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Vietnam Manufacturing PMI Slides In September - Nikkei
The manufacturing sector in Vietnam continued to expand in September, albeit at a slower rate, the latest survey from Nikkei revealed on Monday with a manufacturing PMI score of 51.5.
That's down from 53.7 in August, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. Individually, there were slower rises in output, new orders and employment.
Last month saw the first reduction in output prices in 13 months, while the rate of input cost inflation also eased.
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European Economics Preview: UK Construction PMI Data Due
Purchasing Managers' survey data from the UK is due on Tuesday, headlining a light day for the European economic news.
At 2.00 am ET, August producer price data is due from Romania. Producer prices had increased 6 percent annually in July.
At 3.00 am ET, final GDP from the Czech Republic and final foreign trade from Hungary are due. The Czech statistical office is expected to confirm 0.7 percent sequential growth for the second quarter.
At 4.30 am ET, UK Markit/CIPS construction PMI data is due. The indicator is forecast to remain unchanged at 52.9 in September.
At 5.00 am ET, Eurostat is slated to issue euro area producer prices for August. Economists forecast producer prices to rise 3.8 percent on year, following a 4 percent increase in July.
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Japan Service Activity Slows In September - Nikkei
The services sector in Japan continued to expand in September, but at a sharply slower pace, the latest survey from Nikkei revealed on Friday with a two-year low services PMI score of 50.2.
That's down from 51.5 in August, although it remains barely above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, demand and employment continued to rise, although price pressure remained elevated.
The survey also said that the composite index fell to 50.7 in September, down from 52.0 in August.
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Australia Trade Surplus Increases In August
Australia's trade surplus increased in August on higher exports, data from the Australian Bureau of Statistics showed Thursday.
The trade surplus rose to a seasonally adjusted A$1.6 billion from A$1.55 billion in July. Economists had forecast a fall in surplus, to A$1.45 billion.
Exports of goods and services gained 1 percent on month to A$36.56 billion. At the same time, imports remained broadly unchanged in August, at A$34.96 billion.
The small rise in the international trade surplus in August provides more evidence that the US-China trade war is not affecting Australia's external sector, Paul Dales, an economist at Capital Economics, said.
In fact, the recent weakening in the Australian dollar will probably mean that the external sector makes a decent contribution to GDP growth next year.
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Australia's Retail Sales Rise Moderately In August
Australia's retail turnover logged a moderate growth in August, the Australian Bureau of Statistics said Friday.
Retail sales grew 0.3 percent month-on-month in August, following a relatively unchanged estimate in July and a 0.4 percent rise in June. Sales were expected to climb 0.2 percent.
There were rises in New South Wales, Victoria, South Australia, Queensland, Tasmania and the Australian Capital Territory. Western Australia was relatively unchanged, whilst there was a fall in the Northern Territory.
Over a longer-term and in a general sense, household income growth is expected to remain subdued and the major constraint on consumer spending with a likely negative wealth effect from the decline in home prices an additional headwind, Simon Murray, an economist at Westpac, said.
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European Economics Preview: Germany's Industrial Output Data Due
Industrial production from Germany and investor confidence from euro area are due on Monday, headlining a light day for the European economic news. At 1.45 am ET, the State Secretariat for Economic Affairs releases Swiss unemployment data. The jobless rate is forecast to drop slightly to 2.5 percent in September from 2.6 percent in August.
At 2.00 am ET, Destatis is slated to issue Germany's industrial production data. Output is forecast to grow 0.5 percent on month in August, reversing a 1.1 percent drop in July. Norway's industrial output data is also due at 2.00 am ET.
At 3.00 am ET, Czech industrial production and retail sales figures are due. Economists forecast industrial production to grow 3.9 percent on year in August, slower than the 10.3 percent rise in July. Likewise, the Czech retail sales growth is expected to ease to 4.3 percent in August from 7 percent a month ago.
At 4.30 am ET, Eurozone Sentix investor confidence data is due. The sentiment index is forecast to drop to 11.8 in October from 12 in September.
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Japan Core Machine Orders Jump 6.8% In August
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The total value of core machine orders in Japan spiked a seasonally adjusted 6.8 percent on month in August, the Cabinet Office said on Wednesday - worth 981.5 billion yen.
That beat expectations for a decline of 3.9 percent following the 11.0 percent spike in July.
On a yearly basis, core machine orders jumped 12.6 percent - again exceeding expectations for 1.8 percent after soaring 13.9 percent in the previous month.
The total value of machinery orders received by 280 manufacturers operating in Japan - including volatile ones for ships and from electric power companies - climbed 1.8 percent on month in August.
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China CPI Climbs 2.5% On Year In September
Consumer prices in China were up 2.5 percent on year in September, the National Bureau of Statistics said on Tuesday.
That was in line with expectations and up from 2.3 percent in August.
The statistics bureau also said that producer prices climbed an annual 3.6 percent - exceeding forecasts for 3.5 percent and down from 4.1 percent in the previous month.
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European Economics Preview: UK Inflation Data Due
Inflation data is due from the UK on Wednesday, headlining a light day for the European economic news.
At 2.00 am ET, the European Automobile Manufacturers Association is set to release new passenger car registrations for September.
At 4.00 am ET, industrial production and producer prices are due from Poland. Industrial output is expected to grow 5.3 percent on month in September following a 0.8 percent rise in August. At the same time, producer price inflation is seen at 2.9 percent versus 3 percent a month ago.
At 4.30 am ET, the Office for National Statistics is scheduled to issue consumer and producer prices for September. UK inflation is expected to ease slightly to 2.6 percent from 2.7 percent in August.
UK output price inflation is forecast to remain unchanged at 2.9 percent in September. Meanwhile, input price inflation is seen rising to 9.2 percent from 8.7 percent a month ago.
At 5.00 am ET, Eurostat publishes euro area final consumer prices and construction output figures. According to preliminary estimate, inflation rose to 2.1 percent in September from 2 percent in August.
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Australia Jobless Rate Sinks To 5.0% In September
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The unemployment rate in Australia came in at a seasonally adjusted 5.0 percent in September, the Australian Bureau of Statistics said on Thursday.
That was beneath expectations for 5.3 percent, which would have been unchanged.
The Australian economy added 5,600 jobs last month - shy of expectations for an increase of 15,000 following the 44,000 jump in the previous month.
Full-time employment saw a gain of 20,300, down from 33,700 a month earlier. Part-time employment shed 14,700 jobs following the addition of 10,200 in August.
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China GDP Climbs 1.6% On Quarter In Q3
China's gross domestic product expanded a seasonally adjusted 1.6 percent on quarter in the third quarter of 2018, the National Bureau of Statistics said on Friday.
That was in line with expectations and down from 1.8 percent in the three months prior.
On a yearly basis, GDP climbed 6.5 percent - shy of estimates for 6.6 percent and down from 6.7 percent in the previous three months.
The bureau also said that industrial production climbed 5.8 percent on year in September, shy of forecasts for 6.0 percent and down from 6.1 percent in August. Retail sales climbed an annual 9.2 percent, beating forecasts for 9.0 percent - which would have been unchanged.
Fixed asset investment gained 5.4 percent on year, topping expectations for 5.3 percent - which again would have been unchanged.
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Japan All Industry Activity Rebounds In August
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Japan's all industry activity rebounded in August, figures from the Ministry of Economy, Trade and Industry showed Monday.
The all industry activity index climbed 0.5 percent month-on-month in August, reversing a 0.2 percent drop in July and a 0.9 percent decrease in June. Economists had forecast a monthly growth of 0.4 percent. Among components, construction industry activity gained 0.8 percent, in contrast to a 1 percent fall in July. At the same time, industrial production grew 0.2 percent, offsetting July's 0.2 percent decrease.
Tertiary industry activity climbed 0.5 percent, following a 0.1 percent fall in July. On a yearly basis, all industry activity advanced 0.9 percent, the same rate of expansion as logged in July.
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European Economics Preview: Germany's Producer Price Data Due
Producer prices from Germany and flash consumer sentiment from euro area are due on Tuesday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is set to publish Germany's producer prices for September. Economists forecast prices to rise at a steady pace of 0.3 percent.
In the meantime, Finland's unemployment data is due for September. The jobless rate stood at 6.8 percent in August. At 3.00 am ET, Turkey's consumer confidence survey data is due.
At 6.00 am ET, the Confederation of British Industry is scheduled to issue Industrial Trends survey data. The order book balance is seen at 2 in October versus -1 in September.
At 10.00 am ET, European Commission releases euro area consumer sentiment survey results. The confidence index is seen at -3.2 in October versus -2.9 in September.
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Japan Manufacturing PMI Climbs To 53.1 In October - Nikkei
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The manufacturing sector in Japan continued to expand in October, and at a faster rate, the latest survey from Nikkei revealed on Wednesday with a preliminary reading of 53.1.
That's up from 52.5 in September, and it moves farther above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, output, new orders and employment all accelerated, while the rates of input cost and output price inflation both climbed to multi-year highs.
Sentiment for future expectations remained positive, although the optimism was weaker.
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Japan's Jobless Rate Declines In September
Japan's unemployment rate declined in September, the Ministry of Internal Affairs and Communications reported Tuesday.
The jobless rate fell to 2.3 percent from 2.4 percent in August. This was the lowest rate since early 1990s. The rate was expected to remain unchanged at 2.4 percent.
The jobs-to-applicant ratio rose slightly to 1.64 from 1.63 a month ago.
The unemployment rate is the lowest it has been in a generation and it will fall further over the coming year, Marcel Thieliant, an economist at Capital Economics, said.
The upshot is that wage growth probably won't reach the 2.5 percent annual rate required to meet the BoJ's 2 percent inflation target, the economist added.
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China Manufacturing PMI Slips To 50.2 In October
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The manufacturing sector in China continued to expand in October, albeit at a slower pace, the latest survey from the National Bureau of Statistics said on Wednesday with a manufacturing PMI score of 50.2.
That missed expectations for 50.6 and was down from 50.8 in September - although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
The bureau also said its non-manufacturing index came in with a score of 53.9 - missing forecasts for 54.6 and down from 54.9 in the previous month.
The composite index had a score of 53.1, down from 54.1 a month earlier.
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Japan Services Sector Accelerates In October - Nikkei
The services sector in Japan continued to expand in October, and at a faster rate, the latest survey from Nikkei revealed on Monday with a PMI score of 52.4.
That's up from 50.2 in September, and it moves back above the boom-or-bust line of 50 that separates expansion from contraction.
The October reading also touched a six-month index high.
Individually, there was a stronger upturn in business activity, while new business growth quickened to a five-year high.
Selling charge inflation eased despite a strong rise in costs.
The survey also said its composite index climbed to 52.5 from 50.7 a month earlier.
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China's Exports, Imports Rise More Than Forecast
China's exports and imports increased more-than-expected in October, official data showed Thursday.
Exports grew 15.6 percent annually, the General Administration of Customs reported. Economists had forecast an increase of 11.7 percent.
At the same time, imports surged 21.4 percent compared to the forecast of 14.7 percent.
As a result, the trade surplus came in at $34 billion in October versus the expected level of $35.1 billion.
In yuan terms, imports advanced 26.3 percent and exports climbed 20.1 percent from last year. The trade surplus totaled CNY 233.6 billion.
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China CPI Steady At 2.5% On Year In October
Consumer prices in China were up 2.5 percent on year in October, the National Bureau of Statistics said on Friday.
That was in line with expectations and unchanged from the September reading.
The bureau also said that producer prices climbed an annual 3.3 percent - matching forecasts and slowing from 3.6 percent in the previous month.
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Singapore Retail Sales Rebound In September
Singapore's retail sales grew in September after declining in the previous two months, preliminary data from Statistics Singapore showed on Monday.
Retail sales at current prices rose 1.9 percent year-on-year following a 0.4 percent decline in August and a 2.6 percent slump in July. In June, sales grew 1.9 percent.
Excluding automobiles, retail sales increased 1.8 percent year-on-year after a 2.4 percent increase in August.
Automobile sales grew 2.5 percent year-on-year following declines in the previous two months.
Sales at petrol service stations registered the biggest gain of 11.4 percent in September followed by watches and jewelry, sales of which increased 7.4 percent.
Food store sales grew 2.5 percent. In contrast, sales of computer and telecommunication equipment continued to fall, down 5.8 percent. Sales of optical goods and books dropped 3.1 percent.
On a month-on-month basis, retail sales decreased a seasonally adjusted 0.4 percent at current prices in September after a 2.4 percent increase in August.
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China Industrial Production Climb 5.9% In October
Industrial production in China was up 5.9 percent on year in October, the National Bureau of Statistics said on Wednesday.
That exceeded expectation for 5.8 percent, which would have been unchanged from the September reading.
The bureau also said that retail sales climbed 8.6 percent on year - missing forecasts for a gain of 9.2 percent, which again would have been unchanged from the previous month.
Fixed asset investment advanced an annual 5.7 percent, surpassing forecasts for 5.5 percent and up from 5.4 percent a month prior.
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Australia Jobless Rate Steady At 5.0% In October
The unemployment rate in Australia came in at a seasonally adjusted 5.0 percent in October, the Australian Bureau of Statistics said on Thursday.
That was unchanged from the September reading, although it was beneath expectations for 5.1 percent.
The Australian economy added 32,800 jobs last month - beating forecasts for 20,000 following the addition of 7,800 jobs in the previous month.
The participation rate was 65.6 percent - exceeding expectations for 65.5 percent, which would have been unchanged.
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Germany's Wholesale Price Inflation Accelerates In October
Germany's wholesale prices climbed at a faster pace in October, data from Destatis revealed Friday.
Wholesale price inflation improved to 4 percent from 3.5 percent in the previous month.
The wholesale price growth in October was largely influenced by a 24.1 percent increase in solid fuels and petroleum products prices. Chemical product prices rose by 6.5 percent. Meanwhile, prices for waste and residues dropped 8.4 percent and live animals fell 9.7 percent.
Month-on-month, wholesale prices rose 0.3 percent after a 0.4 percent increase in September.
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Turkey Retail Sales Fall For First Time In 19 Months
Turkey's retail sales volume declined for the first time in over one-and-a-half years in September, preliminary data from the Turkish Statistical Institute showed on Monday.
The retail sales volume dropped a calendar adjusted 3.4 percent year-on-year following a 1.5 percent increase in August. The latest decline was the first since February 2017, when sales decreased 1 percent.
On a month-on-month basis, retail sales fell a seasonally-and-calendar adjusted 4.6 percent in September after a 0.2 percent gain in August. The latest drop was the first since February this year, when sales decreased 1 percent.
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NZ Dollar Advances Against Majors
The New Zealand dollar climbed against its major counterparts in late Asian deals on Wednesday.
The kiwi advanced to 0.6813 against the greenback, from an early weekly low of 0.6782.
The kiwi climbed to 76.92 against the yen and 1.6700 against the euro, off its previous 8-day low of 76.44 and a 2-day low of 1.6760, respectively.
The kiwi rose back to 1.0614 against the aussie, after falling to 1.0649 at 9:15 pm ET.
If the kiwi rises further, it may find resistance around 0.69 against the greenback, 78.00 against the yen, 1.65 against the euro and 1.05 against the aussie.
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The Ifo business climate index in Germany fell to 102 in November
According to the Ifo Institute, the mood in German companies continued to decline in November, worsening their business forecasts for the next six months. The business climate index in November, calculated by the institute, fell from the October mark of 102.9 to 102.0. Experts predicted that the figure will be 102.3.
Thus, we can conclude that the German economy is showing signs of cooling, notes Ifo's president, Clemens Fuest. Manufacturing companies are unhappy with the current situation in the country and fear that the prospects for the success of their business are in doubt. However, according to Ifo, the number of companies willing to raise prices has increased.
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Brexit could cut UK GDP by 5.5% by 2030
According to a study by the London School of Economics and King's College, UK GDP could be reduced by 5.5% by 2030 compared to what the United Kingdom could be in the European Union. Moreover, in the absence of a transaction, the growth of the British economy can be from 3.5% to 8.7%.
By making such assumptions, the authors of the study paid attention to the likelihood of the emergence of trade barriers after Britain's withdrawal from the EU and the decline in immigration flow. At the same time, the study was carried out taking into account the preservation of Great Britain in the customs union, but exclusion from the single market.
Experts also believe that Brexit will entail an increase in regulatory barriers to trade not only in goods but also in services. Also, the deal will mean a restriction of freedom of movement between countries, which will lead to a reduction in both skilled and unskilled workers from other countries.
Together, all these factors will lead to the fact that the growth rate of the British economy will be lower than 1.9-5.5% , if the country remained in the EU.
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China Services PMI Surges In November - Caixin
The services sector in China continued to expand in November, and at a greatly accelerated rate, the latest survey from Caixin revealed on Wednesday with a PMI score of 53.8.
That beat expectations for 50.8, which would have been unchanged from the October reading. It also moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Also, the composite index jumped to 51.9 in November, up from 50.5 a month earlier.
Individually, November marked the steepest increase in services activity in five months, while manufacturing production remained stable.
Composite new businesses climbed at their quickest pace since June, while inflationary pressures cooled.
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The European Commission presented a plan to reduce dependence on the US dollar
The European Commission (EC) on Wednesday, December 5, published a plan to strengthen the global role of the euro in world markets.
EC Vice President for the Euro and Social Dialogue Valdis Dombrovskis said that Brussels intends to make the euro a more attractive currency for international payments than the US dollar. In addition, it is planned to use the euro more for calculations on the global oil and gas markets, as well as in strategic sectors of the economy.
According to officials, the euro must comply with the political, economic and financial level of the eurozone in order to act as a tool for legal regulation of the international political and economic order.
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Australia Q3 House Price Index Drops 1.5%
House prices in Australia fell 1.5 percent on quarter in the third quarter of 2018, the Australian Bureau of Statistics said on Tuesday.
That exceeded expectations for a decline of 1.6 percent following the 0.7 percent drop in the three months prior.
On a yearly basis, house prices skidded 1.9 percent - again exceeding forecasts for a fall of 2.0 percent following the 0.6 percent decline in the previous three months.
The capital city residential property price indexes fell in Melbourne (-2.6 percent), Sydney (-1.9 percent), Perth (-0.6 percent) and Darwin (-0.9 percent), and rose in Brisbane (+0.6 percent), Adelaide (+0.6 percent), Hobart (+1.3 percent) and Canberra (+0.5 percent).
Annually, residential property prices fell in Sydney (-4.4 percent), Darwin (-4.4 percent), Melbourne (-1.5 percent), Perth (-0.5 percent) and rose in Hobart (+13.0 percent), Canberra (+3.7 percent), Adelaide (+2.0 percent) and Brisbane (+1.7 percent).
The total value of residential dwellings in Australia was A$6.847 trillion at the end of the September quarter 2018, falling $70.148 billion over the quarter.
The mean price of residential dwellings fell A$9,700 to A$675,000 and the number of residential dwellings rose by 40,900 to 10,143,700 in the September quarter 2018.
Also on Tuesday, the business confidence index from NAB came in with a score of +3 in November - down from +4 in October. The index for business conditions slipped to +11 from +12 a month earlier.
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Singapore Retail Sales Growth Slows Sharply In October
Singapore's retail sales grew for a second straight month in October, but the pace of increased slowed sharply, amid weaker sales in department stores and supermarkets.
Retail sales at current prices edged up 0.1 percent year-on-year after a 1.9 percent gain in September. In August, sales fell 0.4 percent.
On a seasonally adjusted basis, retail sales dropped 0.4 percent month-on-month in October, same as in September.
Excluding automobiles, retail sales grew 0.5 percent yearly after a 1.7 percent gain in September. Compared to the previous month, sales fell 2.1 percent in October following a 0.1 percent drop in the previous month
Year-on-year, department store sales fell 3.6 percent, while sales at supermarkets and hypermarkets dropped 2.9 percent. Motor vehicles sales decreased 2 percent.
Sales at petrol service stations logged the biggest increase of 11.4 percent, followed by medical goods and toiletries with a 3.4 percent rise.
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Euro Mixed Ahead Of German CPI
At 2:00 am ET Thursday, Destatis will release German final inflation data for November.
Ahead of the data, the euro traded mixed against its major counterparts. While the euro held steady against the yen and the franc, it rose against the pound and the greenback.
The euro was worth 1.1372 against the greenback, 129.00 against the yen, 1.1297 against the franc and 0.9009 against the pound as of 1:55 am ET.
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Euro Mixed Ahead Of German WPI
Destatis will release German wholesale prices for November at 2:00 am ET Friday. Ahead of the data, the euro traded mixed against its major rivals. While the euro fell against the greenback and the yen, it rose against the pound. Against the franc, it held steady.
The euro was worth 1.1348 against the greenback, 128.89 against the yen, 1.1290 against the franc and 0.9001 against the pound as of 1:55 am ET.
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Turkey Jobless Rate At 19-month High
Turkey's unemployment rate grew for a fifth straight month to its highest level in over one-and-a-half years, figures from the Turkish Statistical Institute showed on Monday.
The jobless rate climbed to 11.4 percent from 11.1 percent in August. The latest figure was the highest since March 2017, when the rate was 11.7 percent.
The number of unemployed grew to 3.75 million persons from 3.67 million in the previous month. Employment fell to 29.01 million from 29.32 million.
The seasonally adjusted unemployment rate edged up to 11.3 percent from 11.2 percent.
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Franc Mixed Ahead Of SECO Economic Forecasts
Switzerland's State Secretariat for Economic Affairs is set to publish its quarterly economic forecasts at 1:45 am ET Tuesday. Ahead of the data, the franc traded mixed against its major counterparts. While the franc held steady against the yen, it fell against the greenback and the pound. Against the euro, it rose.
The franc was worth 113.37 against the yen, 1.1268 against the euro, 1.2541 against the pound and 0.9933 against the greenback as of 1:40 am ET.
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Euro Little Changed After German PPI
Following the release of German producer prices for November at 2:00 am ET Wednesday, the euro changed little against its major counterparts.
The euro was trading at 127.99 against the yen, 1.1299 against the franc, 0.8995 against the pound and 1.1385 against the greenback around 2:03 am ET.
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Australia Unemployment Rate Climbs To 5.1% In November
The jobless rate in Australia came in at a seasonally adjusted 5.1 percent in November, the Australian Bureau of Statistics said on Thursday.
That exceeded expectations for 5.0 percent, which would have been unchanged from the October reading.
The Australian economy added 37,000 jobs to 12,694,300 last month - blowing away expectations for an increase of 20,000 jobs following the gain of 32,800 in the previous month.
Full-time employment decreased 6,400 to 8,684,600 and part-time employment increased 43,400 to 4,009,600.
Unemployment increased 12,500 to 683,100. Male unemployment increased 11,500 persons and female unemployment increased 1,000 persons.
The participation rate was 65.7 percent, beating forecasts for 65.6 percent - which would have been unchanged from a month earlier.
Monthly hours worked in all jobs decreased 3.3 million hours to 1,759.5 million hours.
The monthly trend underemployment rate increased less than 0.1 pts to 8.4 percent.
The monthly trend underutilization rate remained steady at 13.5 percent. The monthly seasonally adjusted underemployment rate increased 0.2 pts to 8.5 percent.
The monthly seasonally adjusted underutilization rate increased 0.2 pts to 13.6 percent.
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New Zealand December Food Prices Rise Seasonally Adjusted 0.5%
Food prices in New Zealand advanced a seasonally adjusted 0.5 percent on month in December, Statistics New Zealand said on Tuesday.
Unadjusted, food prices were down 0.2 percent last month.
In December, fruit and vegetable prices fell 1.1 percent (down 0.6 percent after seasonal adjustment) on month; meat, poultry, and fish prices rose 0.2 percent; grocery food prices rose 0.1 percent (up 0.5 percent after seasonal adjustment); non-alcoholic beverage prices fell 2.6 percent; and restaurant meals and ready-to-eat food prices rose 0.2 percent.
On a yearly basis, food prices were up 1.0 percent in December.
In December, fruit and vegetable prices decreased 6.1 percent on year; meat, poultry, and fish prices increased 3.8 percent; grocery food prices increased 1.4 percent; non-alcoholic beverage prices decreased 0.2 percent; and restaurant meals and ready-to-eat food prices increased 2.9 percent.
"Overall, getting your five-plus a day servings of fruit and vegetables was cheaper in 2018," consumer prices manager Geraldine Duoba said. "Bad weather in 2017 reduced the supply of many vegetables, pushing up their prices. Growing conditions were mostly more favorable during 2018, boosting supply and lowering prices."
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Dutch Retail Sales Growth At 7-Month High
Dutch retail sales grew the most in seven months during November, mainly driven by non-food sales, figures from the Central Bureau of Statistics showed on Tuesday.
Retail sales rose a working-day adjusted 4.1 percent year-on-year following a 3.3 percent increase in October.
The pace of growth was the fastest since April, when sales rose 5.8 percent.
Food sales rose 2.5 percent and non-food sales increased 3.8 percent, largely led by increased demand for consumer electronics, shoes and leather goods.
Online sales surged nearly 20 percent in November.
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Oil reserves in the US for the week decreased by 0.6%, stronger than forecast
According to the Energy Information Administration of the Ministry of Energy, commercial oil reserves in the US (excluding strategic reserves) declined by 2.7 million barrels, or 0.6%, to 437.1 million barrels. Analysts predicted a decline in stocks of only 1.32 million barrels, to 438.38 million barrels.
Oil production in the United States increased by 200 thousand barrels up to 11.9 million barrels per day.
Oil reserves at the country's largest terminal in Cushing decreased by 0.8 million barrels to 41.5 million barrels. Gasoline stocks also showed an increase of 3% (+7.5 million barrels), to 255.6 million barrels. Distillate stocks rose by 2.1% (+3 million barrels), to 143 million barrels.
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