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TRADING ECONOMICS |
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Asian Stocks Mixed |
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Australia Q1 Construction Output Falls Less than Estimated Total construction work done in Australia declined by 1.0 percent quarter-on-quarter in the three months to March 2020, following a downwardly revised 0.3 percent fall in the previous period and compared with market consensus of a 1.5 percent fall. Activities dropped for most categories: residential (-1.6 percent), engineering (-1.1 percent), and building (-1.0 percent). Meanwhile, the work done for non-residential was flat. Through the year to the first quarter, construction output tumbled 6.5 percent. 4 hours ago |
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NZX Climbs to 11-Week High New Zealand’s main stock index rose for the third straight session on Wednesday to its highest level since March 11, on optimism about developing coronavirus vaccines and the revival of business activity. Novavax started testing its vaccine on humans and expects the first results in July. On top of vaccine-related news, New Zealand's Central Bank said that the financial system is in a stable position to overcome the economic impact caused by the coronavirus pandemic. 7 hours ago |
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Finland Jobless Rate Inches Higher in April Finland's unemployment rate edged up to 8.1 percent in April 2020 from 8.0 percent in the same month the previous year, as the number of unemployed decreased by 3 thousand to 217 thousand while the number of employed fell by 56 thousand to 2.46 million. The activity rate was down to 64.9 percent in April from 66.4 percent a year earlier, and the employment rate eased to 70.1 percent from 71.2 percent. Meanwhile, the unemployment rate for young people aged 15 to 24 rose to 25.2 percent in April from 23.4 percent in the preceding year. 1 min ago |
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FDI Into Philippines Rise 12.1% YoY in January Net foreign direct investment into the Philippines grew by 12.1 percent to USD 657 million in January of 2020 from USD 586 million a year earlier. Net equity capital investments jumped 100.5 percent year-on-year to USD 373 million, as equity capital placements came mostly from Singapore, the Netherlands, mainly to manufacturing and real-estate industries. Meantime, reinvestment of earnings declined by 5.1 percent to USD 72 million from USD 76 million in the corresponding month of the previous year. 6 min ago |
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Finnish Consumer Morale Improves in May The Finnish consumer confidence indicator increased to -9 in May of 2020 from a record low of -13.9 in the previous month. All four major components strengthened clearly from the previous month: views on consumers’ own economy now (1.5 vs -0.3 in April), expectations concerning their own (7.1 vs 2.3), Finland's economy in 12 months (-28.1 vs -30.8), and intentions to spend money on durable goods in the next 12 months (-16.6 vs -27.6). 44 min ago |
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Bank of Canada Opens Door for Stimulus The Bank of Canada can deliver more monetary stimulus if needed to meet its inflation target, Governor Stephen Poloz said on Tuesday in comments on the coronavirus crisis. The Governor also noted that the central bank was prepared to increase the size of its programs to a***ure the stability of financial markets. Since March the Bank of Canada has cut its benchmark interest rates by 150 bps and started its first-ever foray into quant**ative easing. The Canadian dollar appreciated to a ten-week high of $1.376 on Tuesday. 8 hours ago |
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South Korea Business Confidence Falls Further The Business Survey Index (BSI) on business conditions in the manufacturing sector in South Korea fell to 49 in May 2020 from 52 in April. It was the lowest reading since February March of 2009, amid concerns over the economic implications of the contained coronavirus. In contrast, the measure of business conditions at non-manufacturing companies increased to 56 from 50 in the prior month and the outlook for the following month also improved by 6 points to 56. 9 hours ago |
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Thailand Industrial Output Drops Less than Expected in April Thailand's manufacturing production slumped 17.21 percent year-on-year in April of 2020, compared with market expectations of 19.55 percent fall and following a downwardly revised 10.48 percent decline in the previous month. This was the 12th straight month of decrease in factory output and the steepest since November 2011, amid rapid spread of COVID-19 cases in the country, with production falling for cars, petroleum, and beer. For 2020, the ministry has forecast the manufacturing production index to rise 2 to 3 percent. The outbreak is expected to have a short-term impact on the country's factory output, mainly on the food industry, due to a drop in tourists. Meanwhile, capacity utilization fell to 51.87 percent in April from March's upwardly revised 67.78 percent. 89 min ago |
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Oil Prices Drop Oil prices fell on Wednesday, amid renewed concerns over demand improvement as risks of repeat coronavirus outbreaks and lockdowns remain. Prices were also under pressure after US President Donald Trump's economic adviser, Larry Kudlow, said Beijing was making a big mistake with national security legislation in Hong Kong. China's parliament is expected to approve the bill by Thursday. On the supply side, markets remained well supported by confidence that producers are following through on commitments to cut productions, with the OPEC+ was set to meet early June to discuss maintaining their supply cuts. Meantime, Russian Energy Minister Alexander Novak met with domestic major oil companies on Tuesday to discuss the implementation of global oil production curbs and the possible extension of the current level of cuts beyond June, Reuters reported. At around 04:15 AM GMT, WTI crude was down 0.5% to $34.20 a barrel, while Brent crude dropped 0.2% to $36.10 a barrel. 2 hours ago |
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Dow Jones |
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NIKKEI 225 |
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