Asia Pacific
Soft Bounce In Japan Machinery Orders Leaves Doubts On Outlook. Japan's core machinery orders rose for a second straight month in July, but analysts said the data failed to dispel some doubts about the strength of business investment that is needed to propel Japan out of the slump caused by April's sales tax hike. The 3.5% rise in core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, was less than the median estimate of a 4.0% increase in a Reuters poll of economists. That followed a 8.8% rise in June and a 19.5% drop in May, which was the biggest drop in data going back to 2005. (Reuters)
China's Outbound Investment Reaches 'Record High'. China was the world's third largest investor in 2013 for the second year running, according to state news agency Xinhua. Outbound direct investment (ODI) from China reached a record high of $108bn last year, a 22.8% rise on ODI made in 2012, the agency said. Meanwhile, on Sunday the government said it would relax rules for Chinese companies making overseas investments. The new rules will take effect on October 6. China may have been the world's third-largest investor in 2013, according its own data, but this year the numbers may change. According to figures collected by The Heritage Foundation, an American think tank, China's investment around the world contracted in the first half of 2014. Australia, the US, and Canada remain the most popular destinations for investment out of China, followed by Brazil and Indonesia. (BBC)
RBNZ Signals Extended Rate Pause As Currency Damps Inflation. New Zealand’s central bank signaled it will keep interest rates on hold until next year as “unjustified” currency strength damps inflation and economic growth starts to slow. The kiwi dollar fell. “It is prudent to undertake a period of monitoring and assessment before considering further policy adjustment,” Governor Graeme Wheeler said in Wellington after keeping the official cash rate at 3.5%. The Reserve Bank of New Zealand lowered its forecast for the 90-day bank bill rate, suggesting borrowing costs won’t rise again until the first or second quarter of 2015. (Bloomberg)
USA
U.S. Wholesale Stocks Barely Rise; Third-Quarter Growth Estimates Cut. U.S. wholesale inventories barely rose in July, suggesting a slower pace of stock accumulation at the start of the third quarter that prompted economists to trim growth estimates. The Commerce Department said on Wednesday wholesale inventories edged up 0.1%, the smallest rise since July of last year, after a 0.2% gain in June. Inventories are a key component of gross domestic product changes. The component that goes into the calculation of GDP - wholesale stocks excluding autos - was flat. The rise in overall stocks at wholesalers in July was well below the 0.5% increase that Wall Street had anticipated, leading some economists to lower their GDP growth estimates for the July-September quarter. (Reuters)
U.S. Mortgage Applications Fall To Lowest Since Dec 2000. Applications for U.S. home mortgages fell last week to the lowest since December 2000 as interest rates rose for the first time in four weeks, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 7.2% in the week ended Sept. 5. The MBA's seasonally adjusted index of refinancing applications dropped 10.7% to the lowest since November 2008, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell 2.6%. (Reuters)
Europe
France To Miss Deficit Target, Lowers Growth Projections. France's finance minister Michel Sapin has said the country will not achieve a 3% EU budget deficit target. France's budget deficit will be around 4.4% of GDP in 2014, drop to 4.3% next year, and will not go below 3% until 2017, he said. The country's lack of growth reflected "an economic reality" that affects Europe, Mr Sapin said. Projections for growth were lowered from 0.7% to 0.4% in 2014, and down from 1.7% to 1% in 2015. The government will maintain its current plan for 21bn euros (£17bn) of public spending savings in 2015 while not raising taxes during that year, he added. France plans to cut public spending by 50bn euros by 2017. (BBC)
UK House Prices Rise At Slowest Pace In A Year. British house prices rose at the slowest pace in a year during August, according to a survey on Thursday that suggested speculation about higher interest rates has dampened buyer confidence. The Royal Institution of Chartered Surveyors' monthly house price balance fell to +40 last month, its lowest level since last August, and falling short of forecasts for +47 in a Reuters poll of economists. July was revised down slightly to +48. Agreed sales fell for the first time since September 2012 and there was a second consecutive fall in buyer inquiries. (Reuters)
Geopolitical Conflicts Weighing On German Economy. The German economy remains on track for expansion but geopolitical conflicts and weakness elsewhere in the euro zone are weighing on growth, the economy ministry said in its monthly report on Wednesday. "The global economy is growing but at a weaker pace than expected," the report said. "Alongside structural challenges in many areas, geopolitical conflicts are preventing a better performance. They are increasing uncertainty and influencing corporate decisions." (Reuters)
Britain, France Snare Top EU Jobs As Eurosketics Blunted. The European Commission’s incoming president, Jean-Claude Juncker, sought to blunt the rising anti-European feeling in the U.K. and France by granting both countries top jobs in guiding the continental economy. Britain’s Jonathan Hill was put in charge of financial services regulations, a concession to London’s banking industry designed to stifle calls for the U.K. to pull out of the European Union. Pierre Moscovici of France got the job of preparing rulings on national budget deficits, including the French one. (Bloomberg)
Currencies
Dollar Gains Vs Yen, Euro On Hawkish Fed Expectations. The dollar strengthened to a six-year high against the yen on Wednesday as U.S. Treasury yields ground higher, while the Australian dollar sank to six-month lows as investors unwound carry trades that have benefited the commodity currency. The dollar rose 0.54% to 106.76 yen. It also gained against the euro, adding 0.17% to $1.2913, but the euro held above a 14-month low of $1.2858 touched on Tuesday. The dollar index slipped 0.07% to 84.136, just below Tuesday's 14-month high of 84.519. The Aussie fell 0.40% to $0.9163, after earlier falling to $0.9114, its lowest since March. Sterling also gained despite worries about an upcoming vote for Scottish independence. It rose 0.70% to $1.6216, after hitting a fresh 10-month low of $1.6060 on Tuesday. (Reuters)
Commodities
Brent Holds Above $99, But Demand Worries Linger. Brent crude oil edged up to hold above $99 a barrel on Wednesday but was not far off a 16-month low hit the day before because of worries about global oil demand. Brent crude for October delivery was trading 19 cents higher at $99.35 a barrel at 0450 GMT, after falling to $99.03 on Tuesday, the lowest intraday price since May 1, 2013. U.S. crude was up 5 cents at $92.80 a barrel. (Reuters)
Gold Near Lowest In 7 Months On Fed Rate Hike Fears. Gold fell 0.7% on Wednesday, trading near its lowest in seven months at just over $1,240 an ounce, pulled down by fears that encouraging economic data could prompt the U.S. Federal Reserve to raise interest rates sooner than expected. Spot gold hit its weakest since early June at $1,246.56 an ounce and was down 0.6% at $1,248.30 an ounce at 12:06 p.m. EDT (1606 GMT). Among other precious metals, silver was down 0.6% at $18.91 an ounce. Spot platinum edged lower by 0.1% to $1,377.99 an ounce, and spot palladium was down 1.1% at $847.20 an ounce. (Reuters)
Soft Bounce In Japan Machinery Orders Leaves Doubts On Outlook. Japan's core machinery orders rose for a second straight month in July, but analysts said the data failed to dispel some doubts about the strength of business investment that is needed to propel Japan out of the slump caused by April's sales tax hike. The 3.5% rise in core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, was less than the median estimate of a 4.0% increase in a Reuters poll of economists. That followed a 8.8% rise in June and a 19.5% drop in May, which was the biggest drop in data going back to 2005. (Reuters)
China's Outbound Investment Reaches 'Record High'. China was the world's third largest investor in 2013 for the second year running, according to state news agency Xinhua. Outbound direct investment (ODI) from China reached a record high of $108bn last year, a 22.8% rise on ODI made in 2012, the agency said. Meanwhile, on Sunday the government said it would relax rules for Chinese companies making overseas investments. The new rules will take effect on October 6. China may have been the world's third-largest investor in 2013, according its own data, but this year the numbers may change. According to figures collected by The Heritage Foundation, an American think tank, China's investment around the world contracted in the first half of 2014. Australia, the US, and Canada remain the most popular destinations for investment out of China, followed by Brazil and Indonesia. (BBC)
RBNZ Signals Extended Rate Pause As Currency Damps Inflation. New Zealand’s central bank signaled it will keep interest rates on hold until next year as “unjustified” currency strength damps inflation and economic growth starts to slow. The kiwi dollar fell. “It is prudent to undertake a period of monitoring and assessment before considering further policy adjustment,” Governor Graeme Wheeler said in Wellington after keeping the official cash rate at 3.5%. The Reserve Bank of New Zealand lowered its forecast for the 90-day bank bill rate, suggesting borrowing costs won’t rise again until the first or second quarter of 2015. (Bloomberg)
USA
U.S. Wholesale Stocks Barely Rise; Third-Quarter Growth Estimates Cut. U.S. wholesale inventories barely rose in July, suggesting a slower pace of stock accumulation at the start of the third quarter that prompted economists to trim growth estimates. The Commerce Department said on Wednesday wholesale inventories edged up 0.1%, the smallest rise since July of last year, after a 0.2% gain in June. Inventories are a key component of gross domestic product changes. The component that goes into the calculation of GDP - wholesale stocks excluding autos - was flat. The rise in overall stocks at wholesalers in July was well below the 0.5% increase that Wall Street had anticipated, leading some economists to lower their GDP growth estimates for the July-September quarter. (Reuters)
U.S. Mortgage Applications Fall To Lowest Since Dec 2000. Applications for U.S. home mortgages fell last week to the lowest since December 2000 as interest rates rose for the first time in four weeks, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 7.2% in the week ended Sept. 5. The MBA's seasonally adjusted index of refinancing applications dropped 10.7% to the lowest since November 2008, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell 2.6%. (Reuters)
Europe
France To Miss Deficit Target, Lowers Growth Projections. France's finance minister Michel Sapin has said the country will not achieve a 3% EU budget deficit target. France's budget deficit will be around 4.4% of GDP in 2014, drop to 4.3% next year, and will not go below 3% until 2017, he said. The country's lack of growth reflected "an economic reality" that affects Europe, Mr Sapin said. Projections for growth were lowered from 0.7% to 0.4% in 2014, and down from 1.7% to 1% in 2015. The government will maintain its current plan for 21bn euros (£17bn) of public spending savings in 2015 while not raising taxes during that year, he added. France plans to cut public spending by 50bn euros by 2017. (BBC)
UK House Prices Rise At Slowest Pace In A Year. British house prices rose at the slowest pace in a year during August, according to a survey on Thursday that suggested speculation about higher interest rates has dampened buyer confidence. The Royal Institution of Chartered Surveyors' monthly house price balance fell to +40 last month, its lowest level since last August, and falling short of forecasts for +47 in a Reuters poll of economists. July was revised down slightly to +48. Agreed sales fell for the first time since September 2012 and there was a second consecutive fall in buyer inquiries. (Reuters)
Geopolitical Conflicts Weighing On German Economy. The German economy remains on track for expansion but geopolitical conflicts and weakness elsewhere in the euro zone are weighing on growth, the economy ministry said in its monthly report on Wednesday. "The global economy is growing but at a weaker pace than expected," the report said. "Alongside structural challenges in many areas, geopolitical conflicts are preventing a better performance. They are increasing uncertainty and influencing corporate decisions." (Reuters)
Britain, France Snare Top EU Jobs As Eurosketics Blunted. The European Commission’s incoming president, Jean-Claude Juncker, sought to blunt the rising anti-European feeling in the U.K. and France by granting both countries top jobs in guiding the continental economy. Britain’s Jonathan Hill was put in charge of financial services regulations, a concession to London’s banking industry designed to stifle calls for the U.K. to pull out of the European Union. Pierre Moscovici of France got the job of preparing rulings on national budget deficits, including the French one. (Bloomberg)
Currencies
Dollar Gains Vs Yen, Euro On Hawkish Fed Expectations. The dollar strengthened to a six-year high against the yen on Wednesday as U.S. Treasury yields ground higher, while the Australian dollar sank to six-month lows as investors unwound carry trades that have benefited the commodity currency. The dollar rose 0.54% to 106.76 yen. It also gained against the euro, adding 0.17% to $1.2913, but the euro held above a 14-month low of $1.2858 touched on Tuesday. The dollar index slipped 0.07% to 84.136, just below Tuesday's 14-month high of 84.519. The Aussie fell 0.40% to $0.9163, after earlier falling to $0.9114, its lowest since March. Sterling also gained despite worries about an upcoming vote for Scottish independence. It rose 0.70% to $1.6216, after hitting a fresh 10-month low of $1.6060 on Tuesday. (Reuters)
Commodities
Brent Holds Above $99, But Demand Worries Linger. Brent crude oil edged up to hold above $99 a barrel on Wednesday but was not far off a 16-month low hit the day before because of worries about global oil demand. Brent crude for October delivery was trading 19 cents higher at $99.35 a barrel at 0450 GMT, after falling to $99.03 on Tuesday, the lowest intraday price since May 1, 2013. U.S. crude was up 5 cents at $92.80 a barrel. (Reuters)
Gold Near Lowest In 7 Months On Fed Rate Hike Fears. Gold fell 0.7% on Wednesday, trading near its lowest in seven months at just over $1,240 an ounce, pulled down by fears that encouraging economic data could prompt the U.S. Federal Reserve to raise interest rates sooner than expected. Spot gold hit its weakest since early June at $1,246.56 an ounce and was down 0.6% at $1,248.30 an ounce at 12:06 p.m. EDT (1606 GMT). Among other precious metals, silver was down 0.6% at $18.91 an ounce. Spot platinum edged lower by 0.1% to $1,377.99 an ounce, and spot palladium was down 1.1% at $847.20 an ounce. (Reuters)
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