in New Zealand was down a seasonally adjusted 3.5 percent on quarter in the first three months of 2017, Statistics New Zealand said on Tuesday.
That misses forecasts for a gain of 0.3 percent following the downwardly revised 1.3 percent increase in the previous three months (originally 1.9 percent).
Residential building activity shed 0.8 percent on quarter, while non-residential building activity skidded 7.2 percent.
The value of building work on new homes was NZ$2.7 billion in Q1.
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Treasury Yields Jumps Amid Mixed Economic Data
U.S. government bond yields rallied amid a string of data that did not help clarify U.S. economic prospects after a disappointing jobs report helped trim growth expectations.
The 10-year Treasury note yield advanced 2.2 basis points to 2.182 percent. Despite its rally, the benchmark yield's closing was still its lowest close this year. Yield on the two-year note rose 1.8 basis point to 1.308 percent, while the yield on the 30-year bond or the long bond advanced 3.1 basis point to 2.840 percent.
The movement in yields came after the ISM services index for May slid to 56.9 percent against the 57.5 percent seen in the previous month. However, April's reading marked a 12-year high and the index continued to be above the adjusted annual average of 55.9 percent.
Another report showed that U.S. productivity growth during the first quarter of the year was revised upward from 0.6 percent, indicating that economic data in Q1 was not as soft as initially reported.
In the last few weeks, muted economic data, underlined by a dismal May nonfarm payrolls report, has barely discouraged investors from betting a June rate hike. Traders are now wagering in a 95.8 percent odds of a rate increase during the Fed's next policy meeting, based on the Chicago Mercantile Exchange's FedWatch tool.
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Australia Manufacturing Sector Picks Up Steam In May - AIG
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The construction sector in Australia continued to expand in May, and at a faster rate, the latest survey from the Australian Industry Group revealed on Wednesday with a Performance of Construction Index score of 56.7.
That's up sharply from 51.9 in April, and it moves farther above the boom-or-bust line of 50 that separates expansion from contraction.
It also marks the fastest rate of expansion in more than two and a half years.
Individually, apartment building saw the biggest jump, although house building fell back into contraction.
Engineering construction and commercial construction were firmly in expansion territory.
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Macy’s Warning Triggers Retail Sector Selloff
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Macy's finance chief Karen Hoguet cautioned analysts that the department store's gross margin might continue to erode in February, triggering renewed panic in the already struggling retail sector.
Hoguet warned that gross margins of the retailer would decline by around 1 percent in its current quarter compared to the same period a year prior. She added that it will drop less than 1 percent for the full fiscal year.
In February, the firm said it expected margin declines but did not specify the level of the drop. It assured that it is not downgrading its sales and profit targets and looks to make up the difference via cost-cutting and efforts to enhance the performance of its stores.
The executive said margins are under pressure because Macy's is taking a longer time than expected to get rid of surplus inventory. She also noted that Macy's was experiencing the impact of increased promotions of beauty products and stagnant watch sales.
The comments caused Macy's shares to tumble 8.2 percent to trade at $21.90, the company's lowest close in over six years. The remarks also triggered a selloff in the sector, underlining the sector's fragility. Other retailers were dragged down by the dim guidance, as J.C. Penney Co., Kohl's Group, Nordstrom Inc., Target Corp. and Wal-Mart Stores Inc. all experienced declines during the session.
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Uk Election: Odds are in Decline for Conservatives
After exit polls somewhat shocked the market and pointing to YouGov model prediction just weeks ago that forecasted a hung parliament weeks ago, betting odds are in decline, except for the odds for most seats.
The betting market is pricing 93 percent probability that the Conservative will win most of the seats in 650 members’ parliament.
The market is pricing less than 62 percent probability that Theresa may be the next Prime Minister. The odds for Jeremy Corbyn has moved higher from 20 percent to 33 percent.
The market is also pricing 66 percent probability that the Conservatives will be able to hold on to their majority in the election. The odds of a Labour Party majority is currently at less than 7 percent.
The odds of a hung parliament has moved up from less than 20 percent before the election to 33 percent as of now.
Foreign Secretary Boris Johnson is the favorite with 30 percent odds to become the next Conservative Party leader if Theresa May is replaced.
Results so far:
So far, the Labour Party has won 10 seats, while the Conservatives have secured wins in five. Still, a very long way to reach the magic figure (326).
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Dow Touches Record High but Ends Flat After Comey Testimony
U.S. equities finished mostly higher on Thursday as Wall Street priced in former FBI Director James Comey's testimony. The “Trump trade” made a comeback but the S&P and Dow industrials eventually ended little changed.
The Dow Jones industrial average climbed 0.04 percent to finish at 21,182.53, as Caterpillar led gains while Walt Disney lagged behind. The S&P 500 added 0.03 percent to 2,433.79, with financials leading five sectors up and utilities was the largest decliner. The Nasdaq composite rose 0.39 percent to end at 6,321.76.
The Trump 'reflation trade' was back for the day with the S&P 500 financial sector gaining 1.1 percent.
The S&P 1500 construction and engineering index climbed 1.4 percent while the measure of construction materials stocks rose 1.5 percent. The S&P 1500 steel sector index advanced 4.1 percent, the most since April 20.
The announcement of Commerce Secretary Wilbur Ross that a national security review of the U.S. steel industry will be made to protect interests of domestic steel producers and consumers had bolstered infrastructure stocks.
Utilities stocks dropped the most on the S&P 500 as Treasury yields rose. The S&P utilities sector fell 0.88 percent, the most since mid March.
Among stocks active in corporate news, Alibaba jumped 13.3 percent to $142.34 after the company said it sees revenue growth of 45 to 49 percent in the 2018 fiscal year. Yahoo, which has a 15.5 percent stake in Alibaba, advanced 10.2 percent to $55.71.
Chipmaker Nvidia bounced 7.3 percent to $159.94 after Citigroup cited its bullish outlook on the stock and said in the long term it could reach $300.
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Treasury Yields Continue to Rally Ahead of Fed Meeting
U.S. government bond yields edged up as prices retreated ahead of the closely monitored two-day U.S. Federal Reserve policy meeting scheduled to start on Tuesday.
The yield on the two-year Treasury note, which is particularly sensitive to shifts in Fed policy, advanced 2.1 basis points to 1.359 percent. Meanwhile the yield on the 10-year note advanced 1.4 basis points to 2.215 percent. The yield on the long bond or the 30-year bond advanced 1.5 basis points to 2.867 percent.
Treasury yields rallied due to expectations of a quarter-point rate increase by the Fed by the end of the June policy meeting. Aside from this, investors will also be looking for clues on the pace of the rate increases after the latest one, with odds of a fifth rate hike since December 2015 falling below 50 percent.
Market participants are also expected to look forward to consumer price data slated to be released on Wednesday as Fed policymakers called the weak consumer price data in March and April as temporary to build up a June rate hike.
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New Zealand Food Prices Gain 2.4% In May
Food prices in New Zealand were up 2.4 percent on month in May, Statistics New Zealand said on Wednesday - following the 0.8 percent gain in April.
Fruit and vegetable prices rose 8.2 percent on month, while meat, poultry, and fish prices rose 2.3 percent.
Seasonally adjusted, food prices gained 1.6 percent on month.
On a yearly basis, prices were up 3.1 percent.
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New Zealand Reports Stable Q1 Economic Growth Despite Slowdown in Building Activity
The New Zealand economic growth accelerated slightly on a sequential basis in the first quarter of this year. GDP grew 0.5 percent after rising 0.4 percent in the fourth quarter of 2016, showed Statistics New Zealand.
"Much lower building activity combined with mixed results for the service sector took the shine off higher dairy production and saw a second quarter of moderate overall GDP growth. At an industry level, 11 out of 16 industries increased this quarter, with agriculture and retail trade having the biggest increases, while construction was significantly down,” said national accounts senior manager Gary Dunnet.
Construction dropped 2.1 percent, with all building sectors indicating a decline. Non-residential building construction, declining from a recent peak, was the important driver. This was also reflected with declining investment in both residential and non-residential building construction.
Service industries activity came in mixed, rising 0.4 percent in the first quarter. Retail trade and accommodation mainly drove the service growth. On the contrary, postal, transport and warehousing and rental hiring and real-estate services dropped.
Household spending rebounded in the first quarter, growing 1.3 percent. This shows solid growth in retail trade. This rise added to the year-on-year growth rate of 4.7 percent, the largest rise in household spending in more than a decade. Meanwhile, net exports dropped in the March quarter. Exports of goods and services dropped 0.4 percent, while imports of goods and services were up 1.3 percent.
On a year-on-year basis, the GDP growth of New Zealand came in at 3 percent.
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Fxwirepro: Usd/jpy Hits Fresh 2-Week High at 111.14 Mark, Markets Await Boj’s Policy Rate Decision
USD/JPY is currently trading around 111.03 marks.
It made intraday high at 111.14 and low at 110.81 levels.
Intraday bias remains neutral for the moment.
A daily close above 110.94 will take the parity higher towards key resistances around 111.84, 112.62, 113.79, 114.88, 115.50, 117.21, 118.18, 118.66, 119.52 and 120.46 levels respectively.
On the other side, a sustained close below 110.94 will drag the parity down towards key supports around 109.27, 108.32, 106.72, 106.03 and 104.96 levels respectively.
BOJ will release latest monetary policy statement and policy rate today.
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Japan Has Y203.367 Billion Trade Deficit In May
Japan had a merchandise trade deficit of 203.367 billion yen in May, the Ministry of Finance said on Monday.
That missed forecasts for a surplus of 43.3 billion yen following the 481.7 billion yen surplus in April.
Exports were up 14.9 percent on year, shy of expectations for a gain of 16.0 percent following the 7.5 percent gain in the previous month.
Imports climbed an annual 17.8 percent versus expectations for 14.5 percent and up from 15.1 percent a month earlier.
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U.K. and EU Begin Brexit Talks
British Brexit Secretary Davis Davis launches official talks in Brussels on Monday, that will forge the terms on with the UK will divorce from the European Union and set its ties with the zone for the coming years.
Almost a year since Britons shocked the world by voting on June 23 to sever ties with their main trading partner and almost three months since PM Theresa May triggered a two-year countdown to Brexit in March 2019, there is almost no clarity to what the future holds for both parties.
Even the British premier's political survivability is in question. Theresa May's conservatives lost their majority in a general election 10 days ago.
Davis is slated to meet chief EU arbitrator Michel Barnier at the European Commission's headquarters. They are scheduled to give a joint press conference following dialogue among their teams that will last seven hours.
Both parties attempted to downplay expectations for the possible results after a day of discussions. EU diplomats hope that the first meeting can enhance the talks' atmosphere following heated exchanges.
Davis conceding to Monday's agenda led some EU officials to perceive that May's government may be beginning to come around how the Brexit talks should proceed on Brussel's terms.
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Dow, S&P 500 Log Record Close as Tech Stocks Regain
US equities rallied on Monday as technology stocks recuperated following their not-so-impressive performance in the last session.
The S&P 500 and Dow Jones glided higher as the technology sector climbed 1.7%, pushing equity indices higher. Previously, the sector lost 3.4% in the last few weeks.
Major tech shares including Facebook, Apple, and Alphabet all inched higher. Also, Amazon logged an all-time high as the trading session started.
The Dow stood at 21,528.99, up 0.83%, with Apple leading the advances. The Nasdaq ended at 6,239.01, up 1.42%. The S&P 500 closed at 2,453.46, with the IT leading eight sectors to their surge.
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Gold Climbs as Treasury Yields Hit Near 10-Year Low
Gold prices rose Thursday as the US dollar's easing made the Treasury yields hit its lowest in almost a decade.
The curve of the Treasury yield straightened to almost 10-year troughs as investors assessed how the Federal Reserve's hawkish tool shaped the economy but inflation measures are slumping. The greenback tumbled from a one-month peak versus a bunch of currencies.
US gold futures for August settlement traded at $1,253.10 an ounce, up 0.6%. Spot gold stood at $1,251.91 an ounce, up 0.5%. Earlier, it gained 0.3%, its biggest intraday percentage change since June 6.
Meanwhile, the holdings of SPDR Gold Trust climbed 0.4% to 853.98 tonnes, previously 853.68 tonnes.
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New Zealand Has NZ$103 Million Surplus In May
New Zealand had a merchandise trade surplus of NZ$103 million in May, Statistics New Zealand said on Tuesday.
That was shy of expectations for a surplus of NZ$419 million and down from the downwardly revised NZ$536 million a month earlier (originally NZ$578 million).
Exports were up 8.7 percent on year to NZ$4.95 billion - beating forecasts for NZ$4.93 billion and up from NZ$4.70 billion.
Imports jumped an annual 15.0 percent to NZ$4.85 billion versus expectations for NZ$4.48 billion and up from NZ$4.16 billion.
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Bitcoin, Ethereum Headline Plunge of Digital Currencies
Bitcoin and ethereum spearheaded the decline of virtual currencies after posting record highs and experiencing a flash crash last week.
Data showed that bitcoin stood at a low of about $2,255.44 in intraday trading, its lowest since June 15. Ethereum traded at $221.45, down 26%. Also, ripple has lost around 13% to about 26 cents.
Ether, a cryptocurrency based on the ethereum blockchain, dropped June 21 following the congestion on its network slowed down deals, prompting digital currency exchange operators such as Bitfinex to stop transactions.
Still, the two largest digital currencies have soared in value this year. Bitcoin has gained around 150% year to date. Ether started 2017 about $8.
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Wall Street Stumbles After Senate Delays Health Vote
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U.S. equities faltered with large-cap technology stocks losing over one percent after a healthcare bill was delayed by the U.S. Senate which fueled policy uncertainty. The S&P 500 recorded its largest one-day decline in nearly six weeks and ended at its weakest point since May 31.
The Dow Jones industrial average retreated 0.46 percent to finish at 21,310.6, as Verizon led losses while JPMorgan Chase the best performer. The S&P 500 fell 0.81 percent to close at 2,419.38, with information technology leading ten sectors lower while financials being the only gainer. The Nasdaq composite dropped 1.61 percent to end at 6,146.62.
Major indexes extended declines after U.S. Senate Republican leader Mitch McConnell delayed a planned vote on a bill to take down the Affordable Care Act until after the Senate's July 4 recess.
The tech sector fell 1.7 percent. Google-parent Alphabet lost over two percent. The European Union fined the company a record $2.7 billion, with regulators ruling Google with a violation of antitrust rules.
Shares of Facebook, Netflix and Amazon also retreated, ending nearly 1.5 percent lower.
However, technology stocks continue to be the best-performing major group in 2017 as the sector gained almost 20 percent so far.
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ARGENTINA: Macri Defends Greater Integration With Chile
Argentina's President Mauricio Macri stressed to Chilean lawmakers the importance of an increase in both nations integration and of an improvement in bilateral trade. Macri's made the comments during a speech at Chile's National Congress. Maur?cio Macri also pointed out that Argentina and Chile should agree on "long-term" energy policies that will help to develop both countries soon, according to a statement by the Casa Rosada. Also, Macri called on Chilean lawmakers to help to promote integration between the Mercosur and the Pacific Alliance. Later, in the Audience Hall of the La Moneda's Palace, the Chilean President Michelle Bachelet and Macri held a bilateral meeting aimed to strengthen ties between both nations.
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COLOMBIA:Chile Suspends Beef Imports Due To Foot-and-mouth Disease Outbreak
Chile's Agricultural and Livestock Service (SAG) said in a statement that it would temporarily suspend imports of Colombian meat products after a foot-and-mouth disease outbreak in the department (state) of Arauca.
"The SAG has already contacted the Colombian authorities to monitor the case, and better assess the situation," said the Chilean agency. SAG also noted that just a month ago it had authorized meat imports from Colombia after a thorough evaluation process.
Last Saturday, Colombia's Agricultural and Livestock Institute (ICA) reported the detection of a foot-and-mouth disease outbreak, the first since 2009. Since the news came, Chile, Peru, and Panama have suspended their meat imports, and Ecuador reported that it would strengthen sanitary controls.
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China Manufacturing Sector Picks Up Steam In June
The manufacturing sector in China continued to expand in June, and at a faster pace, the latest survey from the National Bureau of Statistics showed on Friday with a manufacturing PMI score of 51.7.
That beat forecasts for 51.0, and it's up from 51.2 in May.
It also moves farther above the boom-or-bust line of 50 that separates expansion from contraction.
The bureau also said that its non-manufacturing PMI came in with a score of 54.9, up from 54.5 in the previous month.
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PETROBRAS: Company To Sell Fuel Distribution Assets In Paraguay
Petrobras intends to sell its stake in companies that distribute and sell fuels, cooking gas and lubricants in Paraguay. Ita? BBA was hired to be the financial advisor of the potential divestment.
The transaction will involve the subsidiaries Petrobras Paraguay Distribuci?n Limited, Petrobras Paraguay Operations and Logistics and Petrobras Paraguay Gas.
Petrobras, through the companies listed above, has a network of 197 service stations and 113 convenience stores and is also present in the aviation sector, operating in three airports. The company is also the largest fuel distributor in the country. Regarding logistics, it owns a distribution terminal, in the city of Villa Elisa.
According to the company, the fuel distribution assets it owns in Paraguay were purchased from Shell and had their brand image improved since then.
Petrobras will accept offers from distributors with at least 50 stations operating in Paraguay, or with consolidated revenues of at least US$ 200 million. Trading companies can also bid for the assets, as long as they have at least one representative office in South America and reported net revenue of at least US$ 200 million per year.
The companies invited by Petrobras to buy the assets should show interest in the transaction until July 24.
In June, Petrobras said that it would start a divestment process to sell 30 assets until the end of this year, and added that it would disclose half of those assets in the next three months.
The assets are part of a US$ 21 billion sale plan for 2017 and 2018. According to Pedro Parente, Petrobras, chairman, the Pasadena Refinery, in the United States, will be among these assets.
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British Consumers Spend More on Essentials as Inflation Climbs
UK consumers spent more money on food and other essentials in June but cut back on less urgent purchases amid growing prices, according to two sets of industry figures.
Payments firm Barclaycard said year-on-year consumer spending growth softened to a 15-month low of 2.5 percent in June from 2.8 percent in May, while spending on household goods and entertainment also slowed.
According to the British Retail Consortium, its gauge of retail spending growth climbed to 2.0 percent in June from 0.2 percent in May, above its average of 1.4 percent in the previous six months.
However, BRC's chief executive, Helen Dickinson, said the pick-up emulated a temporary boost from warmer weather lifting clothing sales, along with the higher costs of food.
On a like-for-like basis, the BRC said sales rose by 1.4 percent year-on-year following a 0.4 percent decline in May.
Both figures from Barclaycard and BRC are not adjusted for inflation, which is running at an almost four-year peak of 2.9 percent as stated in the consumer price index. Therefore, the contribution of consumer spending to second-quarter economic growth could be limited.
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Amazon.com On Track to Break Sales Record
Amazon.com Inc said its Prime Day sale is poised to be the largest shopping event in its history by sales. The world's biggest online retailer said customers ordered over three times as many Echo-family speakers than the previous year's Prime Day, which at the time broke records for Amazon devices.
Third-party sellers have sold over 50 percent more items on the site by noon compared with the same timeframe in 2016, according to a statement by Amazon.
Analysts estimated the previous year's event had brought in more than $500 million.
The news highlights Amazon's rapid pace of growth as more shoppers ordered online rather than going to stores.
Customers had to join Amazon Prime to get discounts in the 30-hour event. U.S. members of the club pay $99 a year for benefits like two-day shipping, and they tend to buy more goods, more often from Amazon. A timer showing when the deals will expire has encouraged shoppers to buy more.
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ARGENTINA: Merval Rises 0.61% Underpinned By Petrobras Brasil
Merval, the benchmark Argentinean stock market index, gained 0.61%, closing at 22,262.64 points, boosted by rising oil prices after data showed a decrease in US inventories.
Petrobras Brasil increased by 4.61% in Buenos Aires after news that Brazilian former President Luiz Inacio Lula da Silva was sentenced to 9 years in prison for corruption.
Marcos Forquera, an analyst at Buenos Aires Valores, said that the stock market had a positive start today, but profit-taking hit a few shares, leading to a weaker rise at the end of the day.
He warned that Merval is near its record high and that market uncertainty is on the rise ahead of the October legislative elections in Argentina, increasing the odds of a sharp correction in the Buenos Aires Stock Exchange.
Meanwhile, the locally traded US dollar fell by 0.30%, to 16.94 Argentinean pesos. According to Fernando Izzo, an analyst at ABC Mercado de Cambio, the decline was a result of lower demand for the greenback and dollar sales from grain exporters.
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Singapore GDP Expands 2.5% On Year In Q2
Singapore's gross domestic product advanced 2.5 percent on year in the second quarter of 2017, the Ministry of Trade and Industry said in Friday's advance estimate.
That follows the 2.5 percent increase in the previous three months.
On a quarterly annualized, seasonally adjusted basis, GDP added 0.4 percent after sinking 1.9 percent in the three months prior.
The manufacturing sector expanded 8.0 percent on year in the first quarter, moderating from the 8.5 percent growth in the previous quarter.
Growth was supported mainly by the electronics and precision engineering clusters, the ministry said, which saw robust expansion on the back of strong external demand for semiconductors.
It added 2.4 percent on quarter, up from 0.4 percent in Q1.
The construction sector contracted 5.6 percent on year after sliding 6.1 percent in the three months prior.
The sector was weighed down by weakness in both private and public sector construction, the bureau noted.
On a quarterly basis, the sector climbed 4.3 percent after contracting 14.4 percent in the previous three months.
The services producing industries added 1.7 percent on year after gaining 1.4 percent in the first quarter.
Growth was supported primarily by transportation, storage and business services.
On a quarterly basis, the sector added 0.4 percent after contracting 2.7 percent in the three months prior.
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Oil Prices Stabilizes on Solid Chinese Demand
Oil prices were steady as China's strong appetite for fuel eased worries of an ongoing supply overhang.
Brent crude futures traded at $47.75 per barrel, rising by 1 cent from their last settlement. Meanwhile, U.S. WTI crude futures traded at $45.48 per barrel, falling 1 cent from the previous session's close.
China imported 212 million tonnes of crude oil, equivalent to 8.55 million bpd from January to June of the year. This is up 13.8 percent during the same period last year, according to customs data, making china the biggest importer of crude products ahead of the U.S.
The solid demand from China allayed worries regarding an ongoing fuel supply glut.
On Wednesday, OPEC said that the world would require 32.20 million bpd of crude from its producer members next year, down 60, 000 bpd from the current year, as consumers have increasing options of supply from outside the cartel. But the group also said its output climbed by 393, 000 bpd in June to 32.611 million bpd, with gains led by Nigeria and Libya.
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Hammond Warns of Brexit Uncertainty's Impact
Chancellor Philip Hammond told BBC that firms are postponing their investments in the UK due to the uncertainty regarding Brexit.
Hammond's comments came as a Confederation of British Industry (CBI) survey indicated that 42 percent of UK firms believe Brexit has affected their investment plans, prompting the business group to call on the government to swiftly secure a future EU trade deal.
He said that businesses are holding off from putting more money in the country until they see more clarity regarding the future relationship of the UK with the Europe will look like.
He said that government ministers were becoming increasingly resolved that there is a need for a transitional deal in order to avoid shaking up business conditions too much as the UK withdraws from the EU.
He noted that five weeks ago the concept of a transition period was relatively new, but not the majority of the cabinet now sees the need for some kind of transition period.
The second round of Brexit talks will occur on Monday in Brussels.
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European Markets Mixed but Mining Shares Rise
European stocks closed mixed as investors priced in upbeat Chinese data and paid attention to earnings, while mining shares rose.
The pan-European Stoxx 600 climbed less than two points at 386.86, trimming its gains as most major European stocks moved lower. London's FTSE 100 rose 0.22 percent, France's CAC 40 fell 0.14 percent and Germany's DAX 30 lost 0.41 percent. Last week, the Stoxx 600 advanced 1.8 percent, the biggest gain since early May.
The upbeat second quarter gross domestic product reading released overnight from China helped boost bullish sentiment.
Advances in the basic materials group were led by mining stocks, which were supported following China's stronger than expected data. Data from China, a major consumer of industrial and precious metals, also revealed strengthening in industrial production and retail sales.
Weir Group led gains on the Stoxx 600 with advances of over eight percent after the company said it sees full-year revenue to exceed analysts' estimates.
Telenor was the second biggest advancer, rising almost eight percent as the Norwegian telecommunications firm increased its margin forecasts for this year after posting a solid second quarter.
European energy stocks traded mixed while financial stocks were under pressure.
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Australia New Motor Vehicle Sales Gain 1.2% In June
The total number of new motor vehicle sales in Australia was up a seasonally adjusted 1.2 percent on month in June, the Australian Bureau of Statistics said on Tuesday - coming in at 102,275.
That follows the 3.1 percent jump in May.
Sales for passenger vehicles added 0.5 percent, along with sports utility vehicles (1.4 percent) and other vehicles (1.3 percent).
The largest upward movement across all states and territories was in the Northern Territory (2.8 percent),
On a yearly basis, sales advanced 3.6 percent, slowing from 5.3 percent in the previous month.
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Japan Has Y439.907 Billion Trade Surplus
Japan had a merchandise trade surplus of 439.907 billion yen in June, the Ministry of Finance said on Thursday.
That was shy of expectations for a surplus of 488.0 billion yen following the 204.2 billion yen deficit in May.
Exports were up 9.7 percent on year, topping expectations for an increase of 9.5 percent following the 14.9 percent jump in the previous month.
Imports climbed an annual 15.5 percent versus forecasts for 14.4 percent after gaining 17.8 percent a month earlier.
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MERCOSUR: Bloc Could Expel Venezuela, Says Argentina Minister
Mercosur will permanently expel Venezuela from the bloc if the country's government advances with its intentions to call for a Constituent Assembly election on July 30, said the Argentinean Foreign Minister Jorge Faurie at the sidelines of the bloc summit in Mendoza.
"Some may read it as an expelling, but at the moment we do not have to discuss if it is a suspension of this or that. We have to talk about the fact that there is no democracy in Venezuela, and we will ratify it if there is no capacity for dialogue," the chancellor told reporters.
Venezuela was suspended from Mercosur for disrespecting the bloc's regulations. Earlier, Argentina President Mauricio Macri said that Mercosur is expecting the early adoption of an electoral calendar.
President Nicol?s Maduro's opponents carried out a 24-hour national strike as a part of the "zero hour" initiative, which seeks the president's resignation.
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UK Consumers Face Highest Pressure in 3 Years - IHS Markit
The financial situation of British consumers has weakened at its quickest rate in three years in July, with families increasingly shying away from bigger purchases like automobiles, holidays and household appliances, a survey revealed.
Financial data firm IHS Markit said its monthly Household Finance Index fell to 41.8 from June's 43.7, its lowest since July 2014, which reveals a persistent squeeze on household incomes as inflation increases quicker than wages.
IHS Markit said only 27 percent of the households it surveyed expects rates to increase in the next six months, the weakest rate since October. The latest survey also revealed the willingness of households to make large purchases, which has dropped to its weakest since December 2013.
British consumer price inflation hit its highest in almost four years at nearly three percent in May, before softening in June. However, annual wage growth is less than two percent.
Official data set to be released on Wednesday is seen to show that economic growth accelerated only slightly in the three months to the end of June.
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BRAZIL: Steelmakers Estimate Higher Output And Lower Sales In 2017
The Brazilian Steel Institute (IABr), which represents steelmakers that operate in the country, kept unchanged its forecast for the local steel output in 2017 at 32.420 million tons, a 3.8% increase compared to last year. However, the estimate for domestic steel sales was revised down to 16.310 million tons, a 1.3% decrease. Previously, IABR expected a 1.3% increase.
Steel exports, meanwhile, are projected to rise 9.1% in 2017, to 14.659 million tons, compared with a previous forecast of a 6.4% increase. Exports revenue should grow by 32.6%, to US$ 7.420 billion.
Steel imports are expected to rise 18.8%, to 2,232 million tons, more than the 6.6% increase anticipated by the IABr in April. Imports revenue should grow by 11.8%, to US$ 1.951 billion. Steel consumption - which includes domestic sales plus imports by distributors and consumers - is expected to rise 1.1%, to 18.418 million tons. The previous projection was a 2.9% increase.
According to the IABr chairman, Marco Polo de Mello Lopes, the steel sector is still at a delicate moment, with little internal consumption.
"The market has not recovered yet and will not resume during 2017," he told a news conference.
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PEMEX: Net Income Increases To US$ 1.8 Billion In Q2
Mexico's state-owned Petroleos Mexicanos (Pemex) reported a net profit of 32.8 billion Mexican pesos (US$ 1.8 billion) in the second quarter of 2017, compared to losses in the same period last year. It was the third consecutive quarter of positive financial results for the company.
In a statement, Pemex said that the result reflects policies implemented by the current administration to improve efficiency and profitability.
"For this, it has been a key to take advantage of the tools granted by the Energy Reform," the company said.
Crude oil production averaged 2,013 thousand barrels per day (Mbd) during the quarter. Compared to the same quarter of 2016 there was a 7.5% decrease.
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Japan Industrial Production Exits Contraction
Japan's industrial output recovered in June, pulling away from contraction and marking the third time this year the key measure of production regained its footing from a decline in the prior month.
On a monthly basis, industrial production increased 1.6 percent in June, according to an initial reading from the Ministry of Economy, Trade and Industry. The month-on-month numbers was slightly short of the expected 1.7 percent increase, but a significant recovery from May's contraction of 3.6 percent.
The transport sector's output climbed 4.2 percent in June, recovering from a 13 percent slid in the preceding month. Output of chemicals also jumped 3.4 percent during the period, compared to the 2.2 percent decline in May.
Manufacturers see a steady increase in output in the following months, indicating that solid demand abroad and increase in consumer spending could buttress overall growth of the Japanese economy. Manufacturers expect output to increase 0.8 percent in July and 3.6 percent in the succeeding month.
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VENEZUELA: U.S. Treasury Freezes Maduro's Assets After Constituent Election
The U.S. Department of the Treasury sanctioned the president of Venezuela, Nicol?s Maduro, for "undermining democracy" in the Latin American country.
The sanctions come a day after the Maduro government held elections for a National Constituent Assembly that aspires to rewrite the Venezuelan constitution despite a massive boycott to the polls by the opposition.
The election day was also marred by violence, with 16 people killed, according to the Venezuelan Observatory of Social Conflict (OVCS), which also said that only in two Venezuelan states there were no violent acts or anti-government protests.
"The Maduro administration has proceeded with the ANC even though Venezuelans and democratic governments worldwide have overwhelmingly opposed it as a fundamental assault on the freedoms of the Venezuelan people. The creation of the ANC follows years of Maduro's efforts to undermine Venezuela's democracy and the rule of law," said the U.S. Treasury department in a statement.
"As a result of today's actions, all assets of Nicol?s Maduro subject to U.S. jurisdiction are frozen, and U.S. persons are prohibited from dealing with him," the statement added, without specifying which assets could be targeted by the sanctions.
The Constituent Assembly election held yesterday in Venezuela chose 545 representatives to rewrite the country's constitution, which was last modified during former president Hugo Ch?vez administration.
More than eight million Venezuelans took part in Sunday's National Constituent Assembly (ANC) vote, convened by the Nicol?s Maduro's government. Voters' participation reached around 41% of more than 19 million Venezuelans able to vote, said the president of the National Electoral Council (CNE), Tibisay Lucena.
The Venezuelan opposition said that it would march today against the violence reported during the demonstrations. Freddy Guevara, the first vice-president of the National Assembly (controlled by the opposition), urged citizens to protest today and attend a rally in Caracas.
More than ten countries of the region, among them Argentina, Colombia, and Peru, said that would not recognize the electoral results. The United States and the European Union called the vote "illegal."
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European Stocks Ends July Lower, Weighed Down by Earnings Sentiments
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European shares closed lower on the final trading day of July, as declines among tobacco stocks and some broker downgrades added pressure on shares. Analysts priced in what appears to be an “underwhelming” earnings season.
The STOXX Europe 600 Index fell 0.1 percent as eurozone stocks and blue chips dropped 0.3 to 0.4 percent. The U.K.'s FTSE 100 index held on to 0.1 percent gains. France's CAC 40 fell to its lowest in three months.
Financials weighed down main European indexes. HSBC rose 1.9 percent, as it reported a forecast-exceeding five percent increase in its first half pretax profit and announced a third buyback in a year.
Consumer goods added the most pressure on the benchmark, falling 1.1 percent as cigarette makers extended losses on a regulatory crackdown in the United States.
British tobacco companies Imperial Brands and British American Tobacco continued to decline from the session earlier, tumbling 5.8 percent and 4.7 percent respectively.
Mining companies gained as copper prices increased on the back of China's manufacturing data.
Nearly 46 percent of MSCI Europe companies have posted results, 59 percent of which have either met or exceeded analysts' expectations, according to data from Thomson Reuters. The figure is marginally lower for eurozone firms. Only more than half of them have met or exceeded expectations.
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European Stocks Climbed, Buoyed by Earnings, Economic Data
European shares advanced on Tuesday as corporate earnings reports incited quick trading while recent data indicated a strong euro-area economy.
The pan-European Stoxx 600 climbed 0.6 percent. Blue chips rose 0.9 percent, their best one-day gain in three weeks. Germany's DAX was up 1.1 percent and Britain's commodities-heavy FTSE 100 added 0.7 percent as oil stocks increased.
The European second-quarter earnings season is nearing the halfway mark and so far 60 percent of MSCI Europe companies have met or exceeded analysts' expectations, according to Thomson Reuters data.
BP climbed 2.4 percent, which pushed energy shares towards the best performance among industry groups.
Rolls-Royce rose ten percent after its first-half profit more than doubled. The company was the largest contributor to gains in the Stoxx 600.
Testing company Intertek Group, insurer Direct Line and Dutch chemicals firm DSM, which all added between 5.8 percent to nine percent on the back of well-received results.
Lender CYBG gained 9.3 percent after it said that mortgages increased in the second quarter and the net interest margin improved.
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Singapore PMI Moves Up To 51.3 In July - Nikkei
The private sector in Singapore continued to strengthen in July, the latest survey from Nikkei showed on Thursday with a PMI score of 51.3.
That's up from 50.7 in June, and it moves farther above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, there were stronger rises in both output and total new orders.
Export sales increased at a record high, although lower employment persisted.
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Wall Street Gains as Dow Breached 22,000 Mark
The Dow Jones industrial average breached the 22,000 mark for the first time ever on Wednesday, lifted by a rally in Apple's shares.
The 30-stock index rose 0.22 percent at 22,011.55. The S&P 500 climbed 0.07 percent at 2,478.18 while the Nasdaq Composite advanced 0.46 percent at 6,391.96.
Apple surged 6.02 percent to a record peak, after the world's biggest publicly listed company posted strong results and iPhone sales. The company also indicated that its upcoming 10th-anniversary phone is on schedule. The stock has gained nearly 30 percent in 2017.
The S&P 500 information technology index is 22 percent higher for the year to date, leading other sectors. It was the only S&P advancer with a one percent gain.
Ten of the 11 major S&P 500 sectors were lower. The energy index fell 0.81 percent and led decliners.
Two-thirds of S&P 500 firms have posted their second-quarter earnings so far and 72 percent have exceeded Wall Street's expectations, according to Thomson Reuters.
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