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CHINA GDP EXPANDS 4.9% ON YEAR IN Q3

China's gross domestic product was up 4.9 percent on year in the third quarter of 2020, the National Bureau of Statistics said on Monday - missing forecasts for a gain of 5.2 percent but still up from 3.2 percent in the three months prior.

On a quarterly basis, GDP rose 2.7 percent - again shy of expectations for 3.2 percent and down sharply from the 11.5 percent gain in the previous three months.

The bureau also said that industrial production jumped 6.9 percent on year in September - beating forecasts for a gain of 5.8 percent and up from 5.6 percent in August.

Retail sales climbed an annual 3.3 percent, exceeding expectations for a rise of 1.8 percent following the 0.5 percent gain in the previous month.

Fixed asset investment was up 0.8 percent year to date in September, matching forecasts following the 0.3 percent fall a month earlier.

The jobless rate came in at 5.4 percent in September, down from 5.6 percent in August.

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EUROPEAN ECONOMICS PREVIEW: GERMANY PRODUCER PRICES DATA DUE

Producer prices from Germany and current account from euro area are due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany's producer prices for September. Economists forecast prices to fall 1.4 percent annually, after easing 1.2 percent in August.

At 4.00 am ET, the European Central Bank releases euro area current account data for August. The current account surplus is seen at EUR 17.2 billion compared to a EUR 16.6 billion surplus logged in July.

In the meantime, industrial production and producer prices are due from Poland. Industrial output is expected to grow at a faster pace of 3.8 percent after rising 1.5 percent in August.

At 8.00 am ET, Hungary's central bank monetary policy announcement is due. Economists expect the bank to hold its key rate at 0.60 percent.

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AUSTRALIA'S LEADING INDEX SIGNALS ROBUST GROWTH MOMENTUM

Australia's leading index improved in September suggesting that momentum continued to show a significant improvement consistent with the economy moving out of recession, data from Westpac showed 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 -0.48 percent in September from -2.28 percent in August.

The leading index growth rate has lifted a whopping 5.11 percentage points since April, data showed.

The main components driving the improvement have been US industrial production, the S&P/ASX 200, aggregate monthly hours worked, the Westpac-MI Consumer Expectations index, and the Westpac-MI "Unemployment Expectations index.

However, these gains have been partially offset by a bigger drag from commodity prices and the dwelling approvals.

Westpac upgraded its growth outlook for 2021 to 2.8 percent and that for 2022 to 3.5 percent.

Key factors behind the improvement are a boost to consumer demand, as households spend around 50 percent of the personal tax cuts, and a lift in business investment in response to the accelerated depreciation allowances.

Bill Evans, chief economist at Westpac expects the cash rate, the three year bond target rate and the rate on the Term Funding Facility to be reduced from 0.25 percent to 0.10 percent at the upcoming meeting on November 3.

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EUROPEAN ECONOMICS PREVIEW: GERMAN 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 data is due. The forward-looking consumer sentiment index is seen at -2.8 in November versus -1.6 in October.

In the meantime, unemployment data is due from Statistics Norway. The jobless rate is forecast to fall to 5.1 percent in three months to August.

At 2.45 am ET, the French statistical office Insee releases business confidence survey results. The sentiment index is forecast to remain unchanged at 96 in October. At 3.00 am ET, consumer confidence from Turkey is due.

At 6.00 am ET, the Confederation of British Industry releases Industrial Trends survey results. The order book balance is seen at -45 percent in October versus -48 percent in September.

At 7.00 am ET, Turkey's central bank announces its interest rate decision. The bank is expected to lift its one-week repo rate to 12.00 percent from 10.25 percent.

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EUROPEAN ECONOMICS PREVIEW: EUROZONE FLASH PMI DATA DUE

Flash Purchasing Managers' survey data from euro area and 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 data for September. Sales are forecast to grow 0.4 percent on month, slower than the 0.8 percent increase in August.

At 3.15 am ET, IHS Markit releases France's composite PMI data. The composite index is forecast to fall to 48.0 in October from 48.5 in September. At 3.30 am ET, Germany's flash PMI data is due. The composite index is seen at 53.2 in October versus 54.7 in the previous month.

In the meantime, Statistics Sweden is scheduled to publish producer prices for September. Prices had declined 4.6 percent on year in August.

At 4.00 am ET, Germany's ifo business confidence survey results are due. Economists forecast the index to rise to 93.8 in October from 93.4 in September.

Also, flash PMI survey results are due from euro area. The composite index is expected to drop to 49.3 in October from 50.4 in the previous month.

At 4.30 am ET, UK composite PMI data is due. Economists forecast the indicator to drop marginally to 55.6 in October from 55.7 a month ago.

At 6.30 am ET, Russia's central bank announces the outcome of its monetary policy meeting. The bank is expected to hold its key rate at 4.25 percent.

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EUROPEAN ECONOMICS PREVIEW: GERMANY IFO BUSINESS CONFIDENCE DATA DUE

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

usiness sentiment survey data from Germany is due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Statistics Finland releases producer and import prices for September.

At 4.00 am ET, the Turkish Statistical Institute is slated to issue manufacturing sentiment data for October.

In the meantime, Spain's INE issues producer prices and unemployment data. The jobless rate is forecast to rise to 16.7 percent in the third quarter from 15.33 percent in the second quarter.

At 5.00 am ET, Germany's ifo business confidence survey results are due. Economists forecast the business sentiment index to drop to 93.0 in October from 93.4 in the previous month.

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CHINA'S INDUSTRIAL PROFITS RISE FOR FIFTH MONTH

China's industrial profits increased for the fifth straight month in September, data from the National Bureau of Statistics showed Tuesday.

Industrial profits grew 10.1 percent on a yearly basis but slower than the 19.1 percent increase posted in August. This was the fifth consecutive rise.

The statistical office cited falling factory gate prices and rising raw material prices as major reason for the slowdown in industrial profits.

During January to September period, industrial profits declined 2.4 percent from the same period last year.

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AUSTRALIA Q3 INFLATION CLIMBS TO 0.7% ON YEAR

Consumer prices in Australia were up 0.7 percent on year in the third quarter of 2020, the Australian Bureau of Statistics said on Wednesday - in line with expectations following the 0.3 percent decline in the previous three months.

On a quarterly basis, inflation climbed 1.6 percent - exceeding expectations for 1.5 percent following the 1.9 percent contraction in the three months prior.

The Reserve Bank of Australia's trimmed mean was up 0.4 percent on quarter and 1.2 percent on year after slipping 0.1 percent on quarter and gaining 1.2 percent on year in Q2.

The RBA's weighted median was up 0.3 percent on quarter and 1.3 percent on year after rising 0.1 percent on quarter and 1.3 percent on year in the previous three months.

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UK CAR PRODUCTION FOR SEPTEMBER LOWEST IN 25 YEARS: SMMT

UK car production for the month of September reached its lowest for 25 years as demand from foreign markets remained negative, data from the Society of Motor Manufacturers and Traders showed Thursday.

Car manufacturing output slid 5 percent on a yearly basis to 114,732 units in September, the weakest level since 1995.

Production for foreign markets decreased 9.7 percent to 87,533 units as shipments to key overseas destinations namely China, the EU and US decreased from last year.

Meanwhile, output for domestic market advanced 14.5 percent in September.

The latest independent outlook forecasts factories to make fewer than 885,000 cars this year, the first time volumes will have dipped below one million since 2009.

With countries across Europe experiencing a surge in Covid-19 cases, and with local lockdowns already in place across many parts of the UK and beyond, the final quarter of 2020 looks increasingly challenging, the lobby said.

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NEW ZEALAND CONSUMER CONFIDENCE IMPROVES IN OCTOBER

New Zealand consumer sentiment improved in October after easing for three straight months, survey data from ANZ showed on Friday.

The ANZ-Roy Morgan consumer confidence index rose to 108.7 in October from 100.0 in September.

After three consecutive falls, consumers' perceptions of their current financial situation advanced 5 points to +3.

A net 28 percent of consumers expect to be better off financially this time next year, which was up 6 points. A net 11 percent think it was a good time to buy a major household item, which was up 12 points.

Perceptions regarding the next year's economic outlook climbed 14 points to -21 percent in October. The five-year outlook rose 7 points to +22 percent.

House price inflation expectations increased to 4.6 percent. Likewise, general inflation expectations rose 0.6 percentage points to 3.8 percent, the highest since February.

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AUSTRALIA BUILDING PERMITS SPIKE IN SEPTEMBER

The total number of building permits issued in Australia jumped a seasonally adjusted 15.4 percent on month in September, the Australian Bureau of Statistics said on Monday - coming in at 15,827.

That beat forecasts for an increase of 1.3 percent following the 2.2 percent decline in August. Consents were up 8.8 percent on year.

The rise was driven by private sector dwellings excluding houses, which increased by 23.4 percent in September, but remains 12.1 percent lower than at the same time last year. Private sector houses rose 9.7 percent, driven by strength across all states and territories, to be 20.7 percent higher than at the same time last year.

The value of total building approved fell 17.0 percent in September, in seasonally adjusted terms. The value of non-residential building fell 36.7 percent, after rising 40.0 percent in August.

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RBA CUTS KEY RATE TO RECORD LOW; EXPANDS QE

Australia's central bank unveiled a package of monetary easing to support job creation and the recovery of the economy from the pandemic.

The policy board of the Reserve Bank of Australia headed by the governor Philip Lowe decided to lower its key rate by 15 basis points to a record low of 0.10 percent.

The bank also decided to cut the target for the yield on the 3-year Australian Government bond to around 0.1 percent and to purchase A$100 billion government bonds of maturities of around 5 to 10 years over the next six months.

Further, the bank will reduce the interest rate on new drawings under the Term Funding Facility to 0.1 percent and cut the interest rate on Exchange Settlement balances to zero.

The bank said today's decision will assist the recovery by lowering financing costs for borrowers; contributing to a lower exchange rate than otherwise; and supporting asset prices and balance sheets.

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PHILIPPINES POST $1.707 BILLION TRADE DEFICIT IN SEPTEMBER

The Philippines saw a merchandise trade deficit of $1.707 billion in September, the Bureau of Statistics said on Wednesday.

That follows the $2.075 billion shortfall in the previous month.

Imports were down 16.5 percent in year after tumbling an annual 22.6 percent in August.

Exports picked up 2.2 percent on year after sinking 18.6 percent a month earlier.

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AUSTRALIA TRADE DATA DUE ON THURSDAY

Australia will on Thursday release September figures for imports, exports and trade balance, highlighting a busy day for Asia-Pacific economic activity. In August, imports were up 2.0 percent on month and exports were down 4.0 percent on month for a trade surplus of A$2.643 billion.

South Korea will see September data for current account, with forecasts suggesting a surplus of $8.29 billion - up from $6.57 billion in August.

Singapore will provide September numbers for retail sales; in August, sales were up 1.4 percent on month and down 5.7 percent on year.

Taiwan will release October figures for consumer and wholesale prices; in September, consumer prices were up 0.1 percent on month and down 0.58 percent on year, while wholesale prices tumbled an annual 8.12 percent.

Indonesia will provide Q3 numbers for gross domestic product, with forecasts suggesting an increase of 5.34 percent on quarter and a decline of 3.0 percent on year. That follows the 4.19 percent quarterly drop and the 5.32 percent yearly decline.

Thailand will see October data for consumer prices and consumer confidence. In September, overall inflation was down 0.7 percent on year and core CPI rose an annual 0.26 percent. The consumer confidence index had a score of 50.2.

The Philippines will release October figures for consumer prices; in September, overall inflation was up 0.1 percent on month and 2.3 percent on year, while core CPI climbed 3.2 percent on year.

Japan will see final October results for the services and composite indexes from Jibun Bank; the previous readings were 46.9 and 46.6, respectively.

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JAPAN HOUSEHOLD SPENDING SINKS 10.2% ON YEAR IN SEPTEMBER

The average of household spending in Japan was down 10.2 percent on year in September, the Ministry of Internal Affairs and Communications said on Friday - coming in at 269,863 yen.

That beat forecasts for a decline of 10.7 percent following the 6.9 percent drop in August.

The average of monthly income per household stood at 469,235 yen, up 2.6 percent on year.

Individually, spending on furniture, clothing, medical care and recreation all were down sharply.

On a monthly basis, household spending rose 3.8 percent - beating forecasts for a gain of 2.2 percent following the 1.7 percent gain a month earlier.

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AUSTRALIA TOTAL BUILDING PERMITS JUMP 15.4% IN SEPTEMBER

The total number of building permits issued in Australia in September was up a seasonally adjusted 15.4 percent on month at 15,827.

Permits for private sector houses rose 9.7 percent to 10,238 and permits for private sector dwellings excluding houses spiked 23.4 percent to 5,189.

On a yearly basis, total permits rose 8.8 percent, while private sector houses surged 20.7 percent and private sector dwellings excluding houses tumbled 12.1 percent.

The value of total building approved fell 17.0 percent in September, in seasonally adjusted terms. The value of non-residential building fell 36.7 percent, after rising 40.0 percent in August.

The value of total residential building fell slightly in September, by 0.7 percent. This was driven by a fall in the value of new residential building (1.0 percent), while the value of residential alterations and additions rose 1.1 percent.

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PHILIPPINES GDP SINKS 11.5% ON YEAR IN Q3

The Philippines' gross domestic product contracted 11.5 percent on year in the third quarter of 2020, the Philippines Statistics Authority said on Tuesday.

That missed expectations for a decline of 9.8 percent following the 16.9 percent contraction in the three months prior.

On a seasonally adjusted quarterly basis, gross domestic product was up 8.0 percent - roughly in line with expectations following the 15.2 percent fall in the previous three months.

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NEW ZEALAND RATE DECISION ON TAP FOR WEDNESDAY

The Reserve Bank of New Zealand will wrap up its monetary policy meeting on Wednesday and then announce tis decision on interest rates, highlighting a modest day for Asia-Pacific economic activity. The RBNZ is widely expected to keep its Official Cash Rate steady at 0.25 percent.

Australia will see November results for the consumer confidence index from Westpac Bank; in October, the index jumped 11.9 percent to a score of 105.

South Korea will release October figures for unemployment, with forecasts calling for the jobless rate to fall to 3.6 percent from 3.9 percent in September.

Indonesia will provide September data for retail sales; in August, sales were down 9.2 percent on year.

Japan will see October numbers for machine tool orders; in September, orders were down 15.0 percent on year.

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JAPAN CORE MACHINERY ORDERS FALL MORE THAN EXPECTED

Japan core machinery orders declined more than expected in September weighing on the prospects of a sustained recovery in business investment.

Core machinery orders declined 4.4 percent on a monthly basis, in contrast to a 0.2 percent rise in August, data published by the Cabinet Office showed Thursday. This was the first fall in three months and worse than economists' forecast of 0.7 percent drop.

Year-on-year, core machinery orders were down 11.5 percent versus an expected fall of 11.6 percent.

Overall machinery orders also dropped 4.4 percent on month in September, reversing a 19.8 percent expansion posted in the previous month.

In the September quarter, the total value of machinery orders received by 280 manufacturers increased 7.8 percent from the previous three months.

Manufacturers expect overall machinery orders to fall 7.8 percent and core machinery orders to drop 1.9 percent in the fourth quarter.

Across this year non-residential investment is likely to have fallen by around 6.5 percent, Tom Learmouth, an economist at Capital Economics, said. And while the early distribution of an effective vaccine presents an upside risk, the recovery is likely to be lacklustre in 2021.

Another report from the Bank of Japan showed that producer prices continued to show negative growth in October.

Producer prices decreased 2.1 percent annually, following a 0.8 percent drop in September. Prices have been falling since March. Month-on-month, producer prices slid 0.2 percent in October, the same rate of fall as registered in September.

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