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  #1  
Old 04-10-2016, 08:10
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Default Daily Economic news by ForexMart

Australia Central Bank Maintains Cash Rates at 1.5%

The Australian Central Bank released a statement on Tuesday that it will be maintaining its cash rates at 1.5%, a decision that is expected among financial market players as the central bank is still in the middle of assessing the effects of its previous cash rate cuts in May and August.

The RBA made this particular statement during its policy meeting which is held every month. Analysts are expected little if not completely no change for the RBA during the week.


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  #2  
Old 06-06-2018, 08:07
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Sluggish Growth of Japan Services Sector in May, New Orders Declined

Japan’s services sector activity rose at a sluggish pace in May than the previous month given the expansion of new orders at the slowest pace since September 2016, based on the private survey on Tuesday. This implies that the economy has lost its momentum in the second quarter.

However, the business confidence increased to the highest for four months in April as the companies launch new products to give way for the expected increases in the future demand.

The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) declined on a seasonally adjusted basis to 51.0 in May from 52.5 in April.

Moreover, there is a rising concern on the lesser demand conditions as new sales rising but at a subdued rate in 20 months, according to an economist at IHS Markit, Joe Hayes, who gathers the survey.

To sustain the business activity, firms started to clear the “backlogs of work”. High business activities dropped for the first time in the first five months of the year.

The composite PMI, which includes both manufacturing and services, decreased to 51.7 from 53.1 in April.

Japanese manufacturing activity rose in May at the slowest rate in seven months due to cooled down new orders based on the revised survey on Friday. This implies lesser domestic demand of the country. Hence, the economy weakened in the first quarter that ends the growth for eight consecutive quarters, which was the longest steady growth since the 1980s bubble economy.

Since the end of the first quarter, the negative outcome on factory data induced uncertainty on the rate of recovery by the economy.
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Old 20-06-2018, 06:02
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SNB Keeps an Ultra Loose Monetary Policies

The Swiss National Bank announced the decision to maintain an ultra-loose monetary policy on Thursday and analysts expectations matched from the survey by Reuters giving a unanimous answer.

They reiterated the fragility or exchange rates after the strengthening of the Swiss franc in the past few weeks and began low this year.

At the same time, Chairman Thomas Jordan said that it would be too early to raise rates in Switzerland amid low inflation.

Another issue is the political uncertainty in Italy which will affect the eurozone in the future and it is important for the central bank to be heedful in this situation, according to an analyst.
Forty experts expect the SNB to maintain the target range to be 1.25 percent to minus 0.25 percent in three months on the offered rate of London Interbank, which has been the ongoing target for the past three-and-a-half years.

Also, they expect a negative interest rate of 0.75 percent deposits to be sustained where the commercial bank held a certain value as one of the important tools used by the bank.

Changes in the LIBOR target range is anticipated to happen soonest at the end of the year based on the UBS, while the median consensus deems to set at the end of next year.

Analyst of Credit Suisse initially thought the central bank to raise their rates as early as 2019 based on the economic strength of Switzerland, with a forecast growth of 2.2 percent this year.

The Global Head of Investment Strategy & Research at Credit Suisse Group AG, Nannette Hechler-Fayd’herbe said, “Our base case scenario is where the ECB is considering a first interest rate increase themselves by mid-2019, and the SNB could move a quarter before.” Connoting the reaffirmation of central bank’s decision. However, she added that these two would move together as they are ‘economically interlinked’.

Her expectation is a gradual increase of rates until it reached around 1.20 against the euro in a year.
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Old 08-11-2019, 16:07
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08.11. Gold shows worst indicators in two years

Gold prices continue to show the worst performance over the past two years, responding to positive news on the settlement of trade differences between the US and China. Today, gold futures for December delivery fell to $1,457.10 per troy ounce, plummeting from the $1,493 area. Such lows were the biggest loss since 2017.

The pressure on the precious metal was exerted by news about the mutual abolition of US and Chinese duties. The elimination of duties is one of the main conditions for concluding the first stage of a trade deal. Success in negotiations supports the full range of risky assets, and gold, as a rule, moves in the opposite direction from risk.

Additional pressure on gold was exerted by the news that the People's Bank of China, being a constant accumulator of gold bullion, was not able to replenish its reserves again in October.
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Old 11-11-2019, 14:53
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11.11. Oman believes non-OPEC will extend the deal to reduce oil production

Oman’s energy minister Mohammed bin Hamad al-Rumhy said today, that OPEC and non-OPEC producers will probably extend a deal to limit crude supply, but the oil production will be kept at the current level (1.2 million barrels per day).

The minister also noted, that oil demand was improving lately as trade tensions soften and that Oman was satisfied with current oil prices.

The Organization of Petroleum Exporting Countries (OPEC), Russia and other allies have agreed since January to reduce oil production by 1.2 million barrels per day to maintain the market. Nowadays the experts see signs of improvement in the situation with balance of demand and supply in the oil market, fear of recession is getting lower, and optimistic signals about a trade agreement between the US and China make unnecessary the further reducing measures.
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Old 12-11-2019, 14:27
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12.11. The world’s largest trade deal could be signed in 2020

After more than 6 years of negotiations, a group of 15 Asia-Pacific countries is going to sign the the world’s largest trade agreement in 2020. The deal is called Regional Comprehensive Economic Partnership (RCEP) and it will involve all 10 countries from the Association of Southeast Asian Nations (ASEAN) bloc and five of its major trading partners: Australia, China, Japan, New Zealand and South Korea. The United States are not to be the joiner to the RCEP.

Initially India planned to join the mega-deal, but later decided to abstain from participation in trade pact over concerns that it would hurt domestic producers.

In any case, the 15 member-countries make up close to one-third of the world population and global gross domestic product.

So, the uniting within the RCEP would boost trade throughout the group by reducing tariffs, standardizing customs rules and procedures and expanding market access, especially among countries that have not concluded trade agreements.

Last edited by KostiaFM; 12-11-2019 at 14:31.
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Old 13-11-2019, 14:32
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13.11. The results of D. Trump’s speech at the Economic Club of New York

Yesterday in a speech to the Economic Club of New York US President Donald Trump announced the «imminent» prospects of completing the first phase of the trade deal with China, but did not provide any new details about the talks.

The president’s speech disappointed investors, as they awaited any important political statements to be made. But Trump didn’t announce the place and date of signing a trade deal with Chinese President Xi Jinping, as it was expected before. Instead of this American president threaten to «very substantially» raise tariffs on Chinese goods if China does not make a deal with the United States.

Along with this Trump noted, that the US would only accept the deal if it served the interests of his country, American employees and companies.

The biggest part of president’s speech was devoted to success of White House administration. Trump said his staff had worked hard to bolster the economy despite of «too many interest rate hikes by the Federal Reserve».
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Old 19-11-2019, 16:03
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19.11. Global stocks hit two-year highs

Today world stocks reached two-year highs, as investors still believe that the US and China will be able to close a deal and put an end to a destructive trade war. The two largest economies in the world are negotiating a deal, which must end the 18-month trade conflict that shook global markets, but at the same time Washington is intending to introduce additional duties on Chinese goods on December 15.

Despite the lack of clarity on the progress of the talks, investors are encouraged by the growing hopes to reduce recession risks. Moreover, monetary easing by large central banks, such as China, has also helped to strengthen investors sentiment towards stocks.

Thereby, the global MSCI index, which tracks stocks in 47 countries, added 0.1%, reaching the highest level since last January. European stocks also rose: Euro STOXX 600 added 0.4%, peaking since July 2015. Indices in Frankfurt (GDAXI) and London (FTSE) rose 0.4% and 0.5%, respectively. Futures on Wall Street (ESc1) also showed a positive start, adding 0.2%.
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Old 20-11-2019, 15:32
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20.11. Trump says China tariffs will go «even higher» without deal

On Wednesday, American futures fell after US President Donald Trump again threatened to increase duties on Chinese goods if the parties did not sign a trade deal in the near future.

«If we don’t make a deal with China on our terms, I will raise the tariffs even higher», – Trump told reporters at the meeting in the White House. Trump’s message frightened investors and made them turn to defensive assets.

Moreover the most of US futures showed decline. In particular, the Nasdaq 100 index fell 41 points or 0.5%, Dow futures lost 103 points or 0.4%, and S&P 500 futures fell 10 points or 0.4%. Urban Outfitters Inc shares fell 16.1%, Pacific Gas lost 4.7% at the premarket, while Micron shares declined by 1.3%.
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  #10  
Old 21-11-2019, 14:46
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21.11. Russia expects Nord Stream 2 to begin operations in mid-2020

Deputy Prime Minister Dmitry Kozak said that Russia’s Nord Stream-2 gas pipeline is expected to begin operations in mid-2020, despite opposition from some European countries and the United States.

The States affirm that the gas project will increase Europe’s dependence on Russian gas, which runs counter to the interests of the White House. As a result, the United States were putting pressure on European countries to slow down the Russian project.

For example, Denmark issued a permit to build a gas pipeline in the country's exclusive economic zone only at the end of October. Earlier, the Russian president called on the Danish authorities not to succumb to pressure from the United States and to defend their sovereignty.

Recall that Nord Stream-2 will run along the bottom of the Baltic Sea from the coast of Russia to the coast of Germany. The throughput of the pipe is 55 billion cubic meters of gas per year. The project cost is estimated at 10 billion euros.
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  #11  
Old 22-11-2019, 14:42
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22.11. European markets lost growth after weak PMI

On Friday, European stock markets slowed earlier growth. It was caused by the publication of the weak preliminary business activity index (PMI) in the Eurozone, which didn’t show the visible improvement in the economy of the region, still weighed down by the trade conflict between the US and China.

According to IHS Markit, in October, the composite business activity index in the European Union fell from 50.6 to 50.3, fell short of the expectations for an improvement to 50.9. Data from France and Germany showed that manufacturing PMIs were stronger than expected, but service sector activity slowed sharply.

Christina Lagarde, the new president of the European Central Bank noted, that she was not intended to sharply change the monetary policies of her predecessor, Mario Draghi. And judging by the shares, banks are confident that in the near future easing of monetary policy will not happen.
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  #12  
Old 25-11-2019, 15:06
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25.11. Former New York City Mayor Mike Bloomberg officially announces he's running for president

The billionaire former mayor of New York City Michael Bloomberg officially announced on Sunday that he was running for president in 2020 as a Democrat.

Earlier Michael Bloomberg, whose fortune is estimated at $45 billion, abandoned the idea of ​​running in the presidential race after former US Vice President Joe Biden (who was seen by everyone as an unconditional leader) went to the polls. But in the last two months, Biden’s position has been shaken and Senator Elizabeth Warren, of extremely left-wing views, began to take the lead.

But this was not long and soon Warren began to lose to the incumbent US president. This fact made Democrat-centrist Michael Bloomberg take the decision to return to the presidential race.

The billionaire said: «The US cannot afford four more years of President Trump's reckless and unethical actions. He represents an existential threat to our country and our values. If he wins another term in office, we may never recover from the damage».

So, on Sunday there appeared the first pre-election video of Michael Bloomberg started on television – he spent $34 million on this advertisement, which will be broadcast on the air for another week. It is noted, that Bloomberg is going to finance the campaign completely from his own funds and not accept donations.
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  #13  
Old 26-11-2019, 16:10
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26.11. Oil gains on optimism in US-China trade talks

According to trading data, world oil prices began to rise today amid optimism around the prospects for trade relations between the US and China. Additional support for oil quotes is provided by expectations of the OPEC+ meeting in early December. The current Brent oil price is $63.18 per barrel.

Washington-Beijing trade relations continue to affect the oil market. Top US and Chinese trade negotiators held a phone call on Tuesday: Deputy Prime Minister He, the US Minister of Finance S. Mnuchin and the sales representative R. Lighthizer reached an agreement on many issues, including the cancellation of part of the tariffs. The optimism that the trade conflict will at least ease somewhat is currently preventing prices from falling.

Traders are also waiting for news on the prospects of the OPEC+ deal. The OPEC and OPEC+ meetings will be held December 5-6 in Vienna. Last week, Russian Energy Minister A. Novak said it was too early to talk about extending the OPEC+ deal. At the same time, Reuters reported, citing sources, that OPEC+ could extend an agreement to reduce oil production immediately until June at a meeting in December.
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Old 27-11-2019, 15:24
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27.11. US GDP growth revised up to 2.1%

According to the press release from the US Department of Commerce, the US economy grew at a 2.1% annual pace in the III quarter, which exceeded forecasts. Analysts expected to maintain the indicator at the level of the first estimate of 1.9%.

In the first quarter of 2019, the American GDP growth in annual terms amounted to 3.1%, in the second – 2%. In the 2018 the figures were the following: in the first quarter the growth was 2.5%, in the second quarter – 3.5%, in the third – 2.9%, in the fourth – 1.1%.

Economists believe that economic growth was caused by a stronger pace of inventory accumulation and a less steep decline in business investment.
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Old 28-11-2019, 15:49
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28.11. Bitcoin grows after drawdown the previous days

After a drawdown amid the news about the hacking of the Upbit exchange, the price of bitcoin showed a sharp increase. The current cryptocurrency quote is $7,622. The total market capitalization surpassed the $200 billion mark, the dominance index rose to 66.6%.

Earlier, the Bitcoin exchange rate crashed to the level of $6,553 after the South Korean cryptocurrency exchange Upbit confirmed the fact of hacking. Hackers stole 342 thousand ETH ($48.2 million) from a hot wallet. All assets, were transferred to cold wallets. The exchange intends to indemnify in full.

Some observers are sure that an insider worked among the exchange’s employees, since the attack was carried out at the time the exchange moved funds.
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Old 29-11-2019, 14:18
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29.11. Eurozone inflation rises quicker than expected in November

According to preliminary estimates of European statistical agency Eurostat, annual inflation in 19 countries of the Eurozone in November jumped to 1% from 0.7% in October. Analysts predicted acceleration of inflation to 0.9%.

A year earlier, in November 2018, annual inflation in the eurozone was 1.9%. According to preliminary estimates, core inflation in November amounted to 1.3% against the level of October at 1.1%.

The acceleration of inflation in the region was caused by a rise in food and services prices. Core inflation excluding food and energy prices picked up to 1.5% from 1.2% a month earlier, beating expectations for 1.3%. The inflation excluding alcohol and tobacco prices, accelerated to 1.3% from 1.1%, ahead of forecasts for 1.2%.
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Old 02-12-2019, 15:41
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02.02. China imposed sanctions against a number of US organizations

According to a statement by representatives of the Ministry of Foreign Affairs of the People's Republic of China, the Chinese authorities imposed sanctions on US non-governmental organizations for «supporting extremist activities» in Hong Kong.

The sanctions affected Human Rights Watch (HRW), the National Democratic Institute for International Affairs, and Freedom House. The Chinese authorities also decided to suspend the review of requests by US military ships and aircraft to visit Hong Kong.

The MFA explained that the reason for the sanctions was the US-approved law on the protection of human rights and democracy in Hong Kong. China took this as a serious violation of international law and interference in the internal affairs of China.

Recall that the protests in Hong Kong began in late March due to dissatisfaction of residents with the draft law on extradition to China. After the revocation of the bill the demonstrations did not stop. US President Donald Trump signed two bills in support of protesters in Hong Kong on November 27, despite Beijing’s repeated objections.
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Old 04-12-2019, 07:58
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03.12. Trump: The deal with China will have to wait until the 2020 elections

U.S. President Donald Trump noted that he could postpone the signing of a trade agreement with China for an indefinite period, until the US presidential election in November 2020. Such news alarmed the markets, depriving hopes for a quick resolution of a trade dispute, that slows down the global economy.

At a meeting with reporters, Trump said that he was ready to wait until the election. At the same time, the American president continues to insist that the deal should fully comply with the interests of the United States, otherwise it simply may not take place.

Following Trump's comments, stock prices in Europe and the Chinese yuan fell to local lows.
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Old 04-12-2019, 15:40
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04.12. U.S. private sector job growth slows down sharply in November

According to the press release from the analytical company Automatic Data Processing (ADP), U.S. private-sector employment increased only 67,000 in November.

The gain was well below forecasts from economists who expected a gain of 156,000. It turned out to be the smallest gain since May. Prior to the ADP data, analysts expected Friday’s government report will show 189,000 jobs created in November up from 128,000 in the prior month.

In the small business sector the number of jobs increased by 11 thousand, medium-sized companies with 50-499 employees increased their staff by 29 thousand, and large companies created 27 thousand new jobs.
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Old Yesterday, 14:44
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05.12. The number of filing applications for unemployment benefits in the US fell by 10 thousand

According to the report of the US Department of Labor, the number of Americans filing applications for unemployment benefits unexpectedly fell last week ending November 30, hitting their lowest level in seven months. The indicator decreased by 10 thousand compared to the previous week and amounted to 203 thousand.

The indicator of the previous week amounted to 213 thousand.

Analysts had expected the number of initial applications to grow by 2 thousand compared to the previous week and will amount to 215 thousand.
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