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European Economics Preview: Germany GfK Consumer Confidence Data Due

Consumer confidence from Germany is due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, Germany's Gfk consumer confidence survey results are due. The forward-looking consumer sentiment index is expected to rise to -5 in August from -9.6 in July.

In the meantime, unemployment data is due from Statistics Norway. At 2.45 am ET, the statistical office Insee is scheduled to release France's business confidence survey data. Economists forecast the index to climb to 85 in July from 77 in June.

At 3.30 am ET, Statistics Sweden publishes unemployment data for June.

Half an hour later, unemployment data is due from Poland. The jobless rate is seen at 6.2 percent in June versus 6 percent in May.

At 6.00 am ET, the Confederation of British Industry is slated to issue Industrial Trends survey data. The order book balance is forecast to improve to -38 in July from -58 in June.

At 7.00 am ET, Turkey's central bank is set to announce its interest rate decision. The bank is expected to hold its one-week repo rate at 8.25 percent.

At 10.00 am ET, Eurozone flash consumer confidence survey data is due. The sentiment index is seen rising to -12 in July from -14.7 in June.

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European Economics Preview: Eurozone Flash PMI Data Due

Flash Purchasing Managers' survey data from euro area and retail sales from the UK are due on Friday, headlining a busy day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK retail sales for June. Economists forecast sales to rise 8 percent on month, slower than the 12 percent increase in May.

At 3.00 am ET, producer prices from Spain and industrial production from Austria are due. At 3.15 am ET, IHS Markit is scheduled to issue France's flash Purchasing Managers' survey data. The composite PMI is seen rising to 53.5 in July from 51.7 in June.

At 3.30 am ET, Germany's flash PMI data is due. Economists forecast the composite indicator to improve to 50.3 in July from 47.0 in June.

At 4.00 am ET, IHS Markit is set to publish euro area PMI data. The flash composite output index is expected to rise to 51.1 in July from 48.5 in June.

Half an hour later, UK flash composite PMI survey data is due. The composite index is seen at 51.1 in July versus 47.7 in the previous month.

At 6.30 am ET, Russia's central bank is set to announce its interest rate decision. Economists expect the central bank to cut its key rate to 4.25 percent from 4.50 percent.

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China's Industrial Profits Increase At Faster Pace

China's industrial profits increased at a faster pace of June as easing of the coronavirus containment measures boosted manufacturing activity, data from the National Bureau of Statistics showed Monday.

Industrial profits grew 11.5 percent on a yearly basis in June, following a 6 percent rise in May.

Profits of steel 35.3 percent and that of non-ferrous metals grew 24.1 percent in June.

Nonetheless, the statistical office said the sustainability of industrial profits is uncertain, the statistical office.

In the first half of 2020, industrial profits declined 12.8 percent from the same period last year. Iris Pang, an economist at ING said the decline in Covid-19 cases and relaxation of restrictions are positive for domestic demand and for related manufacturing activity. Some recovery from Covid-19 in parts of the rest of the world will also have helped China's manufacturing output and profitability in June, the economist said.

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Thai Stock Markets Closed On Tuesday

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On a very light day on the economic calendar, the markets in Thailand are closed on Tuesday in observance of King Maha Vajiralongkorn's birthday, and will reopen on Wednesday.

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European Economics Preview: UK Mortgage Approvals Data Due

Mortgage approvals the UK and consumer confidence from France are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany's import prices for June. Economists forecast prices to fall 5.1 percent on year, slower than the 7 percent decrease seen in May.

At 2.45 am ET, France's statistical office Insee is set to publish consumer sentiment survey results. The confidence index is seen rising to 99 in July from 97 in June. At 3.00 am ET, the Swedish National Institute of Economic Research releases economic tendency survey data.

In the meantime, retail sales from Spain, unemployment from Hungary and foreign trade figures from Turkey are due. Economists forecast Spain retail sales to decline 17.6 percent annually in June, following a 19 percent drop in May.

At 4.00 am ET, producer prices from Italy and manufacturing PMI data from Austria are due.

Half an hour later, Bank of England is scheduled to issue UK mortgage approvals data for June. The number of mortgages approved in June is forecast to advance to 33,900 from 9,273 in May.

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Australia Building Approvals Sink 4.9% In June

he total number of building permits issued in Australia was down a seasonally adjusted 4.9 percent on month in June, the Australian Bureau of Statistics said on Thursday - coming in at 12,213.

That missed expectations for an increase of 1.5 percent following the 15.8 percent contraction in May.

On a yearly basis, consents were down 15.8 percent.

Consents for private sector houses were down 5.7 percent on month and 7.0 percent on year at 8,070 - while consents for private sector dwellings excluding houses sank 5.3 percent on month and 30.5 percent on year at 3,782.

The seasonally adjusted estimate of the value of total building approved rose 7.3 percent in June. The value of non-residential building rose 17.8 percent, while the value of residential building rose 0.1 percent.

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Japan Industrial Production Gains 2.7% In June

Industrial output in Japan was up a seasonally adjusted 2.7 percent on month in June, the Ministry of Economy, Trade and Industry said on Friday.

That beat forecasts for a gain of 1.2 percent following the 8.9 percent decline in May.

On a yearly basis, industrial production sank 17.7 percent - again beating forecasts for a fall of 20 percent following the 26.3 percent contraction in the previous month.

Industries that contributed to the monthly increase included motor vehicle, production machinery and plastic products - offset by weakness from chemicals, paper and other manufacturing.

Upon the release of the data, the METI upgraded its assessment of industrial production, saying that it has bottomed out and shows signs of picking up movement.

Shipments were up 5.2 percent on month and down 16.3 percent on year, while inventories fell 2.4 percent on month and 3.4 percent on year. The inventory ratio sank 7.0 percent on month but surged 22.7 percent on year.

According to the METI's Survey of Production Forecast, output is expected to rise 11.3 percent on month in June and 3.4 percent in August.

Also on Friday, the Ministry of Internal Affairs and Communications said that Japan's unemployment rate came in at a seasonally adjusted 2.8 percent in June. That beat forecasts for 3.1 percent and was down from 2.9 percent in May.

The job-to-applicant ration fell to 1.11, missing expectations for 1.16 and down from 1.2 in the previous month.

The number of employed persons in June was 66.70 million, a decrease of 770,000 from the previous year. The number of unemployed persons in June was 1.95 million, an increase of 330,000 from the previous year.

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Malaysia Manufacturing Sector Steady In July - Markit Economics

The manufacturing sector in Malaysia was roughly flat in July, the latest survey from Markit Economics showed on Monday with a manufacturing PMI score of 50.0.

That's down from 51.0 in June and it now sits right on the line that separates expansion from contraction.

Individually, output rose for the second straight month, while firms remained optimistic about their 12-month outlook.

Input prices rose at their fastest pace since October 2018.

A lack of pressure on capacity, and efforts to limit input costs, led to further caution among manufacturers when making hiring decisions. Employment was consequently scaled back for the fourth month running.

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European Economics Preview: Eurozone PPI Data Due

Producer price data from euro area is due on Tuesday, headlining a light day for the European economic news.

At 1.45 am ET, the State Secretariat for Economic Affairs is scheduled to issue Swiss consumer sentiment data for the third quarter.

At 3.00 am ET, monthly unemployment data from Spain and producer prices from Hungary are due.

In the meantime, consumer and producer price figures are due from Turkey. Inflation is expected to ease to 12.1 percent in July from 12.62 percent in June.

At 5.00 am ET, Eurostat is slated to issue Eurozone producer prices for June. Economists forecast producer prices to fall 3.9 percent annually, following a 5 percent decrease in May.

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Australia Home Loans Rise 5.5% In June

The total value of owner-occupied home loans in Australia was up a seasonally adjusted 5.5 percent on month in June, the Australian Bureau of Statistics said on Wednesday - coming in at A$12.99 billion.

That follows the 10.2 percent decline in May.

Investment lending was up 8.1 percent to A$4.44 billion after tumbling 15.6 percent in the previous month.

On a yearly basis, owner-occupied home loans were up 8.7 percent and investment lending sank 6.1 percent.

Fixed term loans rose 5.2 percent on month and fell 10.9 percent on year to A$1.51 billion.

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European Economics Preview: Bank Of England Rate Decision Due

The Bank of England is expected to keep its key interest rate and quantitative easing unchanged on Thursday. The monetary policy announcement is due at 2.00 am ET. After expanding the QE by GBP 100 billion in June, markets expect the bank to hold the programme at GBP 745 billion and the interest rate at a historic low of 0.10 percent.

In the quarterly monetary policy report, to be released with the monetary policy report, the bank is expected to forecast a slow economic recovery from the coronavirus pandemic.

At 2.00 am ET, Destatis is scheduled to release Germany's industrial orders data. Industrial orders are expected to grow 10.1 percent on month in June, slower than the 10.4 percent rise in May.

At 3.00 am ET, industrial production and foreign trade figures are due from the Czech Republic. Economists forecast production to shrink 14.3 percent on year in June, slower than the 25.7 percent decline in May.

In the meantime, industrial output data is due from Hungary. Output is seen falling 11 percent in June versus a 30.7 percent decrease in May.

Half an hour later, IHS Markit releases Germany's construction PMI data.

At 4.00 am ET, industrial output data is due from Italy. Economists forecast production to grow moderately by 5.1 percent on month after surging 42.1 percent in May.

At 4.30 am ET, UK IHS Markit/CIPS construction PMI data is due. The PMI is forecast to rise to 57.0 in July from 55.3 in June.

At 8.30 am ET, the Czech National Bank interest rate announcement is due. The bank is expected to hold its key rate at 0.25 percent.

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Japan Household Spending Slips 1.2% On Year In June

The average of household spending in Japan was down 1.2 percent on year in June, the Ministry of Internal Affairs and Communications said on Friday - coming in at 273,699 yen.

That beat forecasts for a decline of 7.5 percent following the 16.2 percent tumble in May.

The average of monthly income per household stood at 1,019,095 yen, up 15.6 percent on year.

On a monthly basis, household spending surged 13.0 percent - beating forecasts for a gain of 7.5 percent after slipping 0.1 percent in the previous month.

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China Consumer Prices Climb 2.7% On Year In July

Consumer prices in China were up 2.7 percent on year in July, the National Bureau of Statistics said on Monday.

That exceeded expectations for an increase of 2.6 percent and was up from the 2.5 percent gain in June.

On a monthly basis, inflation rose 0.6 percent - again topping forecasts for a rise of 0.4 percent following the 0.1 percent decline in the previous month.

The bureau also said the producer prices were down 2.4 percent on year versus expectations for a fall of 2.5 percent after skidding 3.0 percent a month earlier.

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European Economics Preview: UK Unemployment Data Due

Labor market statistics from the UK and economic confidence from Germany are due on Tuesday, headlining a light day for the European economic news.

At 1.00 am ET, July unemployment data is due from Sweden. The jobless rate stood at 9 percent in June.

At 2.00 am ET, the Office for National Statistics is set to issue the UK unemployment data. The jobless rate is forecast to rise to 4.2 percent in three months to June from 3.9 percent in three months to May.

At 3.00 am ET, consumer price data is due from Hungary. Inflation is forecast to rise to 3.2 percent in July from 2.9 percent in June.

At 5.00 am ET, Germany's ZEW economic confidence survey results are due. The economic sentiment index is forecast to fall to 58.0 in August from 59.3 in July.

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Australia Wage Prices Rise 1.8% On Year In Q2

Wage prices in Australia were up 1.8 percent on year in the second quarter of 2020, the Australian Bureau of Statistics said on Wednesday.

That was shy of expectations for 1.9 percent and down from 2.1 percent in the three months prior.

On a seasonally adjusted quarterly basis, wage prices rose 0.2 percent - also missing forecasts for 0.3 percent and down from 0.5 percent in the previous three months.

Private sector wages gained 0.1 percent on quarter and 1.7 percent on year, while public sector wages climbed 0.6 percent on quarter and 2.1 percent on year.

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European Economics Preview: Eurozone GDP Data Due

Flash quarterly national accounts data from euro area is due on Friday, headlining a busy day for the European economic news.

At 1.00 am ET, Statistics Finland releases consumer prices for July and economic output for June.

At 2.30 am ET, July producer prices data from Switzerland is due. Prices had decreased 3.5 percent annually in June.

At 2.45 am ET, the French statistical office Insee publishes final consumer prices for July. Inflation is expected to rise to 0.8 percent in July, as initially estimated, from 0.2 percent in June.

At 3.00 am ET, industrial production and retail sales figures are due from Turkey. Economists forecast output to rise 1.1 percent on year in June, reversing a 19.9 percent fall in May.

At 3.30 am ET, Dutch GDP data is due for the second quarter.

At 4.00 am ET, consumer prices and GDP are due from Poland. Economists forecast GDP to fall 9.6 percent sequentially in the second quarter, faster than the 0.4 percent drop in the first quarter.

At 5.00 am ET, Eurostat is set to publish euro area flash GDP estimate for the second quarter. According to preliminary estimate, the currency bloc contracted 12.1 percent.

In the meantime, euro area foreign trade data is also due. The trade surplus is forecast to rise to EUR 12.6 billion in June from EUR 9.4 billion in May.

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Thailand GDP Contracts Sharply In Q2

Thailand's economy contracted sharply in the second quarter amid the coronavirus pandemic, data from the National Economic and Social Development Council, or NESDC, showed on Monday.

Gross domestic product fell 12.2 percent on a yearly basis in the first quarter, after easing by revised 2 percent in the first quarter. Economists had forecast an annual decline of 13.3 percent.

On a quarterly basis, GDP declined 9.7 percent versus a 2.5 percent drop a quarter ago. GDP was expected to fall 11.4 percent. On the expenditure side, data showed that private final consumption expenditure declined by 6.6 percent, while government spending grew 1.4 percent.

Gross fixed capital formation decreased 8 percent. For external demands, exports and imports of goods and services decreased in the second quarter. The government lowered its full-year GDP forecast for 2020 to -7.3 percent to -7.8 percent compared to an earlier estimate of a -5 percent to -6 percent.

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RBA Minutes On Tap For Tuesday

The Reserve Bank of Australia will on Tuesday release the minutes from its monetary policy meeting on August 5, highlighting a light day for Asia-Pacific economic activity.

At the meeting, Australia's central bank left its benchmark lending rate unchanged at the record low 0.25 percent and also kept its quantitative easing unchanged. The bank vowed to maintain accommodative approach as long as it is required.
Indonesia will see Q2 results for its Business Tendency Index; in the previous three months, the index score was 104.82.

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Australia's Leading Index Continue To Signal Recession: Westpac

Australia's leading index remained in deep negative territory in July but the index appeared to have bottomed out in April, Westpac said Wednesday.

The six-month annualized growth rate in the Westpac Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, rose to -4.37 percent in July from -4.43 percent in June.

The economic contraction in Victoria caused by the hard lockdown following the renewed virus outbreak will offset the ongoing recovery in other states, said Westpac.

Wespac expects economic growth to be flat in the September quarter before lifting by 2.8 percent in the December quarter on the assumption that Victoria moves through Stage 4 to Stage 2 and the other states avoid 'second wave' outbreaks.

Looking over the six months since the onset of the Covid-19 pandemic, the index still showed a large, broad-based weakening.

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Sri Lanka's Central Bank Keeps Rate On Hold

Sri Lanka's central bank left its key rates unchanged on Thursday after cutting it by 100 basis points last month.

The Monetary Board of the Central Bank of Sri Lanka decided to hold the Standing Deposit Facility Rate at 4.50 percent and the Standing Lending Facility Rate at 5.50 percent.

The bank has reduced the interest rates five times so far this year. The bank had slashed the rates by 100 basis points in July.

The board decided to adopt targeted measures to reduce specific interest rates that it considered to be excessive, which would help marginal borrowers.

The central bank expects the economy to recover in the second half of the year. However, for sustaining the growth momentum beyond the near term would require reforms to address structural issues in the economy, the bank noted.

Inflation is forecast to remain broadly within the desired 4-6 percent range in the near to medium term, with appropriate policy measures.

Given the poor outlook for the economy and mounting political pressure, Alex Holmes, an economist at Capital Economics, said the easing cycle has further to run.

The economist expects 50 basis points of rate cuts for the remainder of this year and another 50 basis points of cuts in 2021.

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