Norway Exports Decline In August

Trading 16 sept 2019 Commentaire »

Norway's exports declined sharply in August from last year, Statistics Norway reported on Monday.

Exports dropped 24.4 percent year-on-year in August, while imports rose 4.6 percent.

Exports of crude oil declined 22.2 percent annually in August and those of natural gas and its condensates fell 55.4 percent and 66.8 percent, respectively.

Further, exports of ships in platforms plunged 97.0 percent.

Mainland exports fell 7.5 percent and fish exports grew 6.5 percent.

On a monthly basis, exports and imports dropped 0.5 percent and 1.6 percent, respectively, in August.

The trade surplus decreased to NOK 6.66 billion in August from NOK 30.07 billion in the same period last year. In July, trade surplus was NOK 6.56 billion in July.

The mainland trade balance showed a deficit of NOK 21.77 billion in August compared to NOK 22.99 billion in July.


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Indonesia Exports Fall More Than Expected

Trading 16 sept 2019 Commentaire »

Indonesia's exports declined at a faster-than-expected rate in August, figures from Statistics Indonesia showed on Monday.

Exports fell 9.99 percent year-on-year in August. Economists had expected a 6.0 percent decrease.

Imports declined 15.60 percent annually in August compared to the forecast of 11.50 percent fall.

On a monthly basis, exports and imports dropped 7.60 percent and 8.53 percent, respectively, in August.

The trade balance showed a surplus of $85.1 million in August. Economists had expected a surplus of $162 million.


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Gold Prices Rise On Geopolitical Tensions

Trading 16 sept 2019 Commentaire »

Gold prices rose on Monday as weak data from China as well as the attacks on Saudi Arabia's oil facilities boosted demand for the safe-haven bullion.

Investors also awaited clues on monetary easing from the Fed, BoJ, SNB and BoE this week.

Spot gold rose by 1 percent to $1,503.70 per ounce, after declining 1.2 percent last week on optimism over a potential breakthrough in the U.S.-China trade impasse. U.S. gold futures were up 0.75 percent at $1,510.75 per ounce.

Oil prices jumped almost 20 percent at one point in early trade today following multiple drone attacks over the weekend on Saudi Arabia's crude oil production facilities.

Prices, however, came off their day's highs after U.S. President Donald Trump authorized the use of his country's emergency stockpile to ensure stable supply.

On the data front, Chinese industrial output growth unexpectedly weakened to 4.4 percent in August from the same period a year earlier, the slowest pace since February 2002 and down from 4.8 percent in July.

Retail sales and investment figures also disappointed amid rising trade pressure and softening domestic demand.

Investors also await the outcome of major central bank meetings this week after the European Central Bank (ECB) announced last Thursday a fresh round of economic stimulus.


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Oil Prices Soar Amid Heightened Geopolitical Tensions

Trading 16 sept 2019 Commentaire »

Oil prices jumped almost 20 percent at one point in early trade on Monday, with Brent crude posting its biggest intraday gain since the Gulf War in 1991, following multiple drone attacks over the weekend on Saudi Arabia's crude oil production facilities.

U.S. President Donald Trump said the U.S. is "locked and loaded depending on verification" for a potential response to the attacks, while Yemen's Houthi rebels claimed responsibility for the attacks.

Global benchmark Brent crude jumped 8.55 percent to $65.36 per barrel, after rising nearly 20 percent earlier in the day.

U.S. West Texas Intermediate (WTI) futures jumped more than 15 percent before giving up some early gains to trade higher by 7.9 percent at $59.11 per barrel.

Oil prices gave up some early gains after reports suggested that Saudi Arabia, the world's top oil exporter, will restore today at least a third of the production lost to weekend attacks on two major oil facilities.

Prices also came off their day's highs after U.S. President Donald Trump authorized the use of his country's emergency stockpile to ensure stable supply.

The Saturday strikes on national energy giant Aramco's Abqaiq processing plant and Khurais oil field knocked 5.7 million barrels per day (bpd) off production, over half of the OPEC kingpin's output.


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China Shows Signs Of Reeling Under Trade War, Weaker Demand Pressures

Trading 16 sept 2019 Commentaire »

China's industrial production grew at the weakest pace in 17-and-a-half years in August and the retail sales expansion slowed unexpectedly, while the government signaled that it will be hard to maintain growth above 6 percent, as the economy tries to cope with weakening global demand and the adverse effects of a trade war with the United States. Industrial production increased 4.4 percent year-on-year, which was the weakest pace since February 2002, preliminary figures from the National Bureau of Statistics showed on Monday. The latest pace of growth in production was the weakest since February 2002. Economists had expected the rate to improve to 5.2 percent from 4.8 percent seen in July.

Among the main categories, output in manufacturing grew 4.3 percent and that in mining industry rose 3.7 percent. Utilities production increased 5.9 percent. Retail sales rose 7.5 percent annually in August after a 7.6 percent increase in July, separate data from NBS showed. Economists had expected sales to grow faster at 7.9 percent. In the second quarter, China's?economy?expanded at the slowest pace in 27 years. GDP advanced 6.2 percent from previous year.

In an interview to Russia's state-run news agency TASS, published on Sunday, China's Premier Li Keqiang said the Chinese economy continues its sustainable expansion. However, maintaining accelerated growth rates of more than six percent amid the uncertain global situation is quite a difficult task for a big economy like China, he added. There has been hardly any let up in the trade tension between China and the U.S. The situation deteriorated significantly in August with the U.S. President Donald Trump proposing new tariffs on the remaining $300 billion Chinese goods. Intensifying the trade tensions, Trump branded China a "currency manipulator" early August after the Chinese yuan fell below the psychologically significant value of seven against the U.S. dollar for the first time since 2008 on August 5.

Subsequently, the US Treasury assigned the currency manipulator status to China for the first time since 1994.

On September 1, previously announced tariffs on Chinese imports of around $112 billion took effect, in addition to the levy on the $250 billion worth of imports. The Trump administration has also threatened additional tariffs on Chinese goods from October 1 and December 15. China retaliated by imposing tariffs on some US imports and threatened more. On September 7, the People's Bank of China trimmed its reserve requirement ratio for a third time thus far this year to boost lending to support the slowing economy. Economists also expect the PBoC to slash interest rates, as early as this week. In other data released on Monday, fixed asset investment grew 5.5 percent year-on-year in the January to August period, which was slower than the 5.6 percent analysts had forecast. Property investment increased 10.5 percent in the first eight months of the year versus 10.6 percent in the January to July period. The national urban unemployment rate was 5.2 percent in August, down from 5.3 percent in July. The global uncertainties have increased significantly and the structural contradictions in the domestic economy remain prominent, increasing the downward pressure on the economy, the NBS said. "The August data is very weak even with massive infrastructure investment support," ING economist Iris Pang said.

"Even if there is continuous fiscal stimulus, the damage?from the trade war will continue to be significant, and will hurt exporters further," she added.

The economist expects further stimulus from the government. ING lowered its Chinese growth forecast for this year to 6 percent from 6.3 percent.


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Canadian Dollar Slides Amid Risk Aversion

Trading 16 sept 2019 Commentaire »

The Canadian dollar drifted lower against its major counterparts in the early European session on Monday amid risk aversion, as weak China data stocked worries over global growth, while the attacks on Saudi's crude facilities raised geopolitical worries.

Industrial output growth unexpectedly weakened to 4.4 percent in August from the same period a year earlier, the slowest pace since February 2002 and down from 4.8 percent in July.

Retail sales and investment figures also disappointed amid rising trade pressure and softening domestic demand.

Drone attacks at Saudi Arabia's oil production facilities in Abqaiq and Khurais heightened geopolitical tensions in the Middle East.

The currency has been trading lower against its major counterparts in the Asian session, excepting the euro.

The loonie dropped to 1.3261 against the greenback and 1.4692 against the euro, from its early highs of 1.3209 and 1.4635, respectively. The next possible support for the loonie is seen around 1.35 against the greenback and 1.49 against the euro.

The loonie edged down to 0.9120 against the aussie, off an early high of 0.9071. If the loonie slides further, 0.945 is likely seen as its next support level.

The loonie fell back to 81.32 against the yen, heading to pierce an early 1-week low of 81.24. The loonie is seen finding support around the 78.5 mark.

Looking ahead, Canada existing home sales for August and New York Fed's empire manufacturing activity for September are due in the New York session.


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*Ireland Jul Exports Up 18.0% On Month

Trading 16 sept 2019 Commentaire »

Ireland Jul Exports Up 18.0% On Month


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*Ireland Jul Imports Up 4.0% On Month

Trading 16 sept 2019 Commentaire »

Ireland Jul Imports Up 4.0% On Month


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*Croatia Aug CPI Down 0.3% On Month Vs. 0.5% In July

Trading 16 sept 2019 Commentaire »

Croatia Aug CPI Down 0.3% On Month Vs. 0.5% In July


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*Croatia Aug CPI Up 0.8% On Year Vs. 1.1% In July

Trading 16 sept 2019 Commentaire »

Croatia Aug CPI Up 0.8% On Year Vs. 1.1% In July


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