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  • #41
    Japan March Core Machine Orders Ease 0.4%

    Core machine orders in Japan slid a seasonally adjusted 0.4 percent on month in March, the Cabinet Office said on Wednesday - standing at 854.7 billion yen.

    That beat expectations for a tumble 0.7.1 percent following the 2.3 percent increase in February.

    On a yearly basis, core machine orders sank 0.7 percent - again beating forecasts for a all of 9.5 percent following the 2.3 percent drop in the previous month.

    The total value of machinery orders received by 280 manufacturers operating in Japan increased by a seasonally adjusted 3.0 percent on month and 0.9 percent on year in March at 2,289.0 billion yen.

    Manufacturing orders fell 8.2 percent on quarter and 3.2 percent on year, while non-manufacturing orders added 5.3 percent on quarter and 0.9 percent on year.

    Government orders surged 17.1 percent on month and 66.5 percent on year, while orders from overseas fell 1.3 percent on month and 14.4 percent on year. Orders through agencies sank 3.3 percent on month and 5.8 percent on year.

    For the first quarter of 2020, core machine orders slid 0.7 percent on quarter and 1.0 percent on year. Total machine orders gained 3.9 percent on quarter and fell 0.7 percent on year in Q1.

    Manufacturing orders added 1.8 percent on quarter and lost 3.4 percent on year in Q1, while non-manufacturing orders fell 5.1 percent on quarter and rose 0.6 percent on year.

    Government orders soared 25.5 percent on quarter and 45.0 percent on year, while orders from overseas gained 8.7 percent on quarter and lost 8.7 percent on year. Orders through agencies gained 3.6 percent on quarter and fell 4.1 percent on year.

    Core machine orders are now predicted to fall 0.7 percent on quarter in Q2 and 10.4 percent on year.

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    • #42
      Malaysia Consumer Prices Fall More-Than-Expected In April

      Malaysia's consumer prices declined more-than-expected in April, figures from the Department of Statistics revealed on Wednesday.

      The consumer price index declined 2.9 percent year-on-year in April, following a revised 0.2 percent decrease in March. Economists had expected a 1.6 percent fall. This was the second consecutive fall in prices.

      Among the main components, prices for transport declined 21.5 percent annually in April and housing, water, electricity, gas and other fuels decreased by 2.2 percent.

      Meanwhile, cost of food and non-alcoholic beverages rose 1.2 percent and prices for miscellaneous goods and services grew 2.3 percent. Cost for health and education rose by 1.2 percent, each.

      On a month-on-month basis, consumer prices fell 2.7 percent in April.

      The core consumer price inflation held steady at 1.3 percent in April.

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      • #43
        European Economics Preview: Eurozone Flash PMI Data Due

        Flash Purchasing Mangers' survey results from euro area and the UK are due on Thursday, headlining a busy day for the European economic news.

        At 3.15 am ET, IHS Markit is scheduled to issue France's PMI data. Economists forecast the composite output index to improve to 32.0 in May from 11.1 a month ago.

        At 3.30 am ET, Germany's flash PMI data is due. The composite index is seen at 34.1 in May versus 17.4 in the previous month.

        At 4.00 am ET, Eurozone composite PMI data is due. The index is expected to advance to 25.0 in May from 13.6 in April.

        In the meantime, industrial production and producer prices are due from Poland. Economists forecast industrial output to fall 10 percent annually in April, faster than the 2.3 percent decrease in March.

        At 4.30 am ET, IHS Markit/CIPS publishes UK flash composite PMI data. Economists forecast the composite indicator to rise to 25.0 in May from 13.8 in April.

        At 6.00 am ET, the Confederation of British Industry releases Industrial Trends survey data. The order book balance is forecast to fall to -59 percent in May from -56 percent in the preceding period.

        At 7.00 am ET, Turkey's central bank interest rate announcement is due. Economists expect the central bank to cut its one-week repo rate to 8.25 percent from 8.75 percent.

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        • #44
          Bank Of Japan Launches New Lending Program

          The Bank of Japan introduced a new lending program to help small and medium-sized firms and left its target for short-term interest rate and the bond yield target unchanged on Friday.

          At the emergency meeting, the policy board of the BoJ unanimously decided to launch a lending scheme worth about JPY 30 trillion to support SMEs struggling to operate amid the spread of the novel coronavirus, or Covid-19.

          According to the new scheme, the bank will provide funds to eligible counterparties against pooled collateral for up to 1 year at the loan rate of zero percent.

          The board voted 8-1 to retain the interest rate at -0.1 percent on current accounts that financial institutions maintain at the central bank.

          Also, the bank will continue purchase a necessary amount of Japanese government bonds without setting an upper limit so that 10-year JGB yields will remain at around zero percent.

          As for CP and corporate bonds, the BoJ will maintain their amounts outstanding at about JPY 2 trillion and about JPY 3 trillion, respectively.

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          • #45
            Singapore Cuts 2020 GDP Outlook

            Singapore's economic outlook for 2020 was lowered further due to the deterioration in foreign demand forecast and the expected economic impact of the coronavirus containment measures.

            The Ministry of Trade and Industry on Tuesday forecast the city-state economy to shrink "-7.0 to -4.0 percent" this year instead of "-4.0 to -1.0 percent projected in March.

            The ministry said there continues to be a significant degree of uncertainty over the length and severity of the coronavirus, or Covid-19, outbreak, as well as the trajectory of the economic recovery, in both the global and Singapore economies.

            Gross domestic product shrank 0.7 percent on a yearly basis in the first quarter, reversing a 1 percent rise in the fourth quarter 2019. The first quarter figure was revised from -2.2 percent.

            On a quarter-on-quarter seasonally-adjusted annualized basis, the economy contracted 4.7 percent, a pullback from the 0.6 percent expansion in the fourth quarter of last year.

            The manufacturing sector expanded by 6.6 per cent year-on-year on account of output expansions in the biomedical manufacturing, precision engineering and transport engineering clusters.

            Meanwhile, the construction sector contracted 4.0 percent. Likewise, the wholesale and retail trade sector fell 5.8 percent and the transportation and storage sector declined 8.1 percent.

            The accommodation and food services sector logged a sharp fall of 23.8 percent. At the same time, the information and communications sector grew 3.5 percent and the finance and insurance sector expanded 8.0 percent.

            The business services sector shrank 3.3 percent in the first quarter.

            A very strong performance from the biomedical manufacturing sector meant that Singapore's economy contracted much less in the first quarter than previously thought, Alex Holmes, an economist at Capital Economics, said.

            But with a stringent lockdown in place at home and demand cratering abroad, the sector is unlikely to stop a huge contraction in the economy in the second quarter, the economist added.

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            • #46
              European Economics Preview: French Consumer, Business Sentiment Data Due

              Consumer and business sentiment survey results from France are due on Wednesday, headlining a light day for the European economic news.

              At 2.00 am ET, Statistics Norway is set to issue unemployment and retail sales data. The jobless rate is forecast to rise to 4 percent in March from 3.5 percent in the preceding period.

              At 2.45 am ET, France's Insee publishes consumer and business confidence survey results. The consumer sentiment index is forecast to fall to 92 in May from 95 in April. The business confidence index is seen at 85 versus 82 a month ago.

              At 3.00 am ET, unemployment data from Hungary is due.

              At 3.30 am ET, European Central Bank President Christine Lagarde is set to speak at the European Youth Event 2020. In the meantime, Statistics Sweden publishes producer prices for April. Prices had fallen 3.6 percent annually in March.

              At 4.00 am ET, unemployment data from Norway and manufacturing Purchasing Managers' survey from Austria are due.

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              • #47
                Korea Rate Decision On Tap For Thursday

                The Bank of Korea will wrap up its monetary policy meeting on Thursday and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity. The central bank is projected to trim its benchmark lending rate by 25 basis points, from 0.75 percent to 0.50 percent.

                Australia will see Q1 numbers for capital expenditure and May figures for the business confidence index from ANZ. Capex is expected to sink 2.6 percent on quarter after falling 2.8 percent in the previous three months. The business confidence index had a score of -66.6 in April.

                Taiwan will see May figures for its consumer confidence index; in April, the index score was 73.39.

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                • #48
                  Japan Retail Sales Slide 9.6% On Month In April

                  The total value of retail sales in Japan was down a seasonally adjusted 9.6 percent on month in April, the Ministry of Economy, Trade and Industry said on Friday.
                  That was shy of expectations for a decline of 7.0 percent following the 4.5 percent drop in March.

                  On a yearly basis, retail sales tumbled 13.7 percent - also missing expectations for a drop of 11.5 percent after slipping 4.6 percent in the previous month.

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                  • #49
                    Philippines Manufacturing PMI Rises To 40.1 In May - IHS Markit

                    The manufacturing sector in the Philippines continued to contract in May, albeit at a slower rate, the latest survey from IHS Markit revealed on Monday with a manufacturing PMI score of 40.1.

                    That's up from the record low 31.6 in April, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

                    Individually, the rates of decline in output and new orders eased but remained sharp.

                    Employment levels fell steeply again, while output prices ricked higher as cost pressures rose.

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                    • #50
                      Ireland Manufacturing Downturn Continues In May

                      Ireland's manufacturing sector contracted at a softer pace in May, as the local and global economies remained in lockdown amid coronavirus outbreak, survey data from IHS Markit showed on Tuesday.

                      The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, rose to 39.2 in May from 36.0 in April. Any reading below 50 indicates contraction in the sector.

                      New orders remained weak in the midst of lockdown measures. Employment increased in May, but it signaled the second fastest rate of job shedding in nearly eleven years. Suppliers' delivery time lengthened in May.

                      Stocks of purchase signaled the slowest rate of input destocking in seven months. New export orders declined further at the second-fastest pace on record.

                      As many firms remained shut down in May, backlogs of work declined at the fastest rate since September 2011. Purchasing activity declined due to suspended output and fall in demand due to coronavirus pandemic.

                      On the price front, the survey showed that input prices fell for the third straight month in May and manufacturers reduced their charges for the third month and at the strongest rate since July 2019.

                      Manufacturers reported overall optimism regarding future output in May, following a record degree of pessimism in April.

                      "The AIB Irish Manufacturing PMI data for May paint a downbeat picture of the sector for the third month in a row as the lockdowns associated with the coronavirus pandemic continue to depress activity," Oliver Mangan, AIB chief economist said.

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