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| As on Dec 13, 2018 12:00 AM |
Your results on : Currency News |
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Switzerland's central bank left its negative interest rate unchanged and trimmed its inflation forecast for next year as it cited a strong franc and downside risks to the economy that could arise from a global slowdown. The Swiss National Bank left its interest on sight deposits unchanged at -0.75 percent and the target range for the three-month Libor between -1.25% and -0.25%. In the short term, the world economy is set to continue to expand somewhat above potential, benefiting from the clear improvement in the labour market situation and the ongoing expansionary monetary policy in the advanced economies. However, a gradual slowdown is likely in the medium term. Nevertheless, there are significant risks to this positive baseline scenario, primarily in connection with political uncertainties and protectionist tendencies. These factors have had an increasingly negative effect on both business and financial market sentiment in recent months. Stronger turbulence could jeopardize global economic growth and have an impact on monetary policy. Powered by Commodity Insights |
| As per the quick estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of October 2018 stands at 132.4, which is 8.1 percent higher as compared to the level in the month of October 2017. Industrial production grew 1.8 per cent in October last year. The cumulative growth for the period April-October 2018 over the corresponding period of the previous year stands at 5.6 percent, as per official data released by the Central Statistics Office (CSO) Wednesday. The previous high IIP growth rate was recorded in November last year at 8.5 per cent. The growth for September remained unchanged at 4.5 per cent compared to provisional data released last month. Manufacturing sector, which constitutes 77.63 per cent of the index, recorded 7.9 per cent growth in October as against 2 per cent year ago. Mining sector posted 7 per cent growth during the month as against a contraction of 0.2 per cent in October 2017. The power sector output also grew by 10.8 per cent in the month compared to 3.2 per cent a year ago. The capital goods sector saw a 16.8 per cent output growth in the month, up from 3.5 per cent a year ago. Consumer durables expanded at 17.6 per cent as compared to a contraction of 9 per cent a year earlier. Powered by Commodity Insights |
| New Zealand food prices were down a seasonally adjusted 0.2 percent on month in November, Statistics New Zealand said on Thursday, following the 0.3 percent increase in October. Unadjusted, food prices were down 0.6 percent on month. On a yearly basis, food prices climbed 0.4 percent after gaining 0.6 percent in the previous month. Powered by Commodity Insights |
| US consumer price index was unchanged in November after rising by 0.3 percent in October, with a sharp pullback in gasoline prices offsetting increases in other prices, the Labor Department on Wednesday showed. The report said energy prices tumbled by 2.2 percent in November after jumping by 2.4 percent in October, as gasoline prices plunged by 4.2 percent after surging up by 3.0 percent in the previous month. The Labor Department said the steep drop by the gasoline index was offset by increases in an array of indexes, including shelter and used cars and trucks. Excluding the pullback in energy prices and a modest increase in food prices, core consumer prices edged up by 0.2 percent in November. Powered by Commodity Insights |
| Eurozone industrial production rose 0.2 percent in October from September, when it declined 0.6 percent, which was revised from 0.3 percent, figures from Eurostat showed on Wednesday. In October, capital good production logged the biggest gain of 1 percent followed by durable consumer goods with 0.4 percent growth. Intermediate goods output rose 0.2 percent, while the production of non-durable goods were flat. Energy output decreased 1.7 percent. On a year-on-year basis, industrial production grew 1.2 percent in October, following a 0.8 percent rise in September, which was revised from 0.9 percent. Powered by Commodity Insights |
Economies in developing Asia and the Pacific are weathering external challenges thanks to robust domestic demand, while inflationary pressures are abating, says a new report from the Asian Development Bank (ADB). In a supplement to its Asian Development Outlook 2018 Update report, ADB retained its regional growth forecast for 2018 at 6.0% and for 2019 at 5.8%. Excluding the newly industrialized economies of Hong Kong, China; the Republic of Korea; Singapore; and Taipei, China, the regional growth outlook is maintained at 6.5% for 2018 and 6.3% for 2019.
Lower international commodity prices and central bank action to calm market volatility means inflation in developing Asia is forecast to be 2.6% in 2018 and 2.7% in 2019, down from 2.8% previously forecast for both this year and next. The truce on trade tariffs agreed by the United States (US) and the People's Republic of China (PRC) is very welcome but the unresolved conflict remains the main downside risk to economic prospects in the region, stated ADB Chief Economist Yasuyuki Sawada. Growth in the PRC, the second largest economy in the world, is still expected at 6.6% in 2018, moderating to 6.3% next year. Growth momentum continues in India on rebounding exports and higher industrial and agricultural output. Growth is predicted at 7.3% in 2018 and 7.6% in 2019, noted the bank. Powered by Commodity Insights |
| Japan producer prices were down 0.3 percent on month in November, the Bank of Japan said on Wednesday, following the 0.4 percent increase in October. On a yearly basis, producer prices climbed 2.3 percent, down from 3.0 percent in the previous month. Export prices were down 0.1 percent on month and up 0.5 percent on year, the bank said, while import prices added 0.9 percent on month and jumped 9.5 percent on year. Powered by Commodity Insights |
| Japan core machine orders were up 7.6 percent on month in October, worth 863.2 billion yen, the Cabinet Office said on Wednesday, following the 18.3 percent plunge in September. On a monthly basis, orders were up 4.5 percent, up from the 7.0 percent contraction in the previous month. For the fourth quarter of 2018, core machine orders are forecast to have risen 3.6 percent on quarter and 10.5 percent on year. Powered by Commodity Insights |
| German ZEW Indicator of Economic Sentiment rose 6.6 points to reach minus 17.5 points in December, results of a survey by the Centre for European Economic Research showed on Tuesday. Investor confidence rose strongly in December, defying expectations for a modest weakening, but caution prevailed as financial analysts' assessment of the current economic situation again deteriorated sharply due to sluggish economic growth and uncertainties linked to global trade and Brexit. Powered by Commodity Insights |
| UK economic growth slowed in the three months to October amid sustained uncertainty surrounding the country's decision to leave the European Union or the Brexit. Gross domestic product grew 0.4% in the three months to October, which was slower than the 0.6% expansion in the September quarter, figures from the Office for National Statistics showed on Monday. Growth for the month of October was 0.1% versus stagnation in the previous two months. Services sector recovered with 0.2% growth in October after a 0.1% fall in September. Manufacturing contracted 0.9% though. Year-on-year economic growth was steady in October at 1.5% -same as in the previous month. Powered by Commodity Insights |
| Australia house prices fell 1.5 percent on quarter in the third quarter of 2018, the Australian Bureau of Statistics said on Tuesday, following the 0.7 percent drop in the three months prior. On a yearly basis, house prices skidded 1.9 percent, following the 0.6 percent decline in the previous three months. Powered by Commodity Insights |
| Japan M2 money stock was up 2.3 percent on year in November, the Bank of Japan said on Tuesday - standing at 1,010.5 trillion yen, down from 2.7 percent in October. The M3 money stock was up an annual 2.1 percent to 1,342.0 trillion yen. Powered by Commodity Insights |
| The Reserve Bank of India Governor Urjit Patel resigned on Monday, citing personal reasons. On account of personal reasons, I have decided to step down from my current position effective immediately, Patel said in a statement. It has been my privilege and honor to serve in the Reserve Bank of India in various capacities over the years. His term was to last until September 2019. Patel became the RBI governor in September 2016, after Raghuram Rajan decided to step down at the end of his term. Previously, Patel served as deputy governor since 2013. His decision comes after the central bank was embroiled in a series of conflicts with the Narendra Modi government over crucial matters including central bank independence. Markets and economy observers have been speculating such a drastic move from Patel over the past few months after the rift between the central bank and the government over a wide range of issues became public. The two were at loggerheads over important issues such as central bank independence, the use of central bank reserves, bad loans, and rules on lending to small and medium businesses. Powered by Commodity Insights |
| Eurozone's investor confidence eased sharply in December and dropped for a fourth month in a row, marking the lowest level since the same month in 2014, survey data from Sentix showed on Monday. The investor confidence index dropped to -0.3 from 8.8 in November, the behavioral research institute said. Both the current conditions index and expectations measure dropped sharply in December. The current conditions index dropped to 20 from 29.3, marking the lowest level since January 2017.The expectations index also dropped to -18.8 from -9.8, testing its weakest level since August 2012. A further interest rate hike by the Fed or an intensification of the US-China trade dispute seems to be the last thing the global economy needs at the moment, the institue added. Powered by Commodity Insights |
Based on the long-run trend of the Chinese economy and the demographics, China’s residential investment to GDP ratio would moderate over time, according to a latest research paper from the International Monetary Fund (IMF).In a paper titled The Long-Run Trend of Residential Investment in China, researchers Ding Ding and Weicheng Lian analyzed the fundamental drivers of China’s residential investment as a share of its GDP. The analysis indicates that the economic structural changes that led to rebalancing toward consumption were the key driver of the rising residential investment to GDP ratio in China. Residential housing investment has been a key growth engine for China since urban housing commercialization took off in the late 1990s. The country’s total housing investment grew from about 4 percent of GDP in 1997 to the peak of 15 percent of GDP in 2014, with residential investment accounting for more than two thirds of it. By cross-country standards, China’s current residential investment as a share of GDP is well above that of countries with similar real household income levels (adjusted for the purchasing power parity and inflation). The paper projects that residential investment would moderate from the current level of 9% of GDP to around 6% by 2024, and its contribution to real GDP growth would decline gradually from currently about half percent of GDP to slightly negative over this period, barring policy intervention. The decline in the growth contribution of residential investment reflects the projected somewhat slower pace of rebalancing going forward and the envisaged increases in labor costs due to demographic changes. To the extent that this decline reflects the rebalancing of the economy and its transition to slower but more sustainable growth, the government should avoid preventing such a decline. In particular, the government should move away from the practice of setting high annual growth targets that has at times fostered an undesirable focus on boosting real estate activity through credit to achieve them. Powered by Commodity Insights |
| The US dollar index started the new week in a wobbly manner, falling sharply in Asian trades even as the equities took a tumble. The US dollar has been mildly supported after the latest US jobs data but the undertone has been cautious. After reporting strong job growth in the previous month, the Labor Department showed employment in the US increased by much less than expected in the month of November. The report said non-farm payroll employment rose by 155,000 jobs in November after soaring by a downwardly revised 237,000 jobs in October. The Labor Department said the job growth in November reflected notable increases in employment in the health care, manufacturing, and transportation and warehousing sectors. The dollar index eased sharply in Asia today and broke under 96 levels to test a near three week low mark. The index currently trades at 96.40, down marginally on the day. Powered by Commodity Insights |
| German industrial production dropped 0.5 percent in October from September, when they grew 0.1 percent, revised from 0.2 percent. The latest fall was the first since a 1 percent slump in July. Within industry, production of consumer goods dropped 3.2 percent, while that of capital goods grew 0.3 percent. Intermediate goods output rose 0.2 percent. Excluding construction and energy, industrial production decreased 0.4 percent from the previous month. Energy output dropped 3.2 percent and construction fell 0.3 percent. On a year-on-year basis, industrial production increased 1.6 percent in October after a 0.7 percent gain in September. Powered by Commodity Insights |
| UK house price inflation slowed more-than-expected in November to its lowest level since December 2012, figures the Lloyds Banking Group subsidiary Halifax showed on Friday. The house price index rose 0.3 percent year-on-year in the three months to November, after a 1.5 percent increase in the three months to October. Powered by Commodity Insights |
| Japan's average of household spending was down 0.3 percent on year in October, the Ministry of Internal Affairs and Communications said on Friday - coming in at 290,396 yen, following the 1.6 percent decline in September. The average of monthly income per household was down 2.9 percent on year at 515.729 yen. Powered by Commodity Insights |
| Australia construction sector continued to contract in November with a Performance of Construction Index score of 44.5, the latest survey from the Australian Industry Group showed on Friday. That's down from 46.4, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction. Among the individual components of the survey, activity, new orders, employment, house building, apartment activity and commercial activity all contracted. Powered by Commodity Insights |
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