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Mexico Hits Back against Steel Duties with Tariffs on U.S. Imports
Mexico has announced new levies on U.S. imports in response to U.S. President Donald Trump's decision to impose hefty tariffs on imports of steel and aluminum.
The peso fell on Tuesday after Mexico imposed tariffs on U.S. products including bourbon, apples, potatoes, cheese, and pork in retaliation to the steel duties.
Mexico's peso was down 1.4 percent at 20.35 to the dollar in early trade.
The announcement of tariffs ranging from 15 percent to 25 percent came as the future of the NAFTA trade deal came under new pressure from the White house. The list of U.S. products subject to fresh tariffs did not include the top two US agricultural exports to Mexico: Corn and soybeans. This would enable the animal feed products to continue to enter Mexico's domestic livestock and poultry industries.
The new tariffs came after the Trump administration restated its desire to push for bilateral talks on NAFTA with Mexico and Canada. According to Larry Kudlow, economic adviser to Trump, Washington was now inclined towards such change, saying that countries that are different potentially deserves varying deals. Mexico has opposed such attempts to split the NAFTA allies.
Jaime Zabludovsky, one of Mexico's original Nafta negotiators, said Trump's desire to negotiate separately was senseless and also put the interests of US private sector at risk.
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Oil Prices Rally on Venezuelan Supply Disruptions
Oil prices rallied on Thursday to pare some of the prior session's losses, propped up by declining exports by OPEC-member Venezuela.
Brent crude futures traded up 33 cents or 0.4 percent, to $75.69 per barrel. Meanwhile, U.S. WTI crude rose 33 cents or 0.6 percent at $65.11 per barrel. It finished the prior session 1.2 percent lower at $64.73 per barrel.
Venezuela, a member of the OPEC,is lagging in shipping crude to clients from its main oil export port for almost a month, according to Reuters data, as chronic postponements threaten to breach state-run PDVSA's crude supply contracts if they are not quickly delivered.
Tankers waiting to load over 24 million barrels of crude,almost as much as PDVSA sippined in April, are waiting in the country's main oil port. Reuters data showed that the backlog is so serious, PDVSA advised some customers it may announce force majeure, allowing it to temporarily stop contracts if they do not take on new delivery terms.
Venezuela's supply troubles come amid voluntary production cuts by OPEC which have been implemented since 2017 in order to rebalance the market and drive up prices. The cartel is slated to meet at its headquarters in Vienna, along with top producer but non-OPEC member Russia, on June 22 to talk about production policy.
Iran, a member of OPEC, said on Wednesday that a production boost was not up for consideration as the market was steady and prices were good.
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Chinese Australian Imports Rise but AUD Does Not, May Fall Rather
The Australian Dollar headed lower after May’s Chinese trade data crossed the wires. In both Yuan and US Dollar terms, China’s surplus missed expectations. This suggests a lower-than-anticipated boost to local economic growth as net exports are one of the four components of GDP. However, in both measurements, exports and imports rose above estimates.
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Australia Housing Finance Rises Unexpectedly
The total number of owner occupied housing commitments in Australia increased unexpectedly in May, after falling in the previous five months, figures from the Australian Bureau of Statistics showed Wednesday.
On a seasonally adjusted basis, total number of owner occupied dwelling commitments rose 1.1 percent month-over-month in May, reversing a 0.9 percent fall in April.
In contrast, economists had expected 2.0 percent decline for the month.
The value of owner occupied housing commitments, excluding alternations and additions, climbed 0.5 percent.
Meanwhile, the total value of investment housing commitments dropped slightly by 0.1 percent.
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Malaysia Industrial Production Growth Slows As Expected
Malaysia's industrial production growth eased in May, in line with expectations, data from the Department of Statistics showed Thursday.
Industrial production advanced 3.0 percent year-over-year in May, slower than the 4.6 percent rise in April.
Among sectors, manufacturing output grew 4.1 percent annually in May and electricity production expanded by 2.6 percent. Meanwhile, mining output registered a decline of 0.5 percent.
On a monthly basis, industrial production edged up 0.2 percent from April, when it climbed by 1.5 percent.
Another report from the statistical office showed that manufacturing sales rose 5.5 percent yearly in May, following a 8.2 percent spike in the preceding month.
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China Exports Rise More Than Forecast
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China's exports increased at a faster-than-expected pace in June, data from the General Administration of Customs showed Friday.
In dollar terms, exports climbed 11.3 percent year-over-year in June, faster than the expected rise of 9.5 percent.
Imports advanced 14.1 percent in June from a year ago, well below economists' forecast for a growth of 21.3 percent.
The trade surplus totaled $41.61 billion in June versus the expected surplus of $27.72 billion.
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Malaysia Unemployment Rate Remains Stable
Malaysia's unemployment rate held steady in May, figures from the Department of Statistics showed Monday.
The jobless rate came in at 3.3 percent in May, the same rate as in April.
In the corresponding month last year, the unemployment rate was 3.4 percent.
There were 507,000 unemployed people in May compared with 504,800 a year earlier.
The labor force participation rate edged up to 68.4 percent in May from 68.2 percent in April.
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Singapore NODX Rises Less Than Expected In June
Singapore's non-oil domestic exports increased at a slower-than-expected pace in June, data from the International Enterprise Singapore showed Tuesday.
NODX rose 1.1 percent year-over-year in June, much slower than the 15.5 percent surge in May. That was also well below the 7.8 percent growth economists had forecast.
Meanwhile, exports of electronic products decreased 7.9 percent annually in June, following a 7.8 percent decline in the previous month.
Non-electronic NODX expanded 4.6 percent yearly in June after a 26.2 percent spike a month ago.
On a monthly basis, NODX fell a seasonally adjusted 10.8 percent from May, when it grew by 10.3 percent
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Malaysia Inflation Eases More Than Forecast
Malaysia's consumer price inflation eased at a faster-than-expected pace in June to the lowest level in more than three years, following the withdrawal of the GST, figures from the Department of Statistics showed Wednesday.
Consumer prices rose 0.8 percent year-over-year in June, slower than the 1.8 percent increase in May. Economists had expected the inflation to moderate to 1.3 percent. For the first time within 40 months, the consumer price index recorded a value below 1.0 percent in June.
The abolishment of the GST by the government and discounts and price control measures during the Aidilfitri celebrations had a remarkable impact on goods prices, the agency said.
On a monthly basis, consumer prices dropped 1.2 percent in June.
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Australia Unemployment Rate Steady At 5.4%
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The jobless rate in Australia came in at a seasonally adjusted 5.4 percent in June, the Australian Bureau of Statistics said on Thursday.
That was in line with expectations and unchanged from the previous month.
The Australian economy added 50,900 jobs last month to 12,573,600 - shattering expectations for an increase of 16,500 following the addition of 12,000 in May.
Full-time employment increased 41,200 to 8,565,200 and part-time employment increased 9,700 to 4,008,400.
Unemployment decreased 1,100 to 714,100. The number of unemployed persons looking for full-time work increased 5,100 to 501,900 and the number of unemployed persons only looking for part-time work decreased 6,100 to 212,200.
The participation rate ticked up to 65.7 percent, exceeding expectations for 65.5 percent - which would have been unchanged.
Monthly hours worked in all jobs increased 10.7 million hours (0.6%) to 1,750.7 million hours.
Year-on-year growth in trend employment was above the 20 year average in all states and territories except for Victoria and Western Australia.
Over the past year, the states and territories with the strongest annual growth in trend employment were New South Wales (3.7 percent), Australian Capital Territory (2.9 percent) and Queensland (2.6 percent).
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Japan All Industry Activity Rises Marginally In May
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Japan's all industry activity grew only marginally in May after recovering in April, data from the Ministry of Economy, Trade and Industry showed Friday.
The all industry activity index gained 0.1 percent on month, much slower than April's 1 percent rebound. Nonetheless, the monthly rate was better than the expected nil growth.
Data showed that construction activity growth eased to 0.7 percent from 2.4 percent. At the same time, industrial production dropped 0.2 percent, reversing a 0.5 percent rise in April. The tertiary industry activity edged up 0.1 percent after climbing 1 percent a month ago.
Meanwhile, on a yearly basis, all industry activity growth accelerated to 1.6 percent from 1.4 percent in the previous month.
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Australia Q2 CPI Unchanged At 0.4% On Quarter
Consumer prices in Australia were up 0.4 percent on quarter in the second three months of 2018, the Australian Bureau of Statistics said on Wednesday.
That was shy of expectations for an increase of 0.5 percent but unchanged from the Q1 reading.
On a yearly basis, inflation rose 2.1 percent - beneath expectations for 2.2 percent and up from 1.9 percent in the three months prior.
The trimmed mean was up 0.5 percent on quarter and 1.9 percent on year - both as expected and unchanged from the previous three months.
The weighted median was up 0.5 percent on quarter, unchanged and as expected. It was also up 1.9 percent on year, matching forecasts and down from 2.1 percent in Q1.
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Australia Q2 Import Prices Rise More Than Expected
Australia's import prices increased at a faster-than-expected pace in the three months ended June, figures from the Australian Bureau of Statistics showed Thursday.
The import price index climbed 3.2 percent sequentially in the second quarter, faster than the 2.0 percent rise in the first quarter. It was the third consecutive quarterly increase.
That was above the 1.9 percent rise economists had forecast.
The increase was driven by higher prices paid for petroleum, petroleum products and related materials, general industrial machinery, electrical machinery, apparatus and appliances.
On a yearly basis, imports prices grew at a faster rate of 6.0 percent in the June quarter, after a 2.6 percent gain in the March quarter.
Data also revealed that export prices grew 1.9 percent quarterly and by 6.6 percent yearly in the June quarter.
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Dutch Producer Confidence At 11-Month Low
Dutch producer confidence weakened further in July to the lowest level in almost a year, data from the Central Bureau of Statistics showed Monday.
The producer confidence index dropped to 6.3 in July from 7.7 in June.
Moreover, this was the lowest score since August 2017, when it marked 5.4.
Producers in the industry were less positive about the order book and the expected activity in July than a month earlier.
However, their assessment of the stocks of finished products was more positive.
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China Manufacturing PMI Slide To 50.8 - Caixin
The manufacturing sector in China continued to expand in July, albeit at a slower pace, the latest survey from Caixin revealed on Wednesday with a PMI score of 50.8.
That's down from 51.0 in June, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, there were slower increases in output and new orders.
New export sales fell at the quickest rate in more than two years, while input costs rose solidly.
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Japan Services Sector Slows In July - Nikkei
The services sector in Japan continued to expand in July, albeit at a slower pace, the latest survey from Nikkei showed on Friday with a PMI score of 51.3.
That's down from 51.4, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, employment growth accelerated, but output and new business expanded at softer rates. Price pressures intensified.
The survey also showed that Japan's composite index fell to a score of 51.8, down from 52.1 in June.
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European Economics Preview: Germany's Trade, Industrial Output Data Due
Foreign trade and industrial production figures from Germany are due on Tuesday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is slated to release Germany's industrial production and foreign trade reports. Industrial production is seen falling 0.5 percent on month in June, reversing a 2.6 percent rise in May.
Economists forecast Germany's exports to drop 0.4 percent month-on-month after rising 1.8 percent a month ago.
At 2.45 am ET, France's foreign trade figures are due. Economists forecast the trade deficit to narrow to EUR 5.5 billion in June from EUR 6 billion in May.
At 3.00 am ET, industrial output from Hungary and trade figures from the Czech Republic are due.
At 3.30 am ET, UK Halifax house price data is due. House prices are expected to rise 0.2 percent on month in July, following a 0.3 percent increase in June.
Also, at 3.30 am ET, Statistics Sweden releases industrial production and orders figures.
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China Inflation Climbs 2.1% In July
Consumer prices in China were up 2.1 percent on year in July, the National Bureau of Statistics said on Thursday.
That exceeded expectations for 2.0 percent and was up from 1.9 percent in June.
On a monthly basis, CPI added 0.3 percent after easing 0.1 percent in June.
The bureau also said that producer prices jumped an annual 4.6 percent - beating forecasts for 4.5 percent and down from 4.7 percent in the previous month.
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Australia Wage Prices Rise 0.6% In Q2
Wage prices in Australia were up a seasonally adjusted 0.6 percent on quarter in the second three months of 2018, the Australian Bureau of Statistics said on Wednesday.
That was in line with expectations and up from 0.5 percent in the three months prior.
On a yearly basis, wage prices advanced 2.1 percent - matching forecasts and unchanged from the previous three months.
Western Australia and the Northern Territory both had the lowest annual wage growth of 1.5 percent, while Victoria and Tasmania were the highest at 2.5 percent.
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Japan Has Y231.2 Billion Trade Deficit
Japan had a merchandise trade deficit of 231.2 billion yen in July, the Ministry of Finance said on Thursday.
That was shy of expectations for a shortfall of 41.2 billion yen following the downwardly revised 720.8 billion yen surplus in June (originally 721.4 billion yen).
Exports were up 3.9 percent on year, missing expectations for a gain of 6.3 percent and down from 6.7 percent in the previous month.
Imports surged an annual 14.6 percent versus forecasts for 14.2 percent following the upwardly revised 2.6 percent gain a month earlier (originally 2.5 percent).
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Malaysia's GDP Growth Slows In Q2
Malaysia's economic growth slowed to the weakest in more than a year in the second quarter, data from the Department of Statistics showed Friday.
Gross domestic product advanced 4.5 percent year-on-year, slower than the 5.4 percent expansion seen in the first quarter. A similar weaker growth was last seen in the fourth quarter of 2016.
On a quarterly basis, GDP climbed 0.3 percent versus 1.4 percent growth a quarter ago.
The production-side breakdown of GDP showed that service sector sustained 6.5 percent annual growth. Manufacturing grew moderately by 4.9 percent. At the same time, the expansion in construction slowed to 4.7 percent.
For the first half of 2018, Malaysia's GDP grew 4.9 percent from the same period of last year.
Another report from statistical office showed that Malaysia's current account surplus narrowed to MYR 3.9 billion from MYR 15.0 billion in the previous quarter.
This was the lowest since the second quarter of 2016. The lower surplus was largely attributable to the lower net exports of goods.
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Thailand GDP On Tap For Monday
Thailand will on Monday release Q2 numbers for gross domestic product, highlighting a light day for Asia-Pacific economic activity.
GDP is expected to gain 1.0 percent on quarter and 4.5 percent on year, slowing from 2.0 percent on quarter and 4.8 percent on year in the three months prior.
Singapore will see Q2 figures for wholesale sales; in the first quarter, sales were up 5.7 percent on quarter and 6.6 percent on year.
Japan will provide July data for convenience store sales; in June, sales advanced 1.1 percent on year.
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Japan All Industry Activity Falls As Expected In June
Japan's all industry activity decreased in June, in line with expectations, data from the Ministry of Economy, Trade and Industry showed Wednesday.
The all industry activity index dropped 0.8 percent month-over-month in June, reversing a 0.1 percent increase in May.
Industrial production contracted 1.8 percent over the month and construction activity index slid by 2.5 percent. The tertiary activity registered a fall of 0.5 percent.
On a yearly basis, all industry activity growth slowed notably to 0.2 percent in June from 1.6 percent in the prior month.
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Japan Manufacturing Sector Picks Up Steam In August - Nikkei
The manufacturing sector in Japan continued to expand in August, and at a faster rate, the latest survey from Nikkei revealed on Thursday with a manufacturing PMI score of 52.5.
That's up from 52.3 in July, and it moves farther above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, input and output price inflation climbed to multi-year highs, while overall demand improved - although export orders failed to rise for a third straight month.
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New Zealand Trade Deficit Biggest Since 2009
New Zealand logged its biggest annual trade deficit in nine years on higher imports, data from Statistics New Zealand showed Friday.
The annual trade deficit for the year ended July 2018 was NZ$4.4 billion, the widest annual deficit since March 2009.
Annual imports rose NZ$6.9 billion or 13 percent from last year to NZ$60.7 billion. At the same time, annual exports totaled NZ$56.2 billion, up NZ$5.7 billion or 11 percent on a year earlier.
"The rise in imports in the past year reflect large rises in both imports of petroleum and products, and in mechanical machinery and equipment," international statistics manager Tehseen Islam said. "Exports of dairy and meat products led the exports rise."
In July alone, the trade balance showed a deficit of NZ$143 million compared to a surplus of NZ$92 million a year ago.
Imports advanced 21 percent annually to NZ$5.5 billion, this was the second highest imports value ever. Exports rose 16 percent to NZ$5.3 billion.
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Japan Consumer Confidence At 1-Year Low
Japan's consumer confidence weakened further in August to the lowest level in a year, survey data from the Cabinet Office showed Wednesday.
The seasonally adjusted consumer confidence index dropped to 43.3 in August from 43.5 in July.
Moreover, this was the lowest score since August last year, when it marked the same 43.3.
The sub-index for income growth fell to 41.8 in August from 42.2 in the previous month. Similarly, the component index for employment decreased from 48.0 to 47.7.
The gauge measuring willingness to buy durable goods worsened to 42.0 from 42.2, while the index for overall livelihood rose to 41.7 from 41.6.
The survey was conducted among 8,400 households on August 15.
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Japan Retail Sales Gain 0.1% In July
Retail sales in Japan were up a seasonally adjusted 0.1 percent on month in July, the Ministry of Economy, Trade and Industry said on Thursday.
That missed expectations for an increase of 0.2 percent following the 1.5 percent spike in June.
On a yearly basis, retail sales climbed 1.5 percent - exceeding expectations for 1.2 percent and down from 1.8 percent in the previous month.
Sales from large retailers tumbled 1.6 percent on year, missing forecasts for a decline of 0.7 percent following the 1.5 percent jump a month earlier.
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China Manufacturing PMI Rises To 51.3 In August
The manufacturing sector in China continued to expand in August, and at a slightly faster rate, the latest survey from the National Bureau of Statistics showed on Friday with a PMI score of 51.3.
That beat expectations for a score of 51.0 and was up from 51.2 in July.
The bureau also said that the non-manufacturing PMI came in at 54.2 - also exceeding expectations for 53.7 and up from 54.0 in the previous month.
The composite index had a score of 53.8, up from 53.6 a month earlier.
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Japan Manufacturing Growth Improves In August
Japan's manufacturing growth improved slightly in August, final survey figures from IHS Markit showed Monday.
The Nikkei flash manufacturing Purchasing Managers' Index, or PMI rose to 52.5 in August from 52.3 in July. That was in line with the flash data published on August 23.
Any reading above 50 indicates expansion in the sector.
In line with stronger inflows of new work, firms raised production and employment in August.
However, business sentiment dipped amid uncertainty arising from global geopolitics. On the price front, input price inflation remained sharp in August and selling prices grew at the fastest rate in almost ten years.
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Australia GDP Rises 0.9% In Q2
Australia's gross domestic product expanded a seasonally adjusted 0.9 percent on quarter in the second quarter of 2018, the Australian Bureau of Statistics said on Wednesday.
That beat forecasts for a gain of 0.7 percent following the 1.0 percent gain in the three months prior.
On a yearly basis, GDP was up 3.4 percent - also exceeding forecasts for 2.9 percent and up from 3.1 percent in the previous three months.
Household final consumption expenditure increased 0.7 percent during the quarter, contributing 0.4 percentage points to GDP growth.
"Growth in domestic demand accounts for over half the growth in GDP, and reflected strength in household expenditure," Chief Economist for the ABS, Bruce Hockman, said.
General government final consumption expenditure increased 1.0 percent in the June quarter. Public investment remained at elevated levels reflecting continued work on infrastructure projects across the nation.
Investment in new dwellings increased 3.6 percent for the quarter. with strength observed in Victoria and South Australia. This strength was reflected in the Construction industry, which grew 1.9 percent for the quarter.
Compensation of employees increased by 0.7 percent, while net exports contributed 0.1 percentage points to GDP growth.
The terms of trade fell 1.3 percent on quarter but advanced 2.0 percent on year.
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Australia's Trade Surplus Falls In July
Australia's trade surplus decreased in July, the Australian Bureau of Statistics reported Thursday.
The trade surplus fell to a seasonally adjusted A$1.55 billion in July from A$1.94 billion in June. Nonetheless, this was above the expected level of A$1.45 billion.
Data showed that exports dropped 1 percent from the previous month, while imports remained broadly unchanged in July.
Export growth is likely to slow further through the second half of the year given the bulk of Australia's major LNG, iron ore and coal mines are now approaching output capacity and scope for further marginal increases appears limited, Tom Kennedy, an economist at J.P. Morgan, said.
As a result, the net export contribution to real GDP growth is expected to fade and become neutral by end-2018, the economist added.
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Malaysia's Industrial Output Growth Improves
Malaysia's industrial production growth accelerated more-than-expected in July, the Department of Statistics reported Friday.
Industrial output grew 2.6 percent year-on-year in July, faster than June's 1.1 percent increase. Output was expected to climb 1.4 percent.
The growth in July was supported by a 5.2 percent increase in manufacturing and a 4.5 percent rise in electricity. Meanwhile, mining output logged a decline of 5.9 percent. On a monthly basis, industrial production advanced 2.6 percent, reversing a 1 percent drop in June.
Another report from the statistical office showed that manufacturing sales expanded 9.6 percent from last year to MYR 70 billion in July.
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Australia's Consumer Sentiment Deteriorates In September
Australia's consumer confidence deteriorated in September reflecting political instability and rises in mortgage interest rates, data from Westpac showed Wednesday.
The Westpac Melbourne Institute Index of Consumer Sentiment declined 3 percent to 100.5 in September. This was weakest since November last year.
Although the index remained in positive territory, the reading was just above the 100 level.
Data suggested that confidence has been affected by increases in mortgage interest rates, political instability and household budget pressures.
All sub-indices recorded declines in September with the 'economic outlook, next 5 years' showing the biggest move, a 5.8 percent decrease.
Consumer views around family finances remained notably weaker. The 'finances vs a year ago' and 'finances, next 12 months' sub-indexes both registered 3.6 percent falls in September.
Westpac said aside from the rise in mortgage interest rates, household budgets were also coming under persistent pressure from slow growth in wages, declining house prices in Sydney and Melbourne and the rising cost of petrol.
Further, data showed that consumers remained relatively downbeat on spending. The 'time to buy a major household item' sub-index declined 2.2 percent in September.
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Japan Core Machine Orders Surge 11.0% In July
Core machine orders in Japan were up a seasonally adjusted 11.0 percent on month in July, the Cabinet Office said on Thursday - coming in at 918.6 billion yen.
That beat expectations for a gain of 5.5 percent following the 8.8 percent slide in June.
On a yearly basis, core machine orders jumped 13.9 percent - also exceeding forecasts for 4.3 percent after adding 0.3 percent in the previous month.
The overall value of machine orders in Japan spiked 18.8 percent on month and 11.5 percent on year, standing at 2,630.4 billion yen.
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New Zealand Manufacturing Growth Remains Weak
New Zealand's manufacturing sector activity remained in low gear for the third consecutive month in August, survey data showed Friday.
The BNZ-BusinessNZ performance of manufacturing index rose 0.8 points to 52.0 in August. Although the indicator remained above 50.0, it was below the long run average of 53.4. At 52.6, production returned to expansion and the new orders sub-index rose to 53.2. Meanwhile, the employment sub-indicator fell back into contraction to its lowest since August 2016. The corresponding reading was 48.1.
BNZ Senior Economist, Craig Ebert said that "although the PMI improved in August, this was hardly different to the average of the previous two months, leaving the PMI running below normal in its growth signal".
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UK Household Finance Index Remains Close To Record High
UK households' perceptions of financial wellbeing remained close to survey-high in September, data from IHS Markit showed Monday.
The household finance index held steady at 45.9 in September, which was the second highest score since the survey began in February 2009.
Household finances were underpinned by improved earnings from employment and favorable labor market conditions.
UK households' outlook regarding future budgets strengthened in September. Moreover, income from employment increased in September.
At the same time, job security perceptions deteriorated, in contrast to the generally upbeat signal from the current and future household finance assessements.
Although expectations of further inflation were sustained in September, the proportion of households anticipating rising living costs was the lowest since November 2016, data showed.
"The HFI survey pointed to the second-lowest level of pessimism about future finances since the EU referendum," Joe Hayes, an economist at IHS Markit, said.
Nonetheless, the latest survey still raised some concerns about the outlook for consumer spending, Hayes added.
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Australia House Prices Slide 0.7% In Q2
House prices in Australia were down 0.7 percent on quarter in the second quarter of 2018, the Australian Bureau of Statistics said on Tuesday - in line with expectations and unchanged from the three months prior.
The capital city residential property price indexes fell in Sydney (-1.2 percent), Melbourne (-0.8 percent), Perth (-0.1 percent) and Darwin (-0.9 percent), and rose in Brisbane (+0.7 percent), Hobart (+3.0 percent), Adelaide (+0.3 percent) and Canberra (+0.6 percent).
On a yearly basis, house prices dipped 0.6 percent versus expectations for a loss of 0.7 percent after rising 2.0 percent in Q1.
Annually, residential property prices fell in Darwin (-6.1 percent), Sydney (-3.9 percent) and Perth (-0.9 percent), and rose in Hobart (+15.5 percent), Canberra (+3.0 percent), Melbourne (+2.3 percent), Adelaide (+2.1 percent) and Brisbane (+1.7 percent).
The total value of residential dwellings in Australia was A$6,926,538.0 million at the end of the June quarter 2018, falling A$13,321.1 million over the quarter.
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Malaysia's Inflation Eases More Than Forecast
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Malaysia's inflation eased more-than-expected in August on fuel cost, figures from the Department of Statistics showed Wednesday.
Consumer price inflation slowed to 0.2 percent in August, the lowest rate within 42 months, the statistical office said. The rate was expected to drop to 0.4 percent from 0.9 percent in July.
The slowdown was largely driven by cost of fuel which caused the index of transport to rise 2.1 percent compared to the 6.7 percent increase logged in July.
Also, prices of housing, water, electricity, gas and other fuels advanced 2 percent, education by 1.1 percent and food and non-alcoholic beverages rose 0.4 percent, contributing to the increase in annual inflation.
On a monthly basis, consumer prices gained 0.2 percent. During January to August, consumer prices registered an annual growth of 1.3 percent.
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New Zealand Has NZ$1.484 Billion Trade Deficit
New Zealand had a record merchandise trade deficit of NZ$1.484 billion in August, Statistics New Zealand said on Wednesday - representing 37 percent of exports.
That missed forecasts for a shortfall of NZ$925 million following the revised deficit of NZ$196 million in July (originally -NZ$143 million).
The average monthly deficit in August over the last five years was NZ$1.0 billion. "This month's rise in imports to near record levels occurs at the time of year when exports are typically at a low point," international statistics manager Tehseen Islam said. Exports were up 9.9 percent on year in August to NZ$4.05 billion - missing forecasts for NZ$4.40 billion and down sharply from NZ$5.34 billion in the previous month.
The leading contributor to the rise was meat products and edible offal, up NZ$137 million (43 percent). This increase was led by sheep meat (up NZ$83 million or 55 percent) and beef (up NZ$45 million or 31 percent).
"New Zealand is exporting more beef and lamb, and getting better prices too," Islam said.
Dairy products were up NZ$80 million (17 percent), led by an increase in butter and other milk fats, up NZ$63 million.
Imports jumped an annual 14.0 percent to NZ$5.54 billion versus expectations for NZ$5.50 billion - roughly unchanged from the previous month.
The leading contributor to the imports rise was petroleum and products, up NZ$186 million (50 percent) from last year. This increase was led by crude oil (up NZ$98 million) and diesel (up NZ$73 million).
Imports of crude oil and other petroleum products tend to fluctuate from month to month. The quantity of crude oil imported in August 2018 fell 13 percent from August 2017, but prices rose by about 60 percent.
The latest unit price for crude oil remains 31 percent lower than the most-recent series peak in May 2012. Imports of vehicles, parts, and accessories also rose in August 2018, up NZ$55 million.
Imports of buses, cars, and trucks all had similar contributions to this rise.
The annual trade deficit was NZ$4.8 billion in August 2018, up from NZ$3.1 billion in August 2017.
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Japan Industrial Production Adds 0.7% In August
Industrial production in Japan was up 0.7 percent on month in August, the Ministry of Internal Affairs and Communications said in Friday's preliminary reading.
That was shy of forecasts for an increase of 1.4 percent following the 0.1 percent decline in July.
On a yearly basis, industrial production added 0.6 percent - again missing forecasts for an increase of 1.5 percent and down sharply from 2.2 percent in the previous month.
Upon the release of the data, the METI's assessment of industrial production was that it is "picking up slowly but shows signs of decrease in part."
News are provided by InstaForex
