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Oil Prices Climb on Revived Output Restrain Talks by OPEC Members

Oil prices advanced on Monday, elevating on reports of revived talks by some members of the Organization of the Petroleum Exporting Countries to curb output.

U.S. WTI crude oil futures climbed 0.5% from their last close, up by 21 cents at $42.01 per barrel while Brent crude futures were up 0.29% by 13 cents at $44.40 per barrel.

The increase in prices were brought on by the renewed calls by several OPEC members to halt production in an effort to restrain output that is persistently outpacing demand. OPEC members including Kuwait, Ecuador and Venezuela are perceived to be behind the renewed talks according to analysts. However, sentiment is continued to be weighed down by the increase in U.S. drilling with rigs operating in the country reported to be currently at its highest number since March.

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China CPI +1.8% On Year In July

Consumer prices in China were up 1.8 percent on year in July, the National Bureau of Statistics said on Tuesday.

That was in line with expectations and down from 1.9 percent in June.

Prices for food jumped an annual 3.3 percent, while non-food prices added 1.4 percent.

The bureau also said that producer prices were down 1.7 percent on year - exceeding expectations for -2.0 percent after tumbling 2.6 percent in the previous month.

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U.S. Stocks Retreat From Record Highs

U.S. equities climbed down from record highs on Monday as losses in healthcare shares pared gains due to elevated oil prices and a strong performance by the U.S. jobs market in July.

The benchmark S&P 500 touched a record intraday high at the beginning of trading day before closing down at 0.09% at 2.180. 89 while the Dow Jones industrial average was down 0.08%, closing at 18, 529.29. The Nasdaq Composite fell 0.15% to 5, 213.14.

Seven out of the 10 key S&P indexes slid, with the healthcare group leading the losses. Bristol-Myers led the drop and fell for the second day, losing 4.71% following its statement on Friday that its lung-cancer treatment drug did not pass a vital late-stage study.

Meanwhile, the energy index advanced 1.22% with Exxon Mobil and Schlumberger climbing 1.18% and 1.6% respectively.

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Australia Home Loans Add Just 1.2% In June

The total number of dwelling commitments in Australia issued in June was up a seasonally adjusted 1.2 percent on month, the Australian Bureau of Statistics said on Wednesday - coming in at 57,247.

The headline figure was shy of estimates for an increase of 2.3 percent following the upwardly revised 0.8 percent contraction in May (originally -1.0 percent).

Investment lending climbed 3.2 percent to A$11.785 billion after rising 5.3 percent in the previous month.

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Dollar Surges to One-Month High Amid Mixed Economic Data

Following mixed U.K. economic data, the dollar has surged to its highest close since July 8 by 0.3 percent against the British pound. The WSJ Dollar Index has dropped to 0.3 percent with 86.63 while the dollar decreased against the Canadian dollar and the Japanese Yen.

A business survey from the U.K. has indicated that the like-for-like sales have grown by 1.1 percent in July however manufacturing data was lower-than-expected while trade gap is expanding. The dollar has prolonged declines against currencies of emerging markets which remain strong, implying that investors believe that the Fed will not raise rates in the upcoming term.

The dollar has reached its lowest level last seen in July 2015 when it was weak against the Brazilian real by 0.9 percent, down by 0.6 percent against the Mexican peso and fell by 1.1 percent against the South African rand.

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Singapore GDP Climbs +2.1% On Year In Q2

Singapore's gross domestic product expanded 2.1 percent on year in the second quarter of 2016, the Ministry of Trade and Industry said on Thursday - accelerating from the 1.8 percent gain in the three months prior.

On a quarterly annualized basis, the Singapore economy expanded 0.3 percent - up from 0.2 percent in the previous three months.

Upon the release of the data, the MTI narrowed its GDP forecast for 2016 to 1 to 2 percent from 1 to 3 percent.

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New Zealand’s Central Bank Slashes Interest Rates

The Reserve Bank of New Zealand lowered interest rates to a new record low of 2 percent as it aims to combat the persistently low inflation and to cool down the strong New Zealand dollar.

The New Zealand central bank's decision to cut the key interest rate by 25 basis point was highly expected by analysts. But the move had a little effect on easing the kiwi dollar that rose 1.8 percent to a one-year record high of 73.36 U.S. cents on the reports of the rate cut. This is the second rate cut within the year after an unexpected rate cut in March.

RBNZ also indicated that additional easing with be launched based on their present projections and speculations in order to ensure that inflation rate will be near the middle of the targeted range.

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Higher Open Tipped For Malaysia Stock Market

The Malaysia stock market has tracked higher in back-to-back sessions, collecting more than 7 points or 0.4 percent along the way. The Kuala Lumpur Composite Index settled just beneath the 1,680-point plateau, and the market may extend its gains on Friday.

The global forecast for the Asian markets is upbeat thanks to solid earnings news and a rebound in the price of crude oil. The European and U.S. markets were up, and the Asian bourses figure to follow suit.

The KLCI finished modestly higher on Thursday following gains from the financial shares and plantations.

For the day, the index gained 5.77 points or 0.34 percent to finish at the daily high of 1,678.80 after trading as low as 1,670.63. Volume was 1.85 billion shares worth 1.66 billion ringgit.

Among the actives, MISC, Sime Darby, CIMB Group, Maybank, Public Bank, Aeon Credit and RCE Capital all finished higher.

The lead from Wall Street is positive as stocks moved higher on Thursday as the major averages reached new record closing highs.

The Dow added 117.86 points or 0.6 percent to 18,613.52, while the NASDAQ rose 23.81 points or 0.5 percent to 5,228.40 and the S&P 500 climbed 10.30 points or 0.5 percent to 2,185.79.

Stocks got an early lift from the retail sector after solid earnings news from Macy's (M), Kohl's (KSS) and Chinese e-commerce giant Alibaba (BABA).

Additional support followed a rebound in the price of crude oil, which came after Saudi Arabia's Energy Minister said oil producing nations may discuss possible action to stabilize the market.

In economic news, the Labor Department reported that initial jobless claims edged slightly lower in the week ended August 6 - as well as an unexpected uptick in import prices in July.

Closer to home, Malaysia will release Q2 figures for GDP and current account later today. In the previous three months, GDP was up 1.0 percent on quarter and 4.2 percent on year, while the current account surplus was 5.04 billion ringgit.

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Wall St. Lenders Ask Fed Five Years Extension of Conformance Period for Volcker Rule

According to sources, large Wall Street banks are requesting five more years of grace period from the U.S. Federal Reserve to comply with the Volcker rule, a financial reform regulation. The additional grace period comes after three one-year extensions and is set to begin in 2017 and end in 2022.

The extension would give them more time to sell-off fund investments that are hard to sell and will be deemed illegal by the law. Banks can ask for additional five-year extension to depart with illiquid funds under the law on Volcker rule implementation.

Banks asking for the extension includes Morgan Stanley, JPMorgan, Goldman Sachs and other banks.

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New Zealand Services Sector Slows In July

The services sector in New Zealand continued to expand in July, albeit at a slower pace, the latest survey from Business NZ revealed on Monday with a Performance of Services Index score of 54.2.

That's down from the downwardly revised 56.4 (originally 56.7).

It remains well above the boom-or-bust line of 50 that separates expansion from contraction.

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Oil Prices Edge Up on Potential OPEC Production Freezes

Oil prices climbed on Monday on growing speculation that OPEC will take steps to prop up prices in the oversupplied oil market.

Brent crude oil futures traded at $47.13 per barrel, up 16 from their last close while U.S. W.T.I. crude futures climbed by 18 cents at $44.67 a barrel.

Oil prices advanced on heightening speculation of possible freezes in oil production by OPEC members as Saudi Arabia indicated that it is set to talk about steadying the markets at the informal OPEC meeting on September.

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Australia New Motor Vehicle Sales Slip 1.3% In July

The total number of new motor vehicle sales in Australia was down a seasonally adjusted 1.3 percent on month in July, the Australian Bureau of Statistics said on Tuesday, coming in at 98,062.

That follows the upwardly revised 3.5 percent increase in June (originally 3.1 percent).

Individually, sales for passenger vehicles added 0.4 percent on month and sales for other vehicles fell 0.4 percent. Sales for sports utility vehicles were flat.

On a yearly basis, new motor vehicle sales were up 1.6 percent after climbing an upwardly revised 2.3 percent in the previous month (originally 2.1 percent).

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Gold Increases Due to Weak Dollar and Economic Data from Japan

Gold prices increased as the weak U.S. dollar and the poor economic data from Asia aided in reversing early losses. Gold for December delivery closed by 0.3 percent with $1,347.50 per troy ounce on the Comex division of the New York Mercantile Exchange.

The data which has shown that Japan's economy has stalled during the second quarter by expanding by an annualized 0.2 percent also supported the precious metal according to ETF Securities' commodities strategist Nitesh Shah. Gold is seen as a haven from currency weakness and inflation and so loose monetary policy will likely increase the demand for the precious metal.

Gold had momentarily increased above $1,360 on Friday following the reporting of the weak U.S. retail sales figures, and had settled lower.

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Australia Jobless Rate Falls To 5.7% In July


The unemployment rate in Australia was a seasonally adjusted 5.7 percent in July, the Australian Bureau of Statistics said on Thursday.

That beat forecasts for 5.8 percent, which would have been unchanged from the June reading.

The Australian economy added 26,200 jobs in July, blowing past expectations for a gain of 10,000 jobs following the increase of 7,900 jobs in the previous month.

The participation rate came in at 64.9 percent - unchanged and in line with expectations.

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Several FOMC Policymakers Suggest Interest Rate Hike Needed Soon - Fed Minutes

Federal Reserve officials have kept their choices open during the July policy meeting, as some members expect that an increase in U.S. interest rates is needed again soon. According to the Fed's meeting, the consensus is that further data is needed before making a final decision with some officials expecting that economic conditions would soon justify extracting policy accommodation.

The meeting has shown that officials of the U.S. Central Bank's Federal Open Market Committee were mostly upbeat regarding the U.S. economic outlook as well as the labor market, however several claim that a slowdown in the pace of hiring for the future may argue against a near-term hike. The broader group of policymakers have conveyed their concern regarding low interest rates as it could affect financial stability.

Major U.S. stock averages closed flat, which was slightly higher prior to the Fed minutes' publication while the U.S. dollar reached a session low against the yen at around 100.15 yen. Yields were pushed lower as longer-dated U.S. Treasury prices surged to session highs.

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Fxwirepro: Usd/sgd Exhibits Range Bound Movement, Intraday Bias Remains Neutral

USD/SGD is currently trading around 1.3415 marks.
It made intraday high at 1.3419 and low at 1.3383 levels. Intraday bias remains neutral till the time pair holds key resistance at 1.3475 marks.
A daily close below 1.3391 will drag the parity down towards key supports at 1.3347/1.3313/1.3302/ 1.3271 levels. Alternatively, a sustained close above 1.3475 will test key resistances at 1.3537, 1.3638, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
Important to note here that in a daily chart, 20D, 30D and 55D EMA heads down and confirms the bearish trend. Current upside movement is short term trend correction only.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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Gold Ends Four-Day Winning Streak on Fed Official Comment

Gold prices declined, ending its four-day gain streak while the dollar regained its strength as a hawkish stance from San Francisco Fed President John Williams revived expectations of a U.S. central bank rate increase.

Spot gold lost 0.3% and traded at $1, 348,26 while U.S. gold fell by 0.3% at $1,1353.50. Meanwhile, the index of the dollar versus its major peers gained 0.2% at 94. 296.

Williams indicated his support for a rate hike in his comments on Thursday, stating that waiting too long can have dire consequences for the economy.

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Fxwirepro: Usd/krw Hits Fresh 4-Week High at 1,123- Stay Bullish

USD/KRW is currently trading around 1,122 levels.
It made intraday high at 1,124 and low at 1,121 levels. Intraday bias remains bullish till the time pair holds key support at 1,107 levels.
A sustained close below 1,107 will test key supports at 1,092/1,078/1,063/1044 levels respectively.
Alternatively, current up trend will drag the parity higher towards key resistances at 1,124, 1,138, 1,142, 1,152, 1,162, 1,176, 1,182, 1,196, 1,201, 1,209 (20D EMA) and 1,220 (March 03, 2016 high) marks respectively.
In addition, South Korea’s Kospi was trading around 0.48 percent lower at 2,046 points.
South Korea August 1-20 exports -0.3 pct y/y, imports -0.7 pct y/y -customs agency.
We prefer to take long position in USD/KRW around 1,120 with stop loss at 1,092 and target of 1,142/1,152.

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