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Australia Leading Economic Index
Australia Leading Index Rises the Least in 3 Months
The Westpac-Melbourne Institute Leading Economic Index in Australia rose by 0.1 percent month-over-month in July of 2020, the least in three months, after an upwardly revised 0.5 percent gain in June. “The Index growth rate remains in deep negative territory consistent with recession, Westpac’s chief economist, Bill Evans said. "However, it appears to have bottomed out in April at -5.61%, and, without the recent disaster in Victoria, it seemed certain that the June quarter would have marked the low point in the growth cycle."
Japan Balance Of Trade
Japan Trade Balance Switches to Surplus
Japan recorded a trade surplus of JPY 11.60 JPY billion in July of 2020 compared to a JPY 254 billion deficit a year earlier. It was the first surplus in four months, as imports declined 22.3 percent to JPY 5.36 trillion and exports dropped 19.2 percent to JPY 5.39 trillion, dragged mainly by purchases of the US and Western Europe.
New Zealand Producer Prices
New Zealand Producer Input Prices Fall Further
Producer input prices in New Zealand declined 1 percent on quarter in the three months to June 2020 following a 0.3 percent drop in the prior period as the pandemic spread in the first half of 2020 and demand and prices for fuel slumped. Cost fell for manufacturing (-4.0 percent vs -1.2 percent in Q1), mainly dragged by a 34 percent drop in petroleum & coal manufacturing (vs +0.2 percent). Also, prices fell for mining (-4.8 percent vs +0.6 percent), construction (-0.3 percent vs +0.3 percent), and transport, postal and warehousing services (-4.0 percent vs +0.3 percent). In contrast, prices for utilities rebounded 3.4 percent after falling a sharp 4 percent. Output prices declined 0.3 percent after edging up 0.1 percent in the prior period.
Country List Coronavirus Cases
Coronavirus Cases Hit 21.9M Worldwide
The number of people infected with the coronavirus across the world hit the 21.9 million mark, of which at least 774 thousand people have died and 13.9 million have recovered, according to data released by the Johns Hopkins University. In the US, the epicenter of the disease, the number of infections rose by 35.1 thousand in the last 24 hours, while Brazil reported 19.4 thousand new cases and India 55.1 thousand. In Europe, concerns about a second wave of infections mounted as several countries across the region saw the numbers rising. Germany on Tuesday reported 1.7 thousand new infections, the highest in four months. In terms of fatalities, the US and Brazil continued to lead with a total of more than 170 thousand and 108 thousand, respectively. Mexico has the third-highest death toll in the world with 57.0 thousand, followed by India (51.8 thousand) and the UK (41.4 thousand).
Malaysia Inflation Rate
Malaysia Consumer Prices Drop the Least in 4 Months
Consumer prices in Malaysia declined by 1.3% yoy in July 2020, after a 1.9 percent drop in a month earlier. This was the fifth straight month of deflation but the lowest reading since March on the back of the COVID-19 crisis, as prices fell at a softer pace for transport (-10.3% vs -14.3%), clothing (-0.6% vs -1.1%) and furnishings, household equipment and routine maintenance (-0.1% vs -0.2%) while housing & utilities prices dropped further (-2.6% vs -2.6%). In addition, inflation accelerated for recreation services & culture (0.7% vs 0.6%), education (1.2% vs 0.8%), alcoholic beverages & tobacco (0.3% vs 0.2%). Meantime, inflation was steady for communication (at 1.6%), health (at 1.1%). On the other hand, prices rose further for food (1.4% vs 1.6%), miscellaneous goods & services (2.9% vs 3.0%), restaurants & hotels (0.2% vs 0.3%). On a monthly basis, consumer prices went up by 0.7% in July, after a 1.0% rise in June.
Indonesia Balance Of Trade
Indonesia Trade Surplus Largest Since 2011
Indonesia posted a trade surplus of USD 3.26 billion in July 2020 , swinging from a USD 0.06 billion gap in the same month of the previous year and beating market consensus of a USD 0.68 billion surplus. This was the third straight month of surplus in trade balance and the largest since August 2011, as exports dropped less than imports, amid the coronavirus pandemic.
Australia Interest Rate
No Need for Further Policy Easing for Now: RBA Minutes
There was no need to adjust the monetary package of measures in Australia as it was working broadly as expected, the Reserve Bank of Australia's August meeting minutes showed. However, it added, members agreed to continue to assess the evolving situation in the country and did not rule out adjusting the current package if circumstances warranted. Meantime, members viewed that the lengthening and tightening of restrictions in Melbourne, and the extension of restrictions to regional Victoria, was a setback to the recovery and would weigh on overall domestic activity in Q3. The central bank welcomed the government's recent announcement that various income support measures would be extended and considered it likely that fiscal and monetary support would be required for some time given the outlook for the economy and the labor market where the jobless rate is at 22-year high and wage growth at all-time lows.
Japan Reuters Tankan Index
Japan Tankan Index Recovers 11 Points
The Reuters Tankan index in Japan recovered 11 points from the previous month to -33 in August 2020, improving from the lowest level since June 2009, as manufacturers gradually recover from the global economic downturn. It was the thirteenth straight decline, as heavy declines in exporting and cyclical sectors are now followed by sharp drops in services.
Oil on Track for Weekly Gain
Oil was little changed on Friday and headed for a weekly gain as data from both the EIA and API reported a third consecutive weekly drop in US crude inventories. Supporting prices further was the EIA’s downward revision to its US crude oil production forecast for this year by 370,000 barrels per day. Still, global oil demand is expected to remain weak. The International Energy Agency lowered its forecast for global crude demand in 2020, the first downgrade in several months amid reduced air travel as coronavirus cases continue to rise.
Gold is up by 2%
Gold increased 2% to 1960 USD/t.oz
Brent Crude Prices Drop on Thursday
Brent crude prices traded lower at $45.2 per barrel on Thursday after an OPEC's monthly report indicated that world oil demand will likely fall more steeply in 2020 than previously expected due to the pandemic. At the same time, uncertainty over whether US lawmakers would strike an agreement on a new coronavirus relief package weighed on prices. On a more positive note, both the EIA and API reported a third consecutive weekly drop in US crude inventories, larger than forecast.
Gold Plunges Below $1.900 an Ounce
Spot gold tumbled 2.6% to $1,895 an ounce on Wednesday at around 04:16 AM GMT, following an earlier $1,938, as precious metal sell-off picked up speed following the latest development regarding COVID-19 vaccine. Reuters reported Russia's President Vladimir Putin saying that the country had become the first to grant regulatory approval to a virus vaccine after less than two months of human testing. In addition, a firmer dollar prompted investors to reassess their positions in the yellow metal. On Tuesday, gold suffered its biggest daily fall in seven years after reaching a record-high of $2,075 an ounce last week.
Gold Bounces Back Slightly
Gold was trading slightly higher around $1,930 per ounce on Wednesday after recording its worst one-day rout since 2013 in the previous session as weak data brought back fears of longer recovery from Coronavirus induced slowdown in economic activity. Eurozone industrial production rebounded less than expected in June and UK economy shrank 20.4% in Q2. Yesterday, the gold was down more more than 5%, falling further from a record-high of $2,075 an ounce hit last week as bond yields rose amid optimism surrounding the coronvirus after Russia said it had deveopped a vaccine and the number of cases and hospitalizations started to fall in US.
Oil Prices Extend Gains on Upbeat Data
WTI crude futures extended gains to touch $42.5 a barrel on Wednesday, not far from a five-month high of $43.5 hit last week, after US inflation rate came in above expectations in July, raising expectations of a quicker economic recovery. Oil prices were already up after data from the American Petroleum Institute showed US crude oil inventories dropped by 4.4 million barrels last week, more than market expectations of a 2.9 million barrels draw. Investors now await EIA data to be released later in the day.
Malaysia Stocks Extend Losses
The FBM KLCI lost 8 points or 0.5% to close at 1,557 on Wednesday following losses on Wall Street as investors remained cautious amid a lack of progress in negotiaitions on a new US coronavirus relief package. Market focus turned to the release of second-quarter GDP data due later this week, which will provide a picture of how bad the virus crisis hit the economy, while tensions between the US and China continued to worry investors.
Gold Eases
Spot gold fell 0.5% to $2,030 an ounce on Tuesday at around 04:15 AM GMT, following an earlier $2,041, amid a firmer dollar after Beijing launched sanctions on US officials in the latest tensions between Washington and Beijing. The move came after Washington's sanctions on Hong Kong and Chinese officials last week. At the same time, investors are watching negotiations over a fresh round of stimulus in the US. Reuters reported US congressional leaders and Trump administration said Monday they were ready to resume negotiations but talks remained deadlocked as Democrats said Republicans needed to meet them in the middle.
Oil Prices Gain Ground For 2nd Day
WTI crude futures traded 1% higher at $42.5 per barrel on Tuesday, not far from a five-month high of $43.5 reached last week, helped by expectations for new US stimulus and stronger demand. Treasury Secretary Mnuchin said the White House is open to resuming coronavirus aid talks with Democrats while Saudi Aramco sees a rebound in Asian fuel demand as economies gradually open up. Weakness in the dollar and signs that the pandemic in some parts of the US is slowing also supported prices.
Brent Rises Above $45
Brent crude rose above $45 a barrel on Tuesday supported by rising energy demand, while investors await news on progress on a US fiscal support bill. Saudi Aramco’s Chief Executive Amin Nasser said that he sees oil demand recovering in Asia as coronavirus-induced restrictions on travel and business are being gradually lifted.
Gold Eases
Gold pared gains to 2,072 an ounce on Friday at around 04: 00 AM GMT, as investors booked profits after prices hit a record high of 2,089 earlier, ahead of the US non-farm payrolls later in the day. Meantime, the dollar edged up after hitting a two-year low. However, gold's appeal remained supported by rising COVID-19 pandemic in some places around the globe. The yellow metal is on track for its ninth straight weekly gain. Gold has rallied more than 35% this year, due to low-interest rates and uncertainty around the long-term effects of a health crisis.
Oil Prices Mixed
Oil prices were mixed on Thursday as investors weighed a resurgence in COVID-19 infections in some places around the globe that could slow a recovery in fuel demand against a fall in the US dollar and the prospect of a fresh stimulus in the US. Meantime, data showed that US crude inventories dropped much more than expected last week. At around 03:30 AM GMT, WTI crude fell 0.2% to $42.15 a barrel, while Brent crude rose 0.2% to $45.25 a barrel.
Sterling Hits New 5-Month High After BoE Decision
The British pound touched $1.318 on Thursday, its highest level since March 9th, after the Bank of England kept its benchmark interest rate at 0.1% and the size of its bond-buying program at £745 billion as expected. Policymakers see a continuing recovery in GDP beyond the near term as social distancing eases and consumer spending picks up further, while CPI inflation is expected to fall further below the 2% target, largely reflecting the direct and indirect effects of Covid-19. In addition, the pound continued to benefit from a weaker dollar as investors await a coronavirus relief package to be announced in the US. Curbing the gains were the lack of progress in Brexit talks and Britain's government announcement that it would pause lockdown easing for at least two weeks due to a resurgence in coronavirus cases.
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This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
This is a great place to showcase a sample of your written work or write a short description about your project. Did you collaborate on a print or multimedia project? If so, dazzle your visitors with images and video. Make sure to include a link to the full live project or document so readers can enjoy the entire piece.
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