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European Economics Preview: German Ifo Business Confidence Data Due

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

At 2.00 am ET, Statistics Norway releases unemployment data for April. The jobless rate is expected to rise to 3.8 percent in April.

At 2.45 am ET, France's statistical office Insee is scheduled to issue business confidence survey results. The sentiment index is forecast to rise to 80 in June from 70 in May.

At 3.00 am ET, manufacturing confidence survey data is due from Sweden and Turkey.

At 4.00 am ET, Germany's ifo Institute is scheduled to publish business sentiment survey results for June. Economists forecast the business climate index to rise to 85.0 in June from 79.5 a month ago.

In the meantime, unemployment data is due from Poland. The jobless rate is expected to rise to 6.1 percent in May from 5.8 percent in April.

At 8.30 am ET, the Czech National Bank announces its interest rate decision. Economist forecast the bank to hold its key rate at 0.25 percent.

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New Zealand Trade Surplus NZ$1.3 Billion In May

New Zealand posted a merchandise trade surplus of NZ$1.3 billion in May, Statistics New Zealand said on Thursday - following the NZ$1.267 billion surplus in April.

Exports were down an annual 6.1 percent or NZ$350 million to NZ$5.39 billion.

Imports plummeted 25.6 percent or NZ$1.4 billion to NZ$4.14 billion.

In the year ended May 2020, exports gained 1.3 percent or NZ$0.8 billion to NZ$60.1 billion. Imports fell 5.4 percent or NZ$3.5 billion to NZ$61.4 billion - resulting in a trade deficit of NZ$1.3 billion.

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European Economics Preview: France Consumer Confidence Data Due

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

At 2.00 am ET, May import price data is due from Germany. Prices had decreased 7.4 percent annually in April.

At 2.45 am ET, France's statistical office Insee publishes consumer sentiment survey data. The indicator is expected to rise to 95 in June from 93 in May.

At 3.00 am ET, European Central Bank President Christine Lagarde is set to speak at an online summit organized by the European Business Leaders' Convention.

In the meantime, retail sales data from Spain is due. Economists forecast sales to fall 17.6 percent annually in May, following a 31.6 percent decrease in April.

Half an hour later, Statistics Sweden is set to issue retail sales and producer prices for May. Economists forecast sales to fall 2.1 percent on month, in contrast to an increase of 0.2 percent in April.

At 4.00 am ET, private sector credit data from euro area and manufacturing Purchasing Managers' survey results are due from Austria.

At 5.00 am ET, Italy's Istat is set to release business confidence survey data. The business sentiment index is expected to rise to 80 in June from 71.2 in May.

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Malaysia Exports Fall More Than Expected In May

Malaysia's exports declined at faster than expected rate in May, data from the Department of Statistics revealed on Thursday.

Exports fell 25.5 percent year-on-year to MYR 62.7 billion in May, following a 23.9 percent decrease in April. Economists had expected a 19.9 percent decline.

Exports to India, Singapore, Thailand, Japan, the European Union, Hong Kong and Vietnam lowered in May, while those to China increased.

Imports declined 30.4 percent annually to MYR 52.3 billion in May, following a 23.6 percent fall in the previous month. This was the biggest fall since January 2009. Economists had forecast a fall of 19.8 percent.

Consequently, the trade balance registered a surplus of MYR 10.4 billion in May.

On a monthly basis, exports fell 3.2 percent in May and imports declined 23.6 percent.

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New Zealand ANZ Business Sentiment Rises Less Than Estimated

New Zealand business sentiment improved less than estimated in June, final data from ANZ showed on Tuesday.

The business confidence index rose to -34.4 in June from -41.8 in May. However, the score was weaker the preliminary estimate of -33.0.

ANZ said a vigorous bounce out of lockdown was evident in the numbers, but the levels were consistent with the assessment that the recession is just starting.

"It is encouraging to see a bounce in sentiment in the retail sector, and these tallies with anecdotes we are hearing about households rushing out to spend the involuntary savings accumulated during lockdown, as well as the money that had been squirreled away, earmarked for an overseas holiday," ANZ said.

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UK Shop Prices Continues To Fall In June: BRC

UK shop prices declined for the thirteenth straight month in June but the pace of decrease slowed, data from the British Retail Consortium showed Wednesday.

The BRC-Nielsen shop price index declined 1.6 percent in June.

Although consumers benefited from the decline in shop prices, the situation for many retailers, such as those in clothing and footwear remains very challenging, Helen Dickinson, chief executive at BRC, said.

"Coronavirus has been a huge shock to the retail industry and coming on top of this, the threat of the UK leaving the EU without a trade deal is a real concern as it would lead to severe disruptions to supply chains, far beyond those experienced during lockdown, resulting in higher prices and reduced availability in shops," Dickinson added.

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European Economics Preview: Eurozone Unemployment Data Due

Unemployment data from euro area is due on Thursday, headlining a light day for the European economic news.

At 3.00 am ET, Spain's unemployment data for June is due. The number of people out of work had increased 26,600 in May.

In the meantime, the Hungarian Central Statistical Office is scheduled to release foreign trade figures for April.

At 4.00 am ET, unemployment data is due from Italy. Economists forecast the jobless rate to climb to 7.7 percent in May from 6.3 percent in April. At 5.00 am ET, Eurostat is scheduled to release euro area unemployment and producer price data. The jobless rate is expected to rise to 7.7 percent in May from 7.3 percent in April.

Eurozone producer prices are forecast to decline 4.8 percent annually, faster than the 4.5 percent drop seen in April.

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China's Service Sector Grows Most Since 2010

China's service sector expanded at the fastest pace in more than a decade in June, driven by strong orders as measures related to the coronavirus pandemic were relaxed, survey data from IHS Markit showed Friday.

The Caixin services Purchasing Managers' Index rose to 58.4 in June from 55.0 in May. The rate of expansion was the fastest since April 2010. A score above 50 indicates expansion in the sector.

Total new orders advanced at the quickest pace since August 2010 driven by improving market conditions and new export work expanded for the first time since January.

Firms widely reported that overall market conditions had continued to improve following an easing of measures related to the coronavirus disease 2019 pandemic.

Nonetheless, service providers reported another fall in workforce numbers. As new business increased, outstanding workloads logged a renewed rise in June. On the price front, the survey showed a slight drop in input prices at the end of the second quarter. At the same time, prices charged by services companies were broadly unchanged in June, thereby ending a six-month period of decline.

Service providers expressed stronger optimism towards the 12-month outlook for business activity in June.

The composite output index rose to 55.7 in June from 54.5 in May, to signal a sharp and accelerated increase in overall Chinese business activity.

"Although businesses were optimistic about the economic outlook, they remained cautious about increasing hiring, with employment in both the manufacturing and services sectors shrinking," Wang Zhe, a senior economist at Caixin Insight Group said. Addressing the employment problem requires not only macro policies to further promote work resumption, but also more targeted relief measures introduced by governments to tide companies over, said Wang.

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Hong Kong Private Sector PMI Improves To 49.6 In June - IHS Markit

The private sector in Hong Kong continued to contract in June, albeit at a much slower rate, the latest survey from IHS Markey revealed on Monday with a PMI score of 49.6.

That's up from 43.9 in May, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, output and new orders fell at the slowest rate in more than two years. Employment levels were broadly stable and input cost inflation returned.

Firms were less pessimistic about the year-ahead outlook during June than in May, with confidence rising to a five-month high.

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Australia Keeps Interest Rate, QE Unchanged

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Australia's central bank maintained its key interest rate and the target yield on three-year government bonds unchanged on Tuesday.

The board of Reserve Bank of Australia, governed by Philip Lowe, decided to maintain cash rate and the targeted yield on three-year government bonds of 25 basis points.

The bank said it is prepared to scale-up its bond purchases again and will do whatever is necessary to ensure bond markets remain functional and to achieve the yield target for 3-year Australian government securities.

The RBA had reduced the key interest rate to the current record low of 0.25 percent at the March meeting. Also in March, the bank had introduced asset purchase programme to combat the downturn caused by the pandemic.

As the economy is going through a very difficult period, it is likely that fiscal and monetary support will be required for some time, the bank said.

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European Economics Preview: Germany Foreign Trade Data Due

Foreign trade data from Germany is due on Thursday, headlining light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to publish Germany's foreign trade figures for May. Exports are forecast to grow 13.8 percent and imports to rise 12 percent on a monthly basis. The trade surplus is seen at EUR 5.2 billion versus EUR 3.2 billion in April.

In the meantime, Finland's external trade data for May is due.

At 3.00 am ET, foreign trade data is due from Hungary. The trade deficit is expected to narrow to EUR 281 million from EUR 561 million in

April. At 5.00 am ET, Greece unemployment data for April is due.

At 6.00 am ET, the Central Statistics Office publishes Ireland's consumer prices for June. Prices had decreased 0.5 percent on year in May.

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European Economics Preview: France Industrial Production Data Due

Industrial production from France is due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, Statistics Norway publishes consumer and producer prices for June. Inflation is expected to rise slightly to 1.4 percent from 1.3 percent in May.

In the meantime, foreign trade and consumer prices from Romania are due. At 2.45 am ET, France's statistical office Insee is slated to release industrial production for May. Economists forecast industrial output to grow 15.1 percent month-on-month in May, reversing a 20.1 percent fall in April.

At 3.00 am ET, the Czech Statistical Office releases consumer prices for June. Inflation is forecast to remain unchanged at 2.9 percent.

At 4.00 am ET, Italy's Istat publishes industrial production data for May. Economists forecast production to climb 22.8 percent on month, reversing a 19.1 percent drop in April.

At 5.00 am ET, consumer prices and industrial output data is due from Greece.

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New Zealand Food Prices Gain 0.4% In June

Food prices in New Zealand were up a seasonally adjusted 0.4 percent on month in June, Statistics New Zealand said on Monday.

Unadjusted prices rose 0.5 percent on month. Individually, fruit and vegetable prices rose 3.9 percent (up 0.8 percent after seasonal adjustment), while meat, poultry, and fish prices rose 0.9 percent, grocery food prices fell 0.5 percent (down 0.2 percent after seasonal adjustment), non-alcoholic beverage prices fell 1.1 percent and restaurant meals and ready-to-eat food prices rose 0.4 percent.

On a yearly basis, food prices climbed 4.1 percent - accelerating from 2.9 percent in the previous month.

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Singapore GDP Plummets 41.2% On Quarter In Q2

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Singapore's gross domestic product tumbled a seasonally adjusted 41.2 percent on quarter in the second quarter of 2020, the Ministry of Trade and Industry said in Tuesday's advance estimate.

That missed forecasts for a drop of 37.4 percent following the upwardly revised 3.3 percent contraction in the previous three months (originally -4.7 percent).

On a yearly basis, Singapore's GDP sank 12.6 percent - again shy of expectations for 10.5 percent following the upwardly revised 0.3 percent fall in the three months prior (originally -0.7 percent).

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Gold Subdued As Equities Edge Higher Gold prices were flat to slightly lower on Wednesday and equities edged higher as traders cheered positive updates on a potential Covid-19 vaccine and pinned hopes on EU stimulus.

Biotech firm Moderna said its experimental vaccine for Covid-19, mRNA-1273, showed it was safe and produced strong immune responses in all 45 patients in an ongoing early-stage human trial.

EU leaders are set to meet later this week for an extraordinary summit and it is expected that they will agree on a recovery fund of 750 billion euros for pandemic-hammered economies.

Both spot gold and U.S. gold futures were down 0.1 percent at $1,811.85 per ounce and $1,811.95, respectively. Diplomatic tensions between the United States and China as well as concerns over the recovery of the global economy helped limit the downside for the yellow metal.

After U.S. President Donald Trump ordered an end to Hong Kong's special status under U.S. law, Beijing vowed retaliatory sanctions against U.S. individuals and entities.

"Hong Kong affairs are purely China's internal affairs and no foreign country has the right to interfere," China's foreign ministry said.

U.S. Federal Reserve officials warned that the U.S. economy will recover more slowly than expected, as cases continue to surge across the country leading many states to impose restrictions on movement and stay-at-home advisories.
 
European Economics Preview: ECB Monetary Policy Announcement Due

The interest rate announcement from the European Central Bank is due on Thursday, headlining a light day for the European economic news.

The ECB is expected to leave its key interest rate, which is the rate on the main refinancing operations, at a record low zero percent. No new measures are expected at the meeting. The announcement is due at 7.45 am ET.

ECB President Christine Lagarde is set to hold customary press conference at 8.30 am ET.

At 2.00 am ET, the Office for National Statistics is slated to issue UK labor market statistics. The jobless rate is forecast to rise to 4.2 percent in three months to May from 3.9 percent in three months to April.

In the meantime, the European Automobile Manufacturers' Association publishes Europe's new car registrations data for June.

At 2.45 am ET, France's statistical office Insee is scheduled to issue final consumer prices for June. According to preliminary estimate, inflation eased to 0.1 percent, which was the lowest since May 2016.

At 4.00 am ET, Italy's foreign trade data for May is due. The trade deficit totaled EUR 1.15 billion in April.

In the meantime, Bank of England's credit conditions survey data is due.

At 5.00 am ET, Eurostat releases euro area foreign trade data for May. The trade surplus totaled EUR 2.9 billion in April.

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European Economics Preview: Eurozone Final Inflation Data Due

Final consumer price data from euro area is due on Friday, headlining a light day for the European economic news.

At 3.00 am ET, the Czech Statistical Office releases producer prices for June. Prices are expected to fall 0.1 percent annually following a 0.9 percent drop in May.

At 4.00 am ET, Italy's Istat is slated to issue industrial orders data for May. Orders had declined 32.2 percent on month in April.

In the meantime, wage growth from Poland is due. Economists forecast corporate sector wages to climb 1.5 percent on year, faster than the 1.2 percent rise in May.

At 5.00 am ET, Eurostat releases euro area final consumer prices for June. Inflation is expected to rise to 0.3 percent in June, as initially estimated, from a near four-year low of 0.1 percent in May.

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European Economics Preview: Eurozone Current Account Data Due

Current account data from euro area is due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to release Germany's producer prices for June. Prices are forecast to drop 1.6 percent annually, slower than the 2.2 percent fall seen in May.

At 3.00 am ET, unemployment data is due from Slovakia. Economists forecast the jobless rate to rise to 8 percent in June from 7.2 percent in May.

At 4.00 am ET, the European Central Bank releases euro area current account data for May. The surplus totaled EUR 14.4 billion in April.

In the meantime, industrial production and producer prices are due from Poland. Industrial production is expected to fall 6.9 percent on year in June, slower than the 17 percent fall seen in May. Economists forecast producer prices to drop 1 percent annually, smaller than the 1.5 percent fall in May.

At 6.00 am ET, Germany's central bank publishes monthly report.

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Japan Overall Inflation Gains 0.1% On Year In June

Consumer prices in Japan were up 0.1 percent on year in June, the Ministry of Internal Affairs and Communications said on Tuesday - in line with expectations and unchanged from the May reading.

Core CPI, which excludes volatile food prices, was unchanged on an annual basis - versus forecasts for a drop of 0.1 percent following the 0.2 percent decline in the previous month.

Individually, prices were higher annually for food, housing, furniture, clothing, medical care and recreation. They were lower for fuel, communications and education.

On a monthly basis, overall and core CPI both added a seasonally adjusted 0.1 percent.

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Australia's Retail Sales Increase In June

Australia's retail sales increased in June largely driven by cafes, restaurants and takeaway food services, preliminary data from the Australian Bureau of Statistics showed Wednesday.

Retail turnover advanced 2.4 percent on a monthly basis in June but slower than the 16.9 percent increase in May.

Year-on-year, turnover grew 8.2 percent.

Rises in June were led by cafes, restaurants and takeaway food services, and clothing, footwear and personal accessory retailing. While some restrictions on trade remained in June, many businesses in these industries saw a full month of trade, having been closed for the first week of May, the ABS said.

Turnover in these industries remained below the levels of June 2019.

Food retailing gained 0.9 percent, with a rise in supermarkets and grocery stores offset by a fall in liquor retailing.

Meanwhile, household goods retailing fell in June but this industry continued to trade significantly above the levels of June 2019. Department stores dropped 12 percent following a large rise in May.

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