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JAPAN HOUSEHOLD SPENDING SINKS 10.2% ON YEAR IN SEPTEMBER
The average of household spending in Japan was down 10.2 percent on year in September, the Ministry of Internal Affairs and Communications said on Friday - coming in at 269,863 yen.
That beat forecasts for a decline of 10.7 percent following the 6.9 percent drop in August.
The average of monthly income per household stood at 469,235 yen, up 2.6 percent on year.
Individually, spending on furniture, clothing, medical care and recreation all were down sharply.
On a monthly basis, household spending rose 3.8 percent - beating forecasts for a gain of 2.2 percent following the 1.7 percent gain a month earlier.
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AUSTRALIA TOTAL BUILDING PERMITS JUMP 15.4% IN SEPTEMBER
The total number of building permits issued in Australia in September was up a seasonally adjusted 15.4 percent on month at 15,827.
Permits for private sector houses rose 9.7 percent to 10,238 and permits for private sector dwellings excluding houses spiked 23.4 percent to 5,189.
On a yearly basis, total permits rose 8.8 percent, while private sector houses surged 20.7 percent and private sector dwellings excluding houses tumbled 12.1 percent.
The value of total building approved fell 17.0 percent in September, in seasonally adjusted terms. The value of non-residential building fell 36.7 percent, after rising 40.0 percent in August.
The value of total residential building fell slightly in September, by 0.7 percent. This was driven by a fall in the value of new residential building (1.0 percent), while the value of residential alterations and additions rose 1.1 percent.
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PHILIPPINES GDP SINKS 11.5% ON YEAR IN Q3
The Philippines' gross domestic product contracted 11.5 percent on year in the third quarter of 2020, the Philippines Statistics Authority said on Tuesday.
That missed expectations for a decline of 9.8 percent following the 16.9 percent contraction in the three months prior.
On a seasonally adjusted quarterly basis, gross domestic product was up 8.0 percent - roughly in line with expectations following the 15.2 percent fall in the previous three months.
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NEW ZEALAND FOOD PRICES CLIMB 2.7% ON YEAR IN OCTOBER
Food prices were up 2.7 percent on year in October, Statistics New Zealand said on Friday - down from 3.1 percent in September.
Individually, fruit and vegetable prices increased 10 percent on year; while meat, poultry, and fish prices increased 1.0 percent; grocery food prices increased 0.7 percent; non-alcoholic beverage prices were flat; and restaurant meals and ready-to-eat food prices increased 3.4 percent.
Food prices fell 0.7 percent in October 2020. After seasonal adjustment, they were up 0.1 percent.
Individually, fruit and vegetable prices fell 5.6 percent (flat after seasonal adjustment); while meat, poultry, and fish prices rose 0.5 percent; grocery food prices fell 0.2 percent (down 0.2 percent after seasonal adjustment); non-alcoholic beverage prices rose 1.1 percent; and restaurant meals and ready-to-eat food prices were flat.
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CHINA INDUSTRIAL PRODUCTION JUMPS 6.9% ON YEAR IN OCTOBER
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Industrial production in China was up 6.9 percent on year in October, the National Bureau of Statistics said on Monday - beating forecasts for a gain of 6.5 percent and roughly unchanged from the September reading.
The bureau also said that fixed asset investment rose 1.8 percent on year - exceeding expectations for 1.6 percent and up from 0.8 percent in the previous month.
Retail sales gained 4.3 percent on year, missing forecasts for 4.9 percent but still up from 3.3 percent a month earlier.
The unemployment rate came in at 5.3 percent, down from 5.4 percent in September.
Finally, house prices climbed an annual 4.3 percent in October, easing from 4.7 percent a month earlier.
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SINGAPORE NON-OIL EXPORTS SINK 5.3% IN OCTOBER
Non-oil domestic exports in Singapore were down 5.3 percent on month in October, Enterprise Singapore said on Tuesday - well shy of expectations for a gain of 4.6 percent following the 11.4 percent decline in September.
On a yearly basis, exports fell 3.1 percent - again missing forecasts for a gain of 5.7 percent following the 5.8 percent increase in the previous month.
The decline was mainly due to a drop in non-electronics.
NODX to the top 10 markets as a whole decreased in October, though exports to the US, China, Japan and the EU 27 grew.
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AUSTRALIA WAGE PRICES ADD 0.1% ON QUARTER IN Q3
Wage prices in Australia were up a seasonally adjusted 0.1 percent on quarter in the third quarter of 2020, the Australian Bureau of Statistics said on Wednesday - shy of expectations for an increase of 0.2 percent, which would have been unchanged from the Q2 reading.
On a yearly basis, wage prices rose 1.4 percent - again missing forecasts for 1.5 percent and slowing from 1.8 percent in the three months prior.
Private sector wages were up 0.1 percent on quarter and 1.2 percent on year, while public sector wages gained 0.2 percent on quarter and 1.8 percent on year.
Wage gains from health care and social services offset losses among administrative and support services.
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EUROPEAN ECONOMICS PREVIEW: EUROZONE FLASH PMI DATA DUE
Flash Purchasing Managers' survey results from euro area and the UK are due on Monday, headlining a light day for the European economic news.
At 3.15 am ET, IHS Markit is scheduled to issue France flash composite PMI data. Economists forecast the index to fall sharply to 34.0 in November from 47.5 in October.
At 3.30 am ET, Germany's flash PMI data is due. The composite indicator is seen at 50.4 in November versus 55.0 a month ago.
At 4.00 am ET, IHS Markit is set to release euro area preliminary PMI data. The composite output index is expected to fall to 45.8 in November from 50.0 in the previous month.
Also, Poland's retail sales data is due at 4.00 AM ET. Economists expect sales to fall 0.3 percent on year in October, in contrast to a 2.7 percent rise in September. Half an hour later, UK CIPS/Markit composite PMI data is due. Economists expect the composite index to decline to 42.5 in November from 52.1 a month ago.
In the meantime, UK household finance index data is also due from IHS Markit.
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DOLLAR RECOVERS AFTER FALLING TO 2-1/2-YEAR LOW
The U.S. dollar fell in the Asian session on Monday and hit its lowest level since April 2018, but recovered to move above the flat line later in the session, scoring gains against some of its peers.
The dollar's safe-haven appeal fell earlier in the day after more positive news emerged on the vaccine front.
After recent positive updates from Pfizer and Moderna, there is more encouraging news on the Covid-19 vaccine front, with the Oxford University and AstraZeneca Pharma announcing that their vaccine for the novel coronavirus could be around 90% effective under one dosing regimen.
"Today marks an important milestone in our fight against the pandemic. This vaccine's efficacy and safety confirm that it will be highly effective against Covid-19 and will have an immediate impact on this public health emergency," AstraZeneca chief executive Pascal Soriot said in a statement.
Meanwhile, the FDA's outside advisers are slated to meet on Dec. 10 to review Pfizer's emergency-use application for its vaccine.
The dollar index, which fell to 92.02, recovered and hit a high of 92.80 before noon. It was last seen at 92.53, up 0.15% from previous close.
Against the Euro, the dollar firmed up to $1.1843, gaining 0.11%. The Eurozone manufacturing purchasing managers index (PMI) fell to a three-month low level of 53.6 in November from 54.8 in October, according to the preliminary report from IHS/Markit Research. The Services PMI dropped to a six-month low level of 41.3.
The Pound Sterling was weaker by about 0.31%, fetching $1.3324 a unit, compared to $1.3283 on Friday. The UK private sector contracted the most in six months in November, flash survey results revealed. The IHS Markit/Chartered Institute of Procurement & Supply composite output index dropped to 47.4 in November from 52.1 in October.
The Yen weakened to 104.54 a dollar, sliding from 103.85.
Against the Aussie, the dollar gained some ground, firming up to 0.7289 from 0.7302.
The Swiss franc was weaker at 0.9125, drifting down from 0.9113 a dollar. The Loonie was stronger, quoting at 1.3084 a dollar, up from 1.3095, thanks to higher crude oil prices.
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AUSTRALIA CONSTRUCTION WORK FALLS 2.6% IN Q3
The total value of construction work done in Australia was down a seasonally adjusted 2.6 percent on quarter in the third quarter of 2020, the Australian Bureau of Statistics said on Wednesday - coming in at A$51.179 billion.
That missed expectations for a fall of 2.0 percent following the 0.7 percent decline in the previous three months.
On a yearly basis, the value of construction was down 4.2 percent.
Building work was down 2.0 percent on quarter and 7.2 percent on year at A$28.971 billion.
Residential work was down 1.0 percent on quarter and 8.9 percent on year, while non-residential work fell 3.4 percent on quarter and 4.5 percent on year. Engineering work sank 3.3 percent on quarter but gained 0.1 percent on year.
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DOLLAR STAYS WEAK AGAINST PEERS
The U.S. dollar was weak against most of its peers on Wednesday, reacting to recent updates on potential coronavirus vaccine and the latest batch of economic data.
According to data released by the Labor Department, first-time claims for U.S. unemployment benefits unexpectedly increased in the week ended November 21st, climbing to 778,000, an increase of 30,000 from the previous week's revised level of 748,000. Economists had expected jobless claims to drop to 730,000 from the 742,000 originally reported for the previous week.
A report from the Commerce Department said durable goods orders jumped by 1.3% in October after spiking by 2.1% in September. Economists had expected durable goods orders to climb by 0.9%.
Another report from the Commerce Department showed the spike in gross domestic product in the third quarter was 33.1%, unrevised from the initial estimate.
Personal income in the U.S. fell by 0.7% in October after climbing by a downwardly revised 0.7% in September. Meanwhile, the report said personal spending rose by 0.5% in October after jumping by a revised 1.2% in September.
Yet another report from the same department said new home sales in the U.S. unexpectedly dipped by 0.3% to an annual rate of 999,000 in October after inching up by 0.1% to a revised rate of 1.002 million in September.
Revised data released by the University of Michigan on Wednesday showed consumer sentiment in the U.S. deteriorated by slightly more than expected in the month of November, with the index coming in at 76.9 down from a preliminary reading of 77.0.
The dollar index, which fell to a low of 91.93 in the European session, continues to trade weak despite making a couple of attempts to pare losses. At 91.99, the dollar index is now down 0.25% from previous close.
Against the Euro, the dollar weakened to $1.1914, despite firming up to $1.1883 in the Asian session.
The Pound Sterling is stronger by 0.15%, fetching $1.3383 a unit, compared to $1.3363 on Tuesday.
The Yen is little changed at 104.47 a dollar.
The Aussie is roughly flat against the greenback, with the AUD-USD pair quoting at 0.7365.
The Swiss franc is up at 0.9085 a dollar, more than 0.3% up from its previous close of 0.9113, while the Loonie is at 1.3008 a dollar, down from 1.2998.
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CHINA'S INDUSTRIAL PROFITS SURGE IN OCTOBER
China's industrial profits expanded strongly in October as the economy showed signals of robust rebound from the coronavirus driven downturn, data from the National Bureau of Statistics showed Friday.
Industrial profits advanced 28.2 percent on a yearly basis in October. This was the sixth consecutive rise in profits.
During January to October period, industrial profits gained 0.7 percent from the same period last year.
Data revealed that profits of state-owned enterprises decreased 7.2 percent annually, while that of private firms climbed 1.1 percent in ten months ended October.
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SOUTH KOREA INFLATION CLIMBS 0.6% ON YEAR IN NOVEMBER
Consumer prices in South Korea were up 0.6 percent on year in November, Statistics Korea said on Wednesday.
That missed forecasts for an increase of 0.9 percent but was up from 0.1 percent in the previous month.
On a monthly basis, inflation eased 0.1 percent - again shy of expectations for an increase of 0.2 percent but improving from the 0.6 percent contraction in October.
Core CPI, which excludes volatile food costs, gained an annual 0.6 percent after slipping 0.3 percent a month earlier.
utlook for jobs and inflation. The board said it is prepared to do more if necessary.
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CHINA SERVICES SECTOR PICKS UP STEAM IN NOVEMBER - CAIXIN
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The services sector in China continued to expand in November, and at a faster rate, the latest survey from Caixin showed on Thursday with a services PMI score of 57.8.
That's up from 56.8 in October, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, there was a substantial rise in business activity amid the quickest increase in new work since 2010.
Employment growth was also at its strongest in 10 years, as were input costs. The survey also showed that its composite index improved to 57.5 in November from 55.7 in October.
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CHINA EXPORTS SURGE IN NOVEMBER
China's exports surged in November driven by robust global demand, data from the General Administration of Customs showed on Monday.
Exports advanced 21.1 percent year-on-year in November, much bigger than the economists' forecast of 12 percent.
At the same time, imports grew moderately by 4.5 percent annually, which was also faster than the 6.1 percent increase expected by economists.
As a result, the trade surplus increased to $75.4 billion in November. Economists had forecast the surplus to fall to $53.5 billion from $58.44 billion in the previous month.
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AUSTRALIA TOTAL DWELLING APPROVALS +3.8% ON MONTH IN OCTOBER
The total number of building permits issued in October was up a seasonally adjusted 3.8 percent on month in October, the Australian Bureau of Statistics said on Tuesday - standing at 16,584.
Permits for private sector house increased 3.1 percent on month to 10,692, while permits for private sector dwellings excluding houses jumped 6.2 percent to 5,529.
On a yearly basis, overall permits rose 14.3 percent, private sector houses surged 31.7 percent and private sector dwellings excluding houses dropped 10.6 percent.
The value of total building approved rose 26.1 percent on month in October. Non-residential building drove the increase, rising 58.6 percent, having fallen 35.4 percent in September. The value of total residential building increased 9.4 percent in October.
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EUROPEAN ECONOMICS PREVIEW: GERMANY'S FOREIGN TRADE DATA DUE
Foreign trade data from Germany is due on Wednesday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is scheduled to issue Germany's foreign trade figures for October. Exports are forecast to climb 1.2 percent on month, slower than September's 2.3 percent increase. Meanwhile, imports are expected to rise 1 percent, reversing a 0.1 percent fall.
At 3.00 am ET, Spain's INE releases industrial production data for October. Economists expect the production to fall 2.6 percent on year, following a 3.4 percent decrease in September.
In the meantime, foreign trade from Austria, Slovakia and Hungary are due. Slovakia's trade surplus is seen at EUR 724.8 million in October versus EUR 707.9 million a month ago.
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PHILIPPINES OCTOBER TRADE DEFICIT $1,776 BILLION
The Philippines posted a merchandise trade deficit of $1.776 billion in October, the statistics office said on Thursday.
That follows the $1.707 billion shortfall in the previous month.
Exports were down 2.2 percent on year after rising 2.2 percent in September.
Imports plummeted an annual 19.5 percent after slipping 16.5 percent a month earlier.
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NEW ZEALAND FOOD PRICES FALL AS BORDER RESTRICTIONS DAMPEN EXPORTS
New Zealand food prices declined in November as the Covid-19 restrictions reduced exports, Stats NZ said Friday.
Food prices fell 0.9 percent month-on-month in November, bigger than the 0.7 percent drop posted in October.
Rising air freight costs since the coronavirus border closures has made exporting products much more expensive. Moreover, shortage of international workers in the fruit picking industry has meant that growers cannot pick their fields fast enough, data revealed.
"With less exports there is more supply available for domestic consumption, causing lower prices," consumer prices manager Katrina Dewbery said.
"Prices are lower than we typically see for a November month with December generally being when they are cheapest. Some people may be seeing even cheaper prices during the first half of December," Dewbery said.
Despite a sharp 43 percent decrease in strawberry prices, fruit prices advanced 5.2 percent, while vegetable prices dropped 9.9 percent.
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SINGAPORE NODX SLIDE IN NOVEMBER
Non-oil domestic exports in Singapore dropped 4.9 percent on year in November, Enterprise Singapore said on Thursday - missing forecasts for a gain of 2.0 percent following the 3.1 percent drop in October.
On a monthly basis, NODX slid 3.8 percent - again shy of expectations for a gain of 6.2 percent following the 5.4 percent decline in the previous month.
The decline was mainly due to decreases among petrochemicals, pharmaceuticals, non-monetary gold and electronics.
NODX to the top 10 markets as a whole decreased in November, although exports to the United States, Japan, Taiwan, Malaysia, Thailand and Hong Kong increased.
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EUROPEAN ECONOMICS PREVIEW: UK GDP DATA DUE
Quarterly national accounts and public sector finances from the UK are due on Tuesday, headlining a light day for the European economic news.
At 2.00 am ET, the Office for National Statistics publishes UK GDP and public sector net borrowing figures for November. GDP is forecast to expand 15.5 percent sequentially in the third quarter, as initially estimated.
The budget deficit is forecast to widen to GBP 27.3 billion in November from GBP 21.58 billion in October.
In the meantime, Germany's Gfk consumer confidence survey results are due. The forward-looking consumer confidence index is seen at -8.8 in January versus -6.7 in December. At 3.00 am ET, the National Institute of Economic Research is set to publish Sweden's economic tendency survey results.
Half an hour later, Statistics Sweden releases producer prices and retail sales for November.
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UK CAR PRODUCTION DECLINES IN NOVEMBER: SMMT
UK car production declined in November, data released by the Society of Motor Manufacturers and Traders, or SMMT, showed Wednesday.
Car manufacturing decreased 1.4 percent annually to 106,243 units in November.
Output for domestic markets dropped 10.4 percent, while that for exports gained marginally by 0.3 percent.
The annual decline in production masks a particularly weak November 2019 when precautionary factory shutdowns in anticipation of a potential 'no deal' Brexit on October 31, depressed output.
Year-to-date production was down -31.0 percent with 380,809 fewer cars manufactured in 2020. This puts the industry on course to produce fewer than a million cars this year for only the second time since the early eighties, the lobby noted.
Around 85 percent of cars built in November were manufactured for exports, highlighting the critical importance of free and fair trade with global markets to UK car makers.
Yet another decline for UK car production is of course concerning, but not nearly as concerning as the New Year nightmare facing the automotive industry if we do not get a Brexit deal that works for the sector, Mike Hawes, SMMT chief executive, said.
"With just nine days to go, the threat of 'no deal' is palpable and the sector, now also reeling from the latest coronavirus resurgence, Tier 4 showroom lockdowns and disruption at critical UK ports, needs more than ever the tariff-free trading arrangements on which our competitiveness is founded, Hawes added.
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JAPAN'S HOUSING STARTS FALL AT SLOWER PACE
Japan's housing starts continued to decline in November albeit at a slower pace, data from the Ministry of Land, Infrastructure, Transport and Tourism showed on Friday.
Housing starts were down 3.7 percent on year, following October's 8.3 percent decline. This was also better than the expected decrease of 4.9 percent.
Annualized housing starts rose to 820,000 in November from 802,000 in the previous month.
Further, data showed that construction orders received by the big 50 contractors decreased 4.7 percent on a yearly basis, bigger than the 0.1 percent fall posted in October.
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JAPAN INDUSTRIAL PRODUCTION FLAT ON MONTH IN NOVEMBER
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Industrial production in Japan was unchanged on a seasonally adjusted basis in November, the Ministry of Economy, Trade and Industry said on Monday.
That missed expectations for an increase of 1.2 percent following the 4.0 percent gain in October.
On a yearly basis, industrial production sank 3.4 percent, matching forecasts following the 3.0 percent drop in the previous month.
Upon the release of the data, the METI maintained its assessment of industrial production, saying that it is picking up.
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SINGAPORE TRADE DATA DUE ON TUESDAY
Singapore will on Tuesday release November numbers for imports, exports and trade balance, highlighting a light day for Asia-Pacific economic activity.
In October, imports were down 7.6 percent on year and exports sank an annual 8.0 percent, while producer prices tumbled 9.6 percent on year.
The Philippines will see November figures for producer prices; in October, prices were down 3.3 percent on year.
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SOUTH KOREA RETAIL SALES SINK 1.0% IN NOVEMBER
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The value of retail sales in South Korea was down a seasonally adjusted 1.0 percent on month in November, Statistics Korea said on Wednesday.
That follows the 0.9 percent contraction in the previous month.
On a yearly basis, retail sales skidded 1.5 percent after dropping 0.2 percent a month earlier.
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CHINA'S MANUFACTURING SECTOR GROWTH MODERATES IN DECEMBER
China's manufacturing sector growth moderated at the end of the year, survey data from the National Bureau of Statistics showed Thursday.
The official manufacturing Purchasing Managers' Index fell to 51.9 from 52.1 in November.
The score was forecast to drop marginally to 52.0. However, a reading above 50 indicates expansion in the sector.
The export order sub-index in manufacturing eased to 51.3 from 51.5 in November.
The non-manufacturing PMI that measures sentiment in the services and construction sectors declined to 55.7 in December from 56.4 a month ago.
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SINGAPORE PRIVATE SECTOR CLIMBS INTO EXPANSION - MARKIT
The private sector in Singapore moved into expansion territory in December, the latest survey from Markit Economics showed on Wednesday with a PMI score of 50.5.
That's up from 46.7 in November, and it moves above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, new orders increased for the first times since January with respondents mentioning stronger demand, a rise in e-commerce sales and promotional activity.
New orders from oversea markets also rose, and at the strongest rate since November 2018. Subsequently, firms raised output during December, which rebounded from November's relatively solid contraction.
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AUSTRALIA HAS A$5.022 BILLION TRADE SURPLUS IN NOVEMBER
Australia had a merchandise trade surplus of A$5.022 billion in November, the Australian Bureau of Statistics said on Thursday.
That was shy of expectations for a surplus of A$6 billion and down from the downwardly revised A$6.583 billion in October (originally A$7.456 billion).
Imports were up 10 percent on month after gaining an upwardly revised 2 percent in the previous month (originally 1 percent).
Exports rose 3 percent on month, slowing from the downwardly revised 4.4 percent gain a month earlier (originally 5 percent).
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EUROPEAN ECONOMICS PREVIEW: GERMAN INDUSTRIAL OUTPUT, FOREIGN TRADE DATA DUE
Industrial production and foreign trade figures are due from Germany on Friday, headlining a busy day for the European economic news.
At 1.45 am ET, Swiss unemployment data is due. The jobless rate is seen at 3.5 percent in December versus 3.4 percent in November.
At 2.00 am ET, Destatis is slated to issue Germany's industrial production and external trade data. Exports are forecast to grow 0.8 percent on month in November, the same rate as seen in October. The annual growth in imports is seen rising to 0.4 percent from 0.3 percent.
Industrial production is expected to climb 0.7 percent on month in November versus a 3.2 percent rise in October.
In the meantime, industrial production from Norway and foreign trade from Finland are due.
At 2.45 am ET, the French statistical office Insee is slated to issue consumer spending and industrial production data for November. Also, foreign trade and current account figures are due from France.
At 3.00 am ET, industrial production from Hungary and foreign trade from Slovakia are due. In the meantime, the Czech Statistical Office releases third quarter GDP data and industrial output.
Half an hour later, UK Halifax house price data is due. Economists expect house prices to climb 0.5 percent on month in December, slower than the 1.2 percent rise seen in November.
Also, industrial production and new orders are due from Statistics Sweden.
At 4.00 am ET, Italy's unemployment data is due for November. The rate stood at 9.8 percent in October.
At 5.00 am ET, Eurostat is set to publish euro area unemployment data for November. The jobless rate is expected to rise to 8.5 percent from 8.4 percent in October.
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CHINA CONSUMER PRICES RISE 0.2% ON YEAR IN DECEMBER
Consumer prices in China were up 0.2 percent on year in December, the National Bureau of Statistics said on Monday.
That exceeded expectations for an increase of 0.1 percent following the 0.5 percent contraction in November.
On a monthly basis, inflation was up 0.7 percent - again beating forecasts for an increase of 0.4 percent following the 0.6 percent decline in the previous month.
The bureau also said that producer prices were down 0.4 percent on year, beating forecasts for a fall of 0.8 percent after sinking 1.5 percent a month earlier.
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JAPAN HAS Y1,878.4 BILLION CURRENT ACCOUNT SURPLUS
Japan posted a current account surplus of 1,878.4 billion yen in November, the Ministry of Finance said on Tuesday.
That exceeded expectations for a surplus of 1,551 billion yen and was down from 2,144.7 billion yen in October.
Exports were down 3.4 percent on year to 6.039 trillion yen, while imports sank an annual 13.6 percent to 5.423 trillion yen. The trade balance showed a surplus of 616.1 billion yen.
The capital account showed a surplus of 2.1 billion yen and the financial account had a surplus of 1,593.3 billion yen.
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SOUTH KOREA UNEMPLOYMENT DATA DUE ON WEDNESDAY
South Korea will on Wednesday release unemployment figures for December, highlighting a light day for Asia-Pacific economic activity. The jobless rate in November was 4.1 percent.
Japan will see December numbers for machine tool orders; in November, orders were up 8.0 percent on year.
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AUSTRALIA OVERALL HOME LOANS RISE 5.6% IN NOVEMBER
The total value of overall home loans in Australia was up a seasonally adjusted 5.6 percent on month in November, the Australian Bureau of Statistics said on Friday - coming in at A$23.96 billion.
Owner-occupied home loans gained 5.5 percent to A$18.34 billion, while investment lending climbed 6.0 percent to A$5.61 billion.
On a yearly basis, overall lending jumped 23.7 percent, owner-occupied loans surged 31.4 percent and investment lending rose 3.9 percent.
Personal fixed term loans jumped 13.2 percent on month and 5.8 percent on year to A$1.76 billion.
Business construction loans plummeted 49.6 percent on month and 62.1 percent on year to A$1.02 billion.
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OIL PRICES FALL ON DEMAND CONCERNS
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Oil prices edged lower on Monday as climbing coronavirus cases and tighter restrictions in Europe and China fueled worries over a slower recovery in fuel demand.
Encouraging GDP and industrial production data from China helped to limit the downside to some extent.
Brent crude for March delivery eased 0.2 percent to $54.98 a barrel, after having fallen 2.3 percent on Friday. Similarly, U.S. oil futures were down 0.1 percent at $52.36 after falling more than 2 percent in the previous session.
The total number of global coronavirus cases topped 95 million, while the death toll surpassed 2 million.
China reported more than 100 new Covid-19 cases for the sixth consecutive day, while the number of hospitalized Covid-19 patients with serious symptoms in Japan topped 970, marking a record high since the onset of the pandemic in the country.
Portugal imposed a new nationwide lockdown while the U.K. government announced that it will close all travel corridors from today in order to restrict the spread of new coronavirus variant cases.
New coronavirus infections have been decreasing in Germany but the country's health minister said that more needed to be done to bring it permanently under control.
Chancellor Angela Merkel and Germany's 16 state premiers will discuss what to do next on Tuesday.
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AUSTRALIA RETAIL SALES SINK 4.2% IN DECEMBER
The total value of retail sales in Australia were down a seasonally adjusted 4.2 percent on month in December, the Australian Bureau of Statistics said on Friday - coming in at A$30.324 billion.
That missed expectations for a decline of 2.5 percent following the 7.1 percent jump in November.
Following the November rise, all industries except for Cafes, restaurants and takeaway food services fell.
Household goods retailing led the falls (-9%), following the Black Friday sales, and new product releases, that boosted turnover in November.
Similarly, Other retailing, Department stores, and Clothing, footwear and personal accessory retailing, saw falls after reporting large rises in November.
Food retailing fell 2%, with sales across the Food industry down in Victoria and New South Wales in line with restrictions on Christmas gatherings.
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EUROPEAN ECONOMICS PREVIEW: EUROZONE ECONOMIC CONFIDENCE DATA DUE
Economic confidence from euro area and flash consumer prices from Germany are due on Thursday, headlining a busy day for the European economic news.
At 2.00 am ET, Swiss foreign trade data for December is due. The trade surplus totaled CHF4.45 billion in November.
In the meantime, Statistics Norway releases retail sales and unemployment data. The jobless rate is seen unchanged at 5.2 percent in three months to November.
At 3.00 am ET, the National Institute of Economic Research is slated to issue Swedish economic tendency survey results.
Also, Spain's unemployment data for the fourth quarter is due. The jobless rate is expected to rise to 16.6 percent in the fourth quarter from 16.26 percent in the third quarter.
Half an hour later, Statistics Sweden is scheduled to publish retail sales and unemployment figures for December. Economists expect the jobless rate to climb to 8.4 percent from 7.7 percent in November.
At 4.00 am ET, Italy's Istat publishes business and consumer confidence survey results.
At 5.00 am ET, the European Commission is slated to issue euro area economic sentiment survey results. The economic confidence index is forecast to fall to 89.5 in January from 90.4 in December.
At 8.00 am ET, Destatis releases Germany's flash consumer price data for January. Economists forecast consumer prices to rise 0.7 percent annually, reversing a 0.3 percent drop in December.
News are provided by InstaForex
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CHINA MANUFACTURING PMI EBBS IN JANUARY - CAIXIN
The manufacturing sector in China continued to expand in January, albeit at a slower pace, the latest survey from Caixin showed on Monday with a seasonally adjusted PMI score of 51.5.
That's down from 53.0, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Chinese goods producers signaled a sustained rise in output during January, to extend the current period of expansion to 11 months. That said, the rate of growth was the least marked since last April and modest. The slowdown coincided with a weaker increase in total new work at the start of the year.
Data indicated this was partly driven by a renewed drop in export orders, which fell for the first time in six months. Survey respondents often cited the resurgence of the COVID-19 virus globally when explaining the reduction.
Stock shortages at suppliers and shipping delays led to a further increase in delivery times for inputs. Furthermore, average vendor performance deteriorated at the steepest rate since last March.
News are provided by InstaForex
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EUROPEAN ECONOMICS PREVIEW: GERMANY FACTORY ORDERS DATA DUE
Factory orders from Germany and Halifax house prices from the UK are due on Friday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is slated to issue Germany's factory orders for December. Economists forecast orders to fall 1 percent on month, reversing a 2.3 percent rise in November. In the meantime, industrial production data is due from Statistics Norway.
At 2.45 am ET, current account and foreign trade reports are due from France.
At 3.00 am ET, retail sales from the Czech Republic and industrial production from Hungary are due.
Hungary's industrial output is forecast to climb 2.0 percent annually in December, following a 3.5 percent rise in November.
Half an hour later, UK Halifax house price report is due. Monthly house price growth is seen at 0.3 percent in January versus +0.2 percent in December. Also, Statistics Sweden publishes industrial production and orders at 3.30 am.
At 4.00 am ET, Italy's Istat releases retail sales data for December. Sales had dropped 6.9 percent on month in November.
News are provided by InstaForex
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FITCH MAINTAINS JAPAN'S SOVEREIGN RATINGS
Fitch Ratings maintained the sovereign ratings of Japan with a 'negative' outlook on Monday.
The ratings were retained at 'A' citing the strengths of an advanced and wealthy economy, with correspondingly robust governance standards and public institutions.
Fitch affirmed a 'negative' outlook on Japan's ratings, given continued downside risks to the macroeconomic and fiscal outlook from the coronavirus shock.
The agency expects the large fiscal support to be unwound gradually, but downside risks to growth exacerbate the challenge of placing the debt ratio on a downward path over the medium term.
After a 5.3 percent fall in 2020, Fitch forecast the economy to rebound by 3.5 percent in 2021 and 1.5 percent in 2022, supported by continued overseas demand for Japanese exports, which have recovered over recent months.
Fitch estimated government debt to have jumped to 254.8 percent of GDP in 2020 from 231.2 percent in 2019, the highest pre-pandemic debt ratio among Fitch-rated sovereigns. The debt is forecast to peak at 258.6 percent in 2023.
News are provided by InstaForex
