Gold Edges Lower On Profit Taking

Trading 23 juil 2019 Commentaire »

Gold prices edged lower on Tuesday as a stronger dollar prompted traders to book some profits after recent sharp gains.

Spot gold eased 0.4 percent to $1,418.67 per ounce while U.S. gold futures were down 0.55 percent at $1,419.05 an ounce.

The U.S. dollar hit a two-week high versus its rivals after the White House struck a two-year deal with Democratic Party leaders in Congress to raise America's $22tn borrowing limit, dousing fears of a government default later this year.

The dollar's gains, however, remained capped somewhat as investors await the outcome of policy meetings at the European Central Bank and the U.S. Federal Reserve.

The European Central Bank is meeting on Thursday, with analysts expecting that policy makers will send a clear signal to markets that interest rates will fall even further below zero.

The U.S. Federal Reserve is likely to deliver a 25-basis-point cut in the July 30-31 meeting.

Elsewhere, Bank of Japan (BoJ) Governor Haruhiko Kuroda said in a speech at the International Monetary Fund in Washington on Monday that the central bank would persistently continue with powerful monetary easing to lift inflation toward the 2 percent target. The BoJ holds its policy meeting a day before the Fed decision.

Asian and European stock markets rose today after reports suggested that U.S. and China trade officials are moving closer to a face to face meeting in the coming two weeks.

The White House had hosted U.S. technology companies to discuss economic issues including a possible resumption of sales to Huawei.

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Japan Govt Maintains Economic Assessment

Trading 23 juil 2019 Commentaire »

Japan's government maintained its economic assessment but lifted its view on industrial production, according to monthly report, released by the Cabinet Office on Tuesday.

The government repeated that the economy is recovering at a moderate pace while weakness continuing mainly in exports.

The assessment for industrial production was raised as the government said output is flat recently, while weakness continues in some sectors. In the June report, the government said industrial production is in a weak tone recently.

In the short-term, weakness remains but the economy is set to continue recovering underpinned by the effects of the policies, while employment and income situation is improving.

"However, further attention should be given to the effects of situations over trade issues on the world economy, while the prospect of the Chinese economy, the uncertainty of situations and policies in overseas economies and the effects of fluctuations in the financial and capital markets also need attention," the cabinet office reiterated.

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Oil Prices Hold Steady Amid Middle East Tensions

Trading 23 juil 2019 Commentaire »

Oil prices held steady on Tuesday as a weaker demand outlook offset lingering concerns about possible supply disruptions in the Middle East.

Benchmark Brent crude traded virtually unchanged at $63.26 a barrel after rising over 1 percent in the previous session on fears of supply disruptions from the energy-rich Gulf. West Texas Intermediate (WTI) crude futures were marginally higher at $56.27 per barrel.

The International Energy Agency (IEA) pledged to keep global markets adequately supplied in the event of a disruption.

The oil market is currently well supplied, with oil production exceeding demand in the first half of 2019, pushing up global stocks by 900,000 barrels per day, the IEA said in a statement.

Meanwhile, amid heightened tensions in the Persian Gulf, the head of Iran's navy, Rear Admiral Hossein Khanzadi, reportedly said today that Tehran is observing all U.S. ships in the Gulf region and keeps an archive of their movements.

"We observe all enemy ships, particularly [those of] America, point by point from their origin until the moment they enter the region," Khanzadi said.

Elsewhere, the United States has slapped sanctions on a Chinese company for importing Iranian crude in violation of U.S. restrictions on Iran's oil industry.

U.S. Secretary of State Mike Pompeo said the sanctions are "part of our maximum pressure campaign" on Iran.

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Eurozone Businesses Faced Tighter Credit Standards In Q2: ECB Survey

Trading 23 juil 2019 Commentaire »

Euro area banks unexpectedly tightened the conditions business firms should meet to get loans during the second quarter, due to an uncertain economic outlook, results of a quarterly survey by the European Central Bank showed on Tuesday.

By contrast, banks had expected credit standards to ease in the second quarter during the previous survey.

These are set to remain unchanged in the three months to September, the latest Bank Lending Survey from the ECB showed.

The latest tightening in credit standards for loans to enterprises marked the end of the net easing period that began in 2014, the ECB said.

While credit standards for loans to small and medium-sized enterprises, those for large firms were broadly unchanged.

Banks' risk perceptions and risk tolerance, as well as cost of funds and balance sheet constraints, contributed to a tightening of credit standards on loans to enterprises, while competition exerted pressure in the opposite direction, the ECB report said.

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Lithuania Industrial Output Falls In June

Trading 23 juil 2019 Commentaire »

Lithuania's industrial output fell in June driven by declines in output in all sub sectors, data from the Department of Statistics showed on Tuesday.

Industrial output decreased 1.8 percent month-on-month in June.

Mining and quarrying output declined the most, by 18.3 percent in June. Output in electricity, gas, steam and air conditioning supply and manufacturing fell 7.5 percent and 1.3 percent, respectively.

On an unadjusted basis, industrial output fell 1.0 percent annually in June.

On a year-on-year basis, industrial output rose a working day adjusted 1.6 percent in June.

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Poland Unemployment Rate Drops In June

Trading 23 juil 2019 Commentaire »

Poland's unemployment rate dropped for the fourth straight month in June, data from Statistics Poland showed on Tuesday.

The unemployment rate fell to 5.3 percent in June from 5.4 percent in May. This was the fourth consecutive decrease in the rate.

In the same period last year, the jobless rate stood at 5.8 percent.

Registered unemployment decreased to 877,100 from 906,000 a month ago.

The EU harmonized jobless rate for Poland climbed marginally to 3.8 percent in May from 3.7 percent in April.

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Taiwan Industrial Output Decline Slows In June

Trading 23 juil 2019 Commentaire »

Taiwan's industrial output declined at a slower rate in June, data from the Ministry of Economic Affairs showed on Tuesday.

Industrial output fell 0.39 percent year-on-year in June, following a 2.58 percent decline in May. Economists had expected a 0.2 percent fall.

Among sectors, manufacturing output declined 0.61 percent in June. Meanwhile, output in mining and quarrying grew 3.05 percent and that in electricity and gas supply and water supply increased by 2.12 percent and 0.83 percent, respectively.

On a month-on-month basis, industrial output rose 0.76 percent in June, reversing a 0.25 percent fall in the preceding month.

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Turkey Consumer Confidence Eases In July

Trading 23 juil 2019 Commentaire »

Turkey's consumer confidence eased in July after rising in the previous month, figures from the Turkish Statistical Institute showed on Tuesday.

The consumer confidence index fell to 56.5 in July from 57.6 in June.

The index reflecting financial expectations of households for the next 12 months fell to 77.0 in July from 78.3 in the previous month.

The general economic situation expectation index for the next 12 months decreased to 73.9 in June from 73.4 in July.

The number of people unemployed expectation slowed to 55.6 from 56.3 in June.

The probability of saving indicator decreased to 20 in July from 22 in the prior month.

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*Norway June Dwelling Starts Down 5.7% On Month

Trading 23 juil 2019 Commentaire »

Norway June Dwelling Starts Down 5.7% On Month

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*Poland Jun Jobless Rate 5.3% Vs. 5.4% In May

Trading 23 juil 2019 Commentaire »

Poland Jun Jobless Rate 5.3% Vs. 5.4% In May

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