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US stock market closes higher, Dow Jones gains 1.17%
At the close in the New York Stock Exchange, the Dow Jones was up 1.17%, the S&P 500 was up 1.89% and the NASDAQ Composite was up 3.41%.
The leading gainer among the components of the Dow Jones index today was Boeing Co, which gained 9.67 points or 5.07% to close at 200.24. Salesforce.com Inc rose 10.50 points or 4.73% to close at 232.63. The Walt Disney Company rose 4.34 points or 3.13% to close at 142.97.
The biggest losers were Walgreens Boots Alliance Inc, which shed 0.70 points or 1.39% to end the session at 49.76. Amgen Inc was up 0.87% or 2.00 points to close at 227.14, while Visa Inc Class A was down 0.80% or 1.83 points to close at 226. ,17.
Leading gainers among the S&P 500 index components in today's trading were Enphase Energy Inc, which rose 13.41% to 140.47, SolarEdge Technologies Inc, which gained 12.33% to close at 238.22, and also shares of Netflix Inc, which rose 11.13% to end the session at 427.14.
L3Harris Technologies Inc led the decline, shedding 4.29% to close at 209.29. Shares of Kellogg Company shed 3.46% to end the session at 63.00. Quotes of Citrix Systems Inc decreased in price by 3.42% to 101.94.
Leading gainers among the components of the NASDAQ Composite in today's trading were Calithera Biosciences Inc, which rose 55.65% to hit 0.650, Inspira Technologies Oxy BHN Ltd, which gained 36.52% to close at 3.14, and also shares of Vaccinex Inc, which rose 33.63% to close the session at 1.510.
The drop leaders were shares of Imperial Petroleum Inc, which lost 55.05% to close at 0.98. Shares of Appharvest Inc lost 12.06% to end the session at 2.99. Quotes of Vigil Neuroscience Inc decreased in price by 11.95% to 12.90.
On the New York Stock Exchange, the number of securities that rose in price (2,680) exceeded the number of those that closed in the red (574), while quotes of 106 shares remained virtually unchanged. On the NASDAQ stock exchange, 3323 companies rose in price, 582 fell, and 154 remained at the level of the previous close.
Imperial Petroleum Inc shares tumbled to historic lows, down 55.05% or 1.20 points to close at 0.98. Shares in Appharvest Inc plunged to all-time lows, shedding 12.06% or 0.41 points to close at 2.99.
The CBOE Volatility Index, which is based on S&P 500 options trading, fell 10.23% to 24.83.
Gold Futures for February delivery added 0.76%, or 13.60, to $1,798.50 a troy ounce. In other commodities, WTI crude for March delivery rose 1.49%, or 1.29, to $88.11 a barrel. Brent oil futures for April delivery rose 0.07%, or 0.06, to $89.28 a barrel.
Meanwhile, in the Forex market, EUR/USD was down 0.00% to hit 1.1233, while USD/JPY was up 0.03% to hit 115.14.
Futures on the USD index fell 0.65% to 96.632.
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US dollar is torn between recession and attempts to rise
This week has not been set for the US currency. It fell due to the probability of disappointing macro statistics and the short-term strengthening of the euro. However, it does not give up, trying to leave the price hole.
On Tuesday, the US dollar collapsed from a 19-week high. It is declining for the second session in a row, unsuccessfully trying to stay above. There are several reasons for the decline – the expectation of the Fed's rate hike, increased cash flows at the end of January, due to which investors have to sell dollars and an increase in risk appetite. At the end of last month, the risk appetite in the markets increased significantly. The catalyst for this was the rebalancing of investors' portfolios and their move into protective assets.
American macro statistics provided temporary support for the US dollar. Last month, the index of business activity in the industry of the country declined to 57.6% from the previous 58.7% and analysts' expected fall of 57.5%. Currently, markets are waiting for signals from the European regulator, as the US has already did an action, marking the course for tougher monetary policy.
According to experts, the US dollar's decline was facilitated by market fears about a possible reduction in the gap between the ECB and the Fed. Some analysts suggest that the European regulator will raise rates before the American one. At the same time, the markets are not confident that the Fed will raise rates five times this year. It can be recalled that the US regulator has repeatedly had to change its plans. Nevertheless, the market is still counting on a five-fold increase in the Fed's rates, the first of which is expected in March. As for the ECB, it is still adhering to the ultra-soft monetary policy, refusing to raise rates this year.
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Euro and US dollar's main concern is to reach new highs
The price highs that the euro reached last Friday are not the limit for it. It aims to break through new barriers. At the same time, the US dollar is set up in a similar way, which is waiting for the Fed's help.
The Euro currency started the new week with the high reached over the past three weeks, but there is one problem – a small correction. Last Friday, the single currency approached a three-week high and is trying to hold on to its gained positions. The reason for the surge was a hawkish reversal in ECB policy. However, experts believe that the euro's further growth is unlikely amid the impending tightening of the Fed's monetary policy. In such a situation, the US dollar will take the lead. Analysts are sure that the US currency will need the Fed's tightening of monetary policy to further rise.
Experts believe that the EUR/USD pair is in for serious changes. The first step along this path was the change in ECB's monetary policy. Earlier, the European regulator confidently defended its position, planning to maintain the current interest rate until the end of 2022. However, the situation has changed dramatically now as the ECB revised its strategy during its last meeting. According to analysts, the regulator will update the previous inflation forecast and abandon the current dovish position at the March meeting. Experts allow similar actions by the ECB following the results of the June meeting.
The current situation contributed to the euro's sharp growth across the entire market. The US dollar followed suit, although its results were more modest. Against the backdrop of impressive US macroeconomic data, the market's expectations regarding the tightening of the monetary policy have intensified. Analysts said that the Fed can immediately raise the rate by 50 basis points (bp) next month. In such a situation, the US currency will get a head start and can bypass the euro.
The general upswing that swept the markets contributed to the growth of the EUR/USD pair. At the end of last week, the pair was steadily gaining momentum. Its vector is still directed up, despite the short-term decline. On Monday morning, the EUR/USD pair was around the level of 1.1432. Some instability was caused by the euro's downward correction, recorded after a 2% increase against the US dollar.
The US currency is gaining momentum amid a noticeable strengthening of the US labor market and the upcoming Fed rate hike. The sharp rise in the euro did not prevent the dollar from strengthening its position and adding 0.4%. According to experts, the US dollar's growth will continue soon.
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If there is war tomorrow? Fear of an attack on Ukraine drove up the price of gold
Every day the Russian-Ukrainian conflict flares up with greater force.
On Friday, the White House statement added fuel to the fire that Moscow could attack Ukraine any day On the evening of February 11, American officials recommended that US citizens urgently leave the territory of Ukraine. According to the West, there is now a high probability of Russia's invasion of the Black Sea Republic at any moment.
The alarming comment immediately raised the quotes of protective assets, including gold. Late on Friday evening, precious metal prices soared sharply, ramming through the key resistance at $1,850.
Bullion also met the new working week with steady growth. At the time of preparation of the material, gold futures were trading at $1,859. They rose 0.9% compared to Friday's close, when they rose 0.26%.
In general, over the past week, the value of the precious metal has risen by 1.9%. Expectations of January inflation data in the United States contributed to the positive dynamics.
As for the beginning of the current seven-day period, the main price-forming factor in the gold market remains geopolitical risks.
On Sunday, the United States said that Russia could create an unexpected pretext for invading Ukraine. In turn, the Kremlin denied this possibility and accused the American side of hysteria.
Nevertheless, another escalation of the conflict led to strong volatility on the Asian stock market on Monday morning. The drop in demand for risky assets caused an increase in appetite for gold.
At the beginning of the day, the yellow asset approached the highest value for three months. Analyst Philip Nova believes that its further dynamics depends on two upcoming meetings.
Today, German Chancellor Olaf Scholz will discuss the situation with Ukrainian President Vladimir Zelensky, and his talks with Russian President Vladimir Putin are scheduled for tomorrow.
If, following the results of the meetings, the German politician does not signal a reduction in tension, this will serve as another impetus for the growth of prices for precious metals. According to the expert, in the near future, the quotes may jump to $1,900.
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Three main factors for USD growth: geopolitics, risk appetite, and macro statistics
The US dollar's steady growth, observed from time to time, is due to the interaction of three main factors – a decrease in risk appetite, inspiring US macro statistics, and the easing of geopolitical conflict. At the moment, the key "pillar" supporting the US dollar is American statistics.
Today, the US currency found it difficult to choose a direction, as markets assessed several factors affecting it. Its growth was facilitated by positive macroeconomic statistics from the US, which turned out to be better than forecasts. In particular, US retail sales soared 3.8% m/m in January 2022 against an expected rise of 2.1%. At the same time, the volume of industrial production in the country increased by 1.4%, while a growth rate of 0.4% was forecasted. Both indicators indicate favorable conditions for further tightening of the Fed's monetary policy.
The decline in risk appetite is also another factor stimulating the growth of the US dollar. In such a situation, investors go to protective assets, primarily gold and the US dollar. However, risk appetite has returned amid certainty over the Fed's new minutes, which is less hawkish than expected. This situation provoked the USD's temporary decline. At the same time, retail sales and the strengthening of the US labor market can improve global risk appetite.
Moreover, some weakening of the US dollar was facilitated by geopolitical tensions, namely, the alleged ceased of the military conflict around Ukraine. This provoked significant price dynamics for key trading instruments. As a result, the US currency turned to the downside. It was followed by gold and oil.
On Thursday morning, the EUR/USD pair was near the level of 1.1354. It is worth noting that the euro rose to the level of 1.1363 against the US dollar yesterday and managed to consolidate at this level a little later.
The growing inflation continues to put pressure on the US dollar. The current situation requires the Fed to take decisive action – to raise rates as soon as possible. The regulator cannot afford dovish rhetoric, otherwise, it will provoke serious economic shifts. ECB also made "hawkish" statements, which allows the key rate to be raised by the end of the year.
The US dollar is supported by the growth of retail sales in the country. The strong indicator neutralizes concerns about a possible recession in the American economy. Earlier, investors were worried that the upcoming Fed rate hike would negatively affect the US economy. It should be noted that the high probability of a recession poses a threat to further USD growth. However, experts believe that there are now no reasons to implement an unfavorable scenario.
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Things getting worse in Ukraine, so European market trading in red
European stock futures dropped this morning after reports that Russian troops fired missiles at a number of Ukrainian cities and landed troops on its coast. This caused a big wave of risk-off in the global market. Worries about increased inflation and the derailing of the economic recovery after the outbreak of the pandemic affected investors and resulted in German DAX index contracts down more than 5 %, EuroSTOXX futures dropped 5 % and FTSE futures down 2.8 %. While the European market is quite reliant on Russian energy products, the current political situation raised worries in other markets as well. Some Asian stocks, in particular, also fell, and U.S. index futures showed losses of around 2% later on Wall Street. Oil prices are up more than 5% and gold soared 2%.
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Second round of talks between Russia and Ukraine to be held in coming days. Dollar to stay in demand globally
Demand for safe-haven assets is set to remain strong in the near future. Gold prices are on the rise. Nevertheless, the US dollar briefly retraced down on Monday, while market players were awaiting the outcome of the Russia-Ukraine talks. The talks are unlikely to resolve the conflict, but the willingness of the parties to negotiate has somewhat eased fears in the market. In the coming days, Russia and Ukraine are expected to hold the second round of talks. Officials from both sides returned to their capitals for further consultations.
"We have identified certain points from which we can predict general positions," Vladimir Medinsky, the delegate from Russia, said. A similar announcement was made by Mykhailo Podolyak, Ukraine's presidential advisor.
Meanwhile, the dollar rally is expected to extend. Global demand for the greenback, as well as other safe-have assets, remains strong due to both geopolitical risks and stressed dollar liquidity conditions.
"As such we will keep a close eye on the cross-currency basis swap market for any kinds of stress as well as seeing whether there is any increased demand for dollar liquidity at e.g. the ECB 7-day USD auction," economists at ING said.
DXY is heading back to the high at 97.70 and could break higher still.
"Euro losses have been relatively well contained so far," according to ING. Russia, the United States, and the European Union are now waging an information war. They impose sanctions, threaten, and accuse each other.
Although Europe relies heavily on energy, there have already been some reports of it looking at quotas and limits on Russian energy. Clearly, Europe would have to pay a lot higher price for its energy under such a scenario, and growth forecasts would have to be downgraded.
On Monday, the euro/dollar pair retested the low of 1.1120. Barring any surprise breakthrough in Ukraine-Russia talks, EUR/USD might hit 1.1000 this week.
This week promises to be full of not only political but also macroeconomic events. The eurozone CPI for February is scheduled for Wednesday. In France, the CPI came in higher unexpectedly. But given the events in the east, the ECB is likely to become more hawkish if the eurozone CPI comes in stronger. Bearish bias for EUR/USD continues.
Some analysts anticipate monetary policy tightening in the eurozone. The euro could strengthen on expectations of a rate hike by the ECB, Societe Generale said. The European regulator would raise rates by 25 basis points, experts forecast. The next ECB meeting is scheduled for March 10.
Data on US unemployment could somewhat affect EUR/USD by the close of the week. The figure is estimated to drop to 3.9% versus 4%, while Nonfarm Payrolls are seen to increase by 438K.
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Apocalypse now: The threat of a second Chernobyl has sharply raised the price of gold
This morning, after a Russian attack, the Zaporizhzhia nuclear power plant, which is the largest in Europe, caught fire. Fear has reached a climax, causing the price of gold to soar again.
On Thursday, Russian troops captured Kherson, located in southern Ukraine, and continued to advance towards Zaporizhzhia. Early on Friday morning, disturbing news came from the region: a local nuclear power plant was on fire.
The fire at the Zaporizhzhia nuclear power plant was caused by shelling by Russian forces who were trying to take control of the facility.
Recall that earlier Russia had already seized the inactive Chernobyl station, located about 100 km north of Kyiv.
Unlike the Chernobyl nuclear power plant, the Zaporizhzhia station is an important strategic facility. It is the largest in Europe and generates approximately 20% of the total volume of all Ukrainian electricity.
The news of the fire at the nuclear power plant raised great concerns about its safety. The threat of a second Chernobyl quickly sowed panic in the stock markets and increased the demand for safe-haven assets.
This morning, gold rose sharply by 0.6% to $1,948.60. However, later, when comments from the Ukrainian authorities about the real situation at the nuclear power plant appeared, the quotes also plummeted.
Ukraine informed the International Atomic Energy Agency that the fire did not affect the main equipment. It was also noted that the radiation background is not disturbed.
The severity of the incident was also assessed by US Secretary of Energy Jennifer Granholm. She assured that all reactors at the Zaporizhzhia NPP are reliably protected and will be safely shut down in an emergency.
Despite the fact that the level of anxiety about the emergency at the nuclear power plant has already decreased, gold still maintains a confident upward trend. Now bullion is aiming to end the current week with an increase.
According to preliminary estimates, since Monday, the yellow asset has risen in price by more than 2%. This is the best weekly increase in the precious metal since May last year.
Geopolitics continues to be the key pricing factor in the gold market. Yesterday, waiting for the outcome of Russian-Ukrainian negotiations, the cost of bullion rose to $1,935.90. The difference with the previous trade, when the quotes fell by 1.1%, amounted to 0.7%.
Investors foresaw that the meeting of the two sides would not lead to a de-escalation of the conflict, and they were right. It seems that there is no point in hoping for a ceasefire anytime soon. The military operation will drag on for a long time, as a result of which the world economy may face a severe crisis.
Markets are already feeling the economic impact of Russia's invasion of Ukraine. Oil prices are rising, fueling fears of accelerating inflation.
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US stocks closed lower, Dow Jones down 0.56%
At the close on the New York Stock Exchange, the Dow Jones fell 0.56% to a 6-month low, the S&P 500 index fell 0.73%, and the NASDAQ Composite index fell 0.28%.
Caterpillar Inc was the top performer among the components of the Dow Jones index today, up 13.30 points or 6.76% to close at 210.00. Chevron Corp rose 8.49 points or 5.24% to close at 170.53. Boeing Co rose 4.63 points or 2.74% to close at 173.80.
Shares of Coca-Cola Co were the leaders of the fall, the price of which fell by 2.42 points (3.96%), ending the session at 58.66. Procter & Gamble Company rose 3.96% or 6.05 points to close at 146.79 while UnitedHealth Group Incorporated shed 2.75% or 13.41 points to close at 473.46.
Leading gainers among the S&P 500 index components in today's trading were Enphase Energy Inc, which rose 10.82% to 175.99, SolarEdge Technologies Inc, which gained 10.41% to close at 328.91, and also shares of Quanta Services Inc, which rose 8.17% to close the session at 116.83.
The biggest losers were Seagate Technology PLC, which shed 9.51% to close at 90.57. Shares of ConAgra Foods Inc shed 8.22% to end the session at 30.93. Quotes of Intuitive Surgical Inc decreased in price by 7.98% to 269.32.
Leading gainers among the components of the NASDAQ Composite in today's trading were Hycroft Mining Holding Corporation, which rose 203.31% to 1.00, Kala Pharmaceuticals Inc, which gained 88.49% to close at 1.15. as well as shares of Westport Fuel Systems Inc, which rose 52.63% to end the session at 2.03.
The drop leaders were shares of Imperial Petroleum Inc, which fell 43.33% to close at 4.25. Shares of Inspirato Inc lost 42.78% to end the session at 15.25. Quotes of Digital Brands Group Inc decreased in price by 30.61% to 1.36.
On the New York Stock Exchange, the number of securities that rose in price (1694) exceeded the number of those that closed in the red (1502), while quotes of 147 shares remained virtually unchanged. On the NASDAQ stock exchange, 2069 companies rose in price, 1727 fell, and 265 remained at the level of the previous close.
The CBOE Volatility Index, which is based on S&P 500 options trading, fell 3.62% to 35.13.
Gold futures for April delivery added 3.12%, or 62.35, to $2.00 a troy ounce. In other commodities, WTI crude for April delivery rose 4.44%, or 5.30, to $124.70 a barrel. Futures for Brent crude for May delivery rose 0.06%, or 0.08, to $129.27 a barrel.
Meanwhile, in the Forex market, the EUR/USD pair remained unchanged at 0.00% to 1.09, while USD/JPY edged up 0.01% to hit 115.67.
Futures on the USD index fell 0.17% to 99.12.
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US stocks closed lower, Dow Jones down 0.34%
At the close on the New York Stock Exchange, the Dow Jones fell 0.34%, the S&P 500 index fell 0.43%, the NASDAQ Composite index fell 0.95%.
Chevron Corp was the top gainer among the components of the Dow Jones index today, up 4.55 points or 2.74% to close at 170.82. Walmart Inc rose 3.17 points (2.27%) to close at 142.63. Dow Inc rose 0.83 points or 1.39% to close at 60.63.
Shares of Apple Inc became the leaders of the fall, the price of which fell by 4.43 points (2.72%), ending the session at 158.52. Procter & Gamble Company was up 2.57% or 3.83 points to close at 144.94, while Cisco Systems Inc was down 2.16% or 1.21 points to close at 54.71.
Leading gainers among the S&P 500 index components in today's trading were Halliburton Company, which rose 8.93% to hit 37.95, Baker Hughes Co, which gained 8.67% to close at 36.74, and Mosaic Co, which rose 7.74% to end the session at 62.19.
Etsy Inc was the biggest loser, shedding 5.35% to close at 136.98. Shares of EPAM Systems Inc lost 4.86% to end the session at 188.76. Quotes of MSCI Inc decreased in price by 4.69% to 465.26.
Leading gainers among the components of the NASDAQ Composite in today's trading were Hycroft Mining Holding Corporation, which rose 138.10% to hit 1.50, AgriFORCE Growing Systems Ltd, which gained 102.37% to close at 3.42 , as well as shares of Hoth Therapeutics Inc, which rose 38.79% to close the session at 0.80.
The biggest losers were Trean Insurance Group Inc, which shed 51.70% to close at 3.40. Shares of Fossil Group Inc lost 37.51% and ended the session at 9.08. Quotes TherapeuticsMD Inc fell in price by 27.50% to 0.29.
On the New York Stock Exchange, the number of securities that fell in price (1836) exceeded the number of those that closed in positive territory (1367), and quotes of 128 shares remained virtually unchanged. On the NASDAQ stock exchange, 2,282 companies fell in price, 1,463 rose, and 253 remained at the level of the previous close.
The CBOE Volatility Index, which is based on S&P 500 options trading, fell 6.84% to 30.23.
Gold futures for April delivery added 0.68% or 13.60 to hit $2.00 a troy ounce. In other commodities, WTI April futures fell 2.64%, or 2.87, to $105.83 a barrel. Futures for Brent oil for May delivery fell 0.04%, or 0.04, to $109.15 a barrel.
Meanwhile, in the Forex market, the EUR/USD pair remained unchanged 0.05% to 1.10, while USD/JPY rallied 0.00% to hit 116.14.
Futures on the USD index rose by 0.58% to 98.53.
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Asia-Pacific stocks are generally down
As of 07:28 GMT+2, the Shanghai Composite Index is down 1.3% to 3266.73 points, the Shenzhen Composite Exchange is down 1.47% to 2141.27 points, the Hong Kong Hang Seng Index is by 3.75%, up to 19783.61 points. The Australian S&P/ASX 200 is up 1.12% to 7142.4 points, while the Japanese Nikkei 225 is up 1.09% to 25429.5 points. South Korean KOSPI is down 0.73% to 2641.85 points.
Asian stock markets are mostly negative on Monday as investors watch the developments around Chinese companies listed in the US. Earlier, the US Securities and Exchange Commission presented a list of five companies that may be delisted.
According to Daily FX analysts quoted by the Wall Street Journal, the quotes of Chinese technology giants listed on US stock exchanges have been falling for the second day in a row due to fears of delisting them.
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AUSTRALIA HOUSE PRICES JUMP 4.7% ON QUARTER IN Q4
House prices in Australia were up 4.7 percent on quarter in the fourth quarter of 2021, the Australian Bureau of Statistics said on Tuesday.
That exceeded expectations for a gain of 3.9 percent and was down from the 5.0 percent increase in the third quarter.
On a yearly basis, house prices jumped 23.7 percent, up from 21.7 percent.
The total value of residential dwellings in Australia rose A$512.6 billion to A$9,901.6 billion in Q4, and the mean price of residential dwellings rose A$44,000 to A$920,100.
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SOUTH KOREA JOBLESS RATE FALLS IN FEBRUARY
South Korea's unemployment rate declined in February, data from Statistics Korea showed on Wednesday.
The jobless rate fell to a seasonally adjusted 2.7 percent in February from 3.6 percent in January. In the same month last year, the unemployment rate was 3.9 percent.
On an unadjusted basis, the unemployment rate declined to 3.4 percent in February from 4.1 percent in the previous month.
The number of unemployed decreased to 954,000 in February from 1.143 million in the preceding month. Compared to a year ago, the figure decreased by 399,000 persons.
The number of employed persons increased by 1.037 million year-on-year to 27.402 million in February.
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SINGAPORE NON-OIL DOMESTIC EXPORTS SINK 2.8% IN FEBRUARY
The value of non-oil domestic exports in Singapore was down a seasonally adjusted 2.8 percent on month in February, Statistics Singapore said on Thursday/
That missed expectations for a decline of 0.3 percent following the 5.0 percent increase in January.
On a yearly basis, non-oil domestic exports climbed 9.5 percent - again missing forecasts for an increase or 15.7 percent and down from 17.6 percent in the previous month.
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JAPAN CONSUMER PRICES JUMP 0.9% ON YEAR IN FEBRUARY
Consumer prices in Japan were up 0.9 percent on year in February, the Ministry of Internal Affairs and Communications said on Friday.
That exceeded forecasts for an increase of 0.7 percent and accelerated from 0.5 percent in January.
On a monthly basis, inflation added 0.4 percent following the flat reading in the previous month.
Core CPI, which excludes volatile food prices, rose 0.6 percent on year after gaining 0.2 percent a month earlier.
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NEW ZEALAND HAS NZ$385 MILLION TRADE SHORTFALL IN FEBRUARY
Japan posted a seasonally adjusted merchandise trade deficit of NZ$385 million in February, Statistics New Zealand said on Monday. That follows the downwardly revised NZ$1,126 million deficit in January (originally a trade deficit of NZ$1.082 billion).
Exports were worth NZ$5.49 billion last month, up from the downwardly revised NZ$4.8 billion a month earlier (originally NZ$4.86 billion).
Imports were at NZ$5.88 billion, down from the downwardly revised NZ$5.92 billion in the previous month (originally NZ$5.94 billion).
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JAPAN LEADING INDEX DATA DUE ON TUESDAY
Japan will on Tuesday release final January figures for its leading and coincident indexes, highlighting a light day for Asia-Pacific economic activity.
In December, the leading index had a score of 104.7, while the coincident was at 92.7.
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TOKYO INFLATION DATA DUE ON FRIDAY
Japan will on Friday release March figures for consumer prices in the Tokyo region, highlighting a modest day for Asia-Pacific economic activity. In February, overall inflation was up 1.0 percent on year and core CPI rose an annual 0.5 percent.
Singapore will release February numbers for industrial production, with forecasts suggesting a decline of 0.9 percent on month and an increase of 6.3 percent on year. That follows the 10.7 percent monthly drop and the 2.0 percent yearly gain in January.
Taiwan will see March results for its consumer confidence index; in February, the index score was 73.19.
China will provide final Q4 figures for current account; in the three months prior, the current account surplus was $73.6 billion.
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HONG KONG TRADE DATA DUE ON MONDAY
Hong Kong will on Monday release February figures for imports, exports and trade balance, highlighting a light day for Asia-Pacific economic activity.
In January, imports were up 9.6 percent on year and exports jumped an annual 18.4 percent, resulting in a HKD6.6 billion trade surplus.
Taiwan will see March results for its consumer confidence index; in February, the index score was 73.19.
The Philippines also will provide Q1 results for its consumer confidence index; the reading in the three months prior was -24.0.
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AUSTRALIA RETAIL SALES JUMP 1.8% IN FEBRUARY
The total value of retail sales in Australia was up a seasonally adjusted 1.8 percent on month in February, the Australian Bureau of Statistics said on Tuesday - coming in at A$33.085 billion.
That beat expectations for an increase of 1.0 percent following the downwardly revised 1.6 percent increase in January (originally 1.8 percent).
Individually, sales were up for household goods, clothing, department stores and restaurants; sales were down for food retailing and other retailing.
On a yearly basis, retail sales climbed 9.1 percent.
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