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South Korea Producer Prices Add 0.2% In May

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Producer prices in South Korea were up 0.2 percent on month in May, the Bank of Korea said on Thursday - up from 0.1 percent in April.

Individually, prices for agricultural, forestry and marine products tumbled 0.9 percent on month, while manufacturing products were up 0.4 percent, utilities added 0.3 percent and services gained 0.1 percent.

On a yearly basis, producer prices advanced 2.2 percent, accelerating from 1.6 percent in the previous month.

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UK House Price Growth At 5-Year Low: Nationwide

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UK house prices increased at the slowest pace in five years in June on squeezed household budgets and Brexit uncertainty, data from the Nationwide Building Society showed Wednesday.

House prices grew 2 percent year-on-year in June, following May's 2.4 percent rise. This was the weakest growth since 2013. Nonetheless, the pace of increase was faster than the 1.7 percent economists had expected.

On a monthly basis, house prices rebounded 0.5 percent after falling 0.2 percent in May. Economists had forecast a 0.2 percent rise for June. Average house prices totaled GBP 215,444 in June.

Looking forward, much will depend on how broader economic conditions evolve, especially in the labor market, but also with respect to interest rates, Robert Gardner, Nationwide's chief economist, said.

"Subdued economic activity and ongoing pressure on household budgets is likely to continue to exert a modest drag on housing market activity and house price growth this year, though borrowing costs are likely to remain low," Gardner added.

The economist forecast house prices to rise by around 1 percent over the course of 2018.

Data showed that house prices climbed 2.2 percent on a yearly basis in the second quarter. London was the weakest performing region in the second quarter, with prices down 1.9 percent year-on-year.

Despite the recent underperformance, prices in the capital were more than 50 percent above their 2007 peak.

Meanwhile, the East Midlands was the strongest performing region, with prices up 4.4 percent year-on-year.
 
BRAZIL: Savings Reached Net Funding Of R$ 5.639 Billion In June

Savings accounts in Brazil recorded net funding of R$ 5.639 billion in June, more than doubling the R$ 2.405 billion recorded in May, the country's Central Bank said on Thursday.

The balance is the result of R$ 179.9 billion in deposits and R$ 14.358 billion in withdrawals from savings accounts. In the first half of the year, there was a net funding of R$ 7.349 billion.

In the same period of 2017, savings recorded a net outflow of R$ 12.290 billion. The total savings in June amounted to R$ 749.8 billion, up 0.7% from May.

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Data on the labor market did not support the US dollar

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The euro rose in the first half of the day amid good data on production orders in Germany, and in the second half of Thursday, a weak report on the number of employees from ADP put pressure on the US dollar.

According to the report, orders in Germany's manufacturing sector in May of this year increased significantly and exceeded forecasts of economists. This suggests that Germany's economic recovery is gaining strength again after a weak start in the first quarter of this year.

According to the Federal Bureau of Statistics, the volume of orders for goods produced in Germany in May 2018 increased by 2.6% compared with April. The main reason for the increase was the growth in domestic orders by 4.3%, while export orders were up by 1.6% compared with April. Economists expected that in May orders will increase by 1.1%.

Data for April were also revised upward. A decline in orders in the manufacturing sector accounted for 1.6%, and not as previously reported 2.5%. Data on the labor market did not provide the expected support for the US dollar, as it turned out to be worse than the economists' forecasts.

According to the report, the number of jobs in the private sector in the US in June of this year increased by 177 thousand, while in May this figure was at 163 thousand. Economists predicted an increase in the number of jobs by 185 thousand.

The ADP said that the US labor market continues to move towards full employment and the number one problem for businesses is finding qualified workers. It is projected that, at the current rate of growth in employment, the shortage of labor will be exacerbated in all sectors and in companies of all sizes.

On Thursday, the British pound rose against the US dollar after statements made by the head of the Bank of England.

Mark Carney said in his speech that in the coming years it will be necessary to raise interest rates, since the weakness of the UK economy in the 1st quarter was apparently a temporary phenomenon. Many experts also agree that the economic downturn that was observed earlier this year is coming to an end, but they are less optimistic about the forecasts of further GDP growth.

Carney also drew attention to the fact that there are signs of a negative impact of trade conflicts on business activity in the UK, and the trade war, which is now being waged by the US against most developed countries, could be a catalyst for a wider slowdown in global economic growth.

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Australia Business Confidence Steady In June - NAB

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Business confidence in Australia was unchanged in June, the latest survey from National Australian Bank revealed on Tuesday with an index score of +6.

That's unchanged from the May reading.

The bank also said that business conditions were steady with a score of +15, also unchanged from the previous month.

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China GDP +6.7% On Year In Q2

China's gross domestic product expanded 6.7 percent on year in the second quarter of 2016, the National Bureau of Statistics said on Friday. That was unchanged from the previous month, and it topped expectations for 6.6 percent. It was also the figure for the first half of the year. On a quarterly basis, GDP advanced 1.8 percent - exceeding forecasts for 1.6 percent following the upwardly revised 1.2 percent gain in the three months prior
 
Australia Housing Finance Rises Unexpectedly

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The total number of owner occupied housing commitments in Australia increased unexpectedly in May, after falling in the previous five months, figures from the Australian Bureau of Statistics showed Wednesday.

On a seasonally adjusted basis, total number of owner occupied dwelling commitments rose 1.1 percent month-over-month in May, reversing a 0.9 percent fall in April.

In contrast, economists had expected 2.0 percent decline for the month.

The value of owner occupied housing commitments, excluding alternations and additions, climbed 0.5 percent.

Meanwhile, the total value of investment housing commitments dropped slightly by 0.1 percent.

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Malaysia Industrial Production Growth Slows As Expected

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Malaysia's industrial production growth eased in May, in line with expectations, data from the Department of Statistics showed Thursday.

Industrial production advanced 3.0 percent year-over-year in May, slower than the 4.6 percent rise in April.

Among sectors, manufacturing output grew 4.1 percent annually in May and electricity production expanded by 2.6 percent. Meanwhile, mining output registered a decline of 0.5 percent.

On a monthly basis, industrial production edged up 0.2 percent from April, when it climbed by 1.5 percent.

Another report from the statistical office showed that manufacturing sales rose 5.5 percent yearly in May, following a 8.2 percent spike in the preceding month.

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China Exports Rise More Than Forecast

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China's exports increased at a faster-than-expected pace in June, data from the General Administration of Customs showed Friday.

In dollar terms, exports climbed 11.3 percent year-over-year in June, faster than the expected rise of 9.5 percent.

Imports advanced 14.1 percent in June from a year ago, well below economists' forecast for a growth of 21.3 percent.

The trade surplus totaled $41.61 billion in June versus the expected surplus of $27.72 billion.

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Malaysia Unemployment Rate Remains Stable

Malaysia's unemployment rate held steady in May, figures from the Department of Statistics showed Monday.

The jobless rate came in at 3.3 percent in May, the same rate as in April.

In the corresponding month last year, the unemployment rate was 3.4 percent.

There were 507,000 unemployed people in May compared with 504,800 a year earlier.

The labor force participation rate edged up to 68.4 percent in May from 68.2 percent in April.

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Singapore NODX Rises Less Than Expected In June

Singapore's non-oil domestic exports increased at a slower-than-expected pace in June, data from the International Enterprise Singapore showed Tuesday.

NODX rose 1.1 percent year-over-year in June, much slower than the 15.5 percent surge in May. That was also well below the 7.8 percent growth economists had forecast.

Meanwhile, exports of electronic products decreased 7.9 percent annually in June, following a 7.8 percent decline in the previous month.

Non-electronic NODX expanded 4.6 percent yearly in June after a 26.2 percent spike a month ago.

On a monthly basis, NODX fell a seasonally adjusted 10.8 percent from May, when it grew by 10.3 percent

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Malaysia Inflation Eases More Than Forecast

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Malaysia's consumer price inflation eased at a faster-than-expected pace in June to the lowest level in more than three years, following the withdrawal of the GST, figures from the Department of Statistics showed Wednesday.

Consumer prices rose 0.8 percent year-over-year in June, slower than the 1.8 percent increase in May. Economists had expected the inflation to moderate to 1.3 percent. For the first time within 40 months, the consumer price index recorded a value below 1.0 percent in June.

The abolishment of the GST by the government and discounts and price control measures during the Aidilfitri celebrations had a remarkable impact on goods prices, the agency said.

On a monthly basis, consumer prices dropped 1.2 percent in June.

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Australia Unemployment Rate Steady At 5.4%

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The jobless rate in Australia came in at a seasonally adjusted 5.4 percent in June, the Australian Bureau of Statistics said on Thursday.

That was in line with expectations and unchanged from the previous month.

The Australian economy added 50,900 jobs last month to 12,573,600 - shattering expectations for an increase of 16,500 following the addition of 12,000 in May.

Full-time employment increased 41,200 to 8,565,200 and part-time employment increased 9,700 to 4,008,400.

Unemployment decreased 1,100 to 714,100. The number of unemployed persons looking for full-time work increased 5,100 to 501,900 and the number of unemployed persons only looking for part-time work decreased 6,100 to 212,200.

The participation rate ticked up to 65.7 percent, exceeding expectations for 65.5 percent - which would have been unchanged.

Monthly hours worked in all jobs increased 10.7 million hours (0.6%) to 1,750.7 million hours.

Year-on-year growth in trend employment was above the 20 year average in all states and territories except for Victoria and Western Australia.

Over the past year, the states and territories with the strongest annual growth in trend employment were New South Wales (3.7 percent), Australian Capital Territory (2.9 percent) and Queensland (2.6 percent).

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Japan All Industry Activity Rises Marginally In May

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Japan's all industry activity grew only marginally in May after recovering in April, data from the Ministry of Economy, Trade and Industry showed Friday.

The all industry activity index gained 0.1 percent on month, much slower than April's 1 percent rebound. Nonetheless, the monthly rate was better than the expected nil growth.

Data showed that construction activity growth eased to 0.7 percent from 2.4 percent. At the same time, industrial production dropped 0.2 percent, reversing a 0.5 percent rise in April. The tertiary industry activity edged up 0.1 percent after climbing 1 percent a month ago.

Meanwhile, on a yearly basis, all industry activity growth accelerated to 1.6 percent from 1.4 percent in the previous month.

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UK Household Finance Outlook Turns Positive July

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British households' finance outlook turned positive for the first time since March 2016, while their financial pressures softened in July, results of a survey by IHS Markit and financial information provider Ipsos Mori revealed Monday.

The seasonally adjusted Household Finance Index, or HFI, rose to 44.6 in July from 43.6 in June.

However, a score below 50 suggests pessimism regrading finances among the U.K. households.

The index measuring the outlook for financial well-being over the next twelve months, climbed to 51.3 in July from 48.2 in the previous month.

A continued solid increase in income from employment and softer inflationary pressures combined to help ease the perceived strain on current finances.

On the price front, inflation expectations eased to a 19-month low in July, indicating that UK households forsee a softer squeeze from inflationary pressures over the next year.

"Nonetheless, households shifted their interest rate rise expectations towards the near-term, with around half of respondents anticipating a Bank of England rate rise before the end of the year," Sam Teague, Economist at IHS Markit, said.

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Australia's Consumer Confidence Weakens

Australia's consumer confidence weakened during the week ended July 22, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Tuesday.

The consumer confidence index dropped to 118.9 from 121.5 in the preceding week. Moreover, this was the lowest value in seven months.

"The decline in confidence was primarily driven by a weakening in sentiment around current and future economic conditions," ANZ's head of Australian Economics, David Plank, said.

"This likely reflects ongoing geopolitical tensions, such as the extending of trade tensions beyond the US and China."

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Australia Q2 CPI Unchanged At 0.4% On Quarter

Consumer prices in Australia were up 0.4 percent on quarter in the second three months of 2018, the Australian Bureau of Statistics said on Wednesday.

That was shy of expectations for an increase of 0.5 percent but unchanged from the Q1 reading.

On a yearly basis, inflation rose 2.1 percent - beneath expectations for 2.2 percent and up from 1.9 percent in the three months prior.

The trimmed mean was up 0.5 percent on quarter and 1.9 percent on year - both as expected and unchanged from the previous three months.

The weighted median was up 0.5 percent on quarter, unchanged and as expected. It was also up 1.9 percent on year, matching forecasts and down from 2.1 percent in Q1.

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