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NEW ZEALAND FOOD PRICES CLIMB 2.7% ON YEAR IN OCTOBER

Food prices were up 2.7 percent on year in October, Statistics New Zealand said on Friday - down from 3.1 percent in September.

Individually, fruit and vegetable prices increased 10 percent on year; while meat, poultry, and fish prices increased 1.0 percent; grocery food prices increased 0.7 percent; non-alcoholic beverage prices were flat; and restaurant meals and ready-to-eat food prices increased 3.4 percent.

Food prices fell 0.7 percent in October 2020. After seasonal adjustment, they were up 0.1 percent.

Individually, fruit and vegetable prices fell 5.6 percent (flat after seasonal adjustment); while meat, poultry, and fish prices rose 0.5 percent; grocery food prices fell 0.2 percent (down 0.2 percent after seasonal adjustment); non-alcoholic beverage prices rose 1.1 percent; and restaurant meals and ready-to-eat food prices were flat.

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CHINA INDUSTRIAL PRODUCTION JUMPS 6.9% ON YEAR IN OCTOBER

Industrial production in China was up 6.9 percent on year in October, the National Bureau of Statistics said on Monday - beating forecasts for a gain of 6.5 percent and roughly unchanged from the September reading.

The bureau also said that fixed asset investment rose 1.8 percent on year - exceeding expectations for 1.6 percent and up from 0.8 percent in the previous month.

Retail sales gained 4.3 percent on year, missing forecasts for 4.9 percent but still up from 3.3 percent a month earlier.

The unemployment rate came in at 5.3 percent, down from 5.4 percent in September.

Finally, house prices climbed an annual 4.3 percent in October, easing from 4.7 percent a month earlier.

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SINGAPORE NON-OIL EXPORTS SINK 5.3% IN OCTOBER

Non-oil domestic exports in Singapore were down 5.3 percent on month in October, Enterprise Singapore said on Tuesday - well shy of expectations for a gain of 4.6 percent following the 11.4 percent decline in September.

On a yearly basis, exports fell 3.1 percent - again missing forecasts for a gain of 5.7 percent following the 5.8 percent increase in the previous month.

The decline was mainly due to a drop in non-electronics.

NODX to the top 10 markets as a whole decreased in October, though exports to the US, China, Japan and the EU 27 grew.

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AUSTRALIA WAGE PRICES ADD 0.1% ON QUARTER IN Q3

Wage prices in Australia were up a seasonally adjusted 0.1 percent on quarter in the third quarter of 2020, the Australian Bureau of Statistics said on Wednesday - shy of expectations for an increase of 0.2 percent, which would have been unchanged from the Q2 reading.

On a yearly basis, wage prices rose 1.4 percent - again missing forecasts for 1.5 percent and slowing from 1.8 percent in the three months prior.

Private sector wages were up 0.1 percent on quarter and 1.2 percent on year, while public sector wages gained 0.2 percent on quarter and 1.8 percent on year.

Wage gains from health care and social services offset losses among administrative and support services.

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AUSTRALIA UNEMPLOYMENT DATA DUE ON THURSDAY

Australia will on Thursday release October figures for unemployment, highlighting a light day for Asia-Pacific economic activity.

The jobless rate is expected to climb to 7.2 percent from 6.9 percent in September, with an expected loss of 30,000 jobs following the loss of 29,500 jobs a month earlier. The participation rate is seen at 64.7 percent, down from 64.8 percent in the previous month.

The central bank in Indonesia will wrap up its monetary policy meeting and then announce its decision on interest rates; the bank is widely expected to keep its benchmark lending rate unchanged at 4.00 percent.

The central bank in the Philippines also will announce its decision on interest rates, with forecasts suggesting no change for the benchmark at 2.25 percent.

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SOUTH KOREA PRODUCER PRICES SINK 0.5% IN OCTOBER

Producer prices in South Korea were down 0.5 percent on month in October, the Bank of Korea said on Friday.

That missed forecasts for a flat reading following the 0.1 percent increase in September.

Individually, prices for agriculture, forestry and marine products plummeted 9.6 percent on month, while utility prices were down 0.7 percent, manufacturing products eased 0.1 percent and services were flat.

On a yearly basis, producer prices sank 0.6 percent versus expectations for a lost of 0.1 percent after slipping 0.4 percent in the previous month.

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EUROPEAN ECONOMICS PREVIEW: EUROZONE FLASH PMI DATA DUE

Flash Purchasing Managers' survey results from euro area and the UK are due on Monday, headlining a light day for the European economic news.

At 3.15 am ET, IHS Markit is scheduled to issue France flash composite PMI data. Economists forecast the index to fall sharply to 34.0 in November from 47.5 in October.

At 3.30 am ET, Germany's flash PMI data is due. The composite indicator is seen at 50.4 in November versus 55.0 a month ago.

At 4.00 am ET, IHS Markit is set to release euro area preliminary PMI data. The composite output index is expected to fall to 45.8 in November from 50.0 in the previous month.

Also, Poland's retail sales data is due at 4.00 AM ET. Economists expect sales to fall 0.3 percent on year in October, in contrast to a 2.7 percent rise in September. Half an hour later, UK CIPS/Markit composite PMI data is due. Economists expect the composite index to decline to 42.5 in November from 52.1 a month ago.

In the meantime, UK household finance index data is also due from IHS Markit.

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DOLLAR RECOVERS AFTER FALLING TO 2-1/2-YEAR LOW

The U.S. dollar fell in the Asian session on Monday and hit its lowest level since April 2018, but recovered to move above the flat line later in the session, scoring gains against some of its peers.

The dollar's safe-haven appeal fell earlier in the day after more positive news emerged on the vaccine front.

After recent positive updates from Pfizer and Moderna, there is more encouraging news on the Covid-19 vaccine front, with the Oxford University and AstraZeneca Pharma announcing that their vaccine for the novel coronavirus could be around 90% effective under one dosing regimen.

"Today marks an important milestone in our fight against the pandemic. This vaccine's efficacy and safety confirm that it will be highly effective against Covid-19 and will have an immediate impact on this public health emergency," AstraZeneca chief executive Pascal Soriot said in a statement.

Meanwhile, the FDA's outside advisers are slated to meet on Dec. 10 to review Pfizer's emergency-use application for its vaccine.

The dollar index, which fell to 92.02, recovered and hit a high of 92.80 before noon. It was last seen at 92.53, up 0.15% from previous close.

Against the Euro, the dollar firmed up to $1.1843, gaining 0.11%. The Eurozone manufacturing purchasing managers index (PMI) fell to a three-month low level of 53.6 in November from 54.8 in October, according to the preliminary report from IHS/Markit Research. The Services PMI dropped to a six-month low level of 41.3.

The Pound Sterling was weaker by about 0.31%, fetching $1.3324 a unit, compared to $1.3283 on Friday. The UK private sector contracted the most in six months in November, flash survey results revealed. The IHS Markit/Chartered Institute of Procurement & Supply composite output index dropped to 47.4 in November from 52.1 in October.

The Yen weakened to 104.54 a dollar, sliding from 103.85.

Against the Aussie, the dollar gained some ground, firming up to 0.7289 from 0.7302.

The Swiss franc was weaker at 0.9125, drifting down from 0.9113 a dollar. The Loonie was stronger, quoting at 1.3084 a dollar, up from 1.3095, thanks to higher crude oil prices.

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AUSTRALIA CONSTRUCTION WORK FALLS 2.6% IN Q3

The total value of construction work done in Australia was down a seasonally adjusted 2.6 percent on quarter in the third quarter of 2020, the Australian Bureau of Statistics said on Wednesday - coming in at A$51.179 billion.

That missed expectations for a fall of 2.0 percent following the 0.7 percent decline in the previous three months.

On a yearly basis, the value of construction was down 4.2 percent.

Building work was down 2.0 percent on quarter and 7.2 percent on year at A$28.971 billion.

Residential work was down 1.0 percent on quarter and 8.9 percent on year, while non-residential work fell 3.4 percent on quarter and 4.5 percent on year. Engineering work sank 3.3 percent on quarter but gained 0.1 percent on year.

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DOLLAR STAYS WEAK AGAINST PEERS

The U.S. dollar was weak against most of its peers on Wednesday, reacting to recent updates on potential coronavirus vaccine and the latest batch of economic data.

According to data released by the Labor Department, first-time claims for U.S. unemployment benefits unexpectedly increased in the week ended November 21st, climbing to 778,000, an increase of 30,000 from the previous week's revised level of 748,000. Economists had expected jobless claims to drop to 730,000 from the 742,000 originally reported for the previous week.

A report from the Commerce Department said durable goods orders jumped by 1.3% in October after spiking by 2.1% in September. Economists had expected durable goods orders to climb by 0.9%.

Another report from the Commerce Department showed the spike in gross domestic product in the third quarter was 33.1%, unrevised from the initial estimate.

Personal income in the U.S. fell by 0.7% in October after climbing by a downwardly revised 0.7% in September. Meanwhile, the report said personal spending rose by 0.5% in October after jumping by a revised 1.2% in September.

Yet another report from the same department said new home sales in the U.S. unexpectedly dipped by 0.3% to an annual rate of 999,000 in October after inching up by 0.1% to a revised rate of 1.002 million in September.

Revised data released by the University of Michigan on Wednesday showed consumer sentiment in the U.S. deteriorated by slightly more than expected in the month of November, with the index coming in at 76.9 down from a preliminary reading of 77.0.

The dollar index, which fell to a low of 91.93 in the European session, continues to trade weak despite making a couple of attempts to pare losses. At 91.99, the dollar index is now down 0.25% from previous close.

Against the Euro, the dollar weakened to $1.1914, despite firming up to $1.1883 in the Asian session.

The Pound Sterling is stronger by 0.15%, fetching $1.3383 a unit, compared to $1.3363 on Tuesday.

The Yen is little changed at 104.47 a dollar.

The Aussie is roughly flat against the greenback, with the AUD-USD pair quoting at 0.7365.

The Swiss franc is up at 0.9085 a dollar, more than 0.3% up from its previous close of 0.9113, while the Loonie is at 1.3008 a dollar, down from 1.2998.

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CHINA'S INDUSTRIAL PROFITS SURGE IN OCTOBER

China's industrial profits expanded strongly in October as the economy showed signals of robust rebound from the coronavirus driven downturn, data from the National Bureau of Statistics showed Friday.

Industrial profits advanced 28.2 percent on a yearly basis in October. This was the sixth consecutive rise in profits.

During January to October period, industrial profits gained 0.7 percent from the same period last year.

Data revealed that profits of state-owned enterprises decreased 7.2 percent annually, while that of private firms climbed 1.1 percent in ten months ended October.

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EUROPEAN ECONOMICS PREVIEW: GERMANY FLASH INFLATION DATA DUE

Flash consumer prices from Germany and mortgage approvals from the UK are due on Monday, headlining a busy day for the European economic news.

At 2.00 am ET, the Turkish Statistical Institute releases GDP data for the third quarter and trade data for October.

At 3.00 am ET, Spain's INE releases flash consumer price data. EU harmonized prices are forecast to drop 0.8 percent on year in November, following a 0.9 percent decrease in October.

In the meantime, producer prices and GDP figures are due from Austria.

At 4.00 am ET, GDP data is due from Poland and Iceland.

Half an hour later, the Bank of England releases mortgage approvals data for October. The number of mortgages approved fell to 84,490 from 91,450 in September.

At 5.00 am ET, Italy's Istat releases preliminary consumer prices for November. Economists forecast prices to drop 0.4 percent on year, after easing 0.3 percent in October.

At 8.00 am ET, Destatis is scheduled to issue Germany's flash consumer prices for November. Consumer prices are seen falling 0.1 percent annually versus a 0.2 percent decrease a month ago.

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RBA KEEPS POLICY UNCHANGED

Australia's central bank maintained its key interest rate and vowed to keep the record low rate for at least three years.

The policy board of the Reserve Bank of Australia headed by the governor Philip Lowe decided on Tuesday to leave its key rate unchanged at a record low of 0.10 percent.

The central bank holds the target for the yield on the 3-year Australian Government bond at around 0.1 percent and the parameters of the Term Funding Facility and the government bond purchase program.

The board will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range, the bank said. Given the outlook, the board is not expecting to increase the cash rate for at least three years.

The board will keep the size of the bond purchase program under review, particularly in light of the evolving outlook for jobs and inflation. The board said it is prepared to do more if necessary.

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CHINA EXPORTS SURGE IN NOVEMBER

China's exports surged in November driven by robust global demand, data from the General Administration of Customs showed on Monday.

Exports advanced 21.1 percent year-on-year in November, much bigger than the economists' forecast of 12 percent.

At the same time, imports grew moderately by 4.5 percent annually, which was also faster than the 6.1 percent increase expected by economists.

As a result, the trade surplus increased to $75.4 billion in November. Economists had forecast the surplus to fall to $53.5 billion from $58.44 billion in the previous month.

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AUSTRALIA TOTAL DWELLING APPROVALS +3.8% ON MONTH IN OCTOBER

The total number of building permits issued in October was up a seasonally adjusted 3.8 percent on month in October, the Australian Bureau of Statistics said on Tuesday - standing at 16,584.

Permits for private sector house increased 3.1 percent on month to 10,692, while permits for private sector dwellings excluding houses jumped 6.2 percent to 5,529.

On a yearly basis, overall permits rose 14.3 percent, private sector houses surged 31.7 percent and private sector dwellings excluding houses dropped 10.6 percent.

The value of total building approved rose 26.1 percent on month in October. Non-residential building drove the increase, rising 58.6 percent, having fallen 35.4 percent in September. The value of total residential building increased 9.4 percent in October.

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EUROPEAN ECONOMICS PREVIEW: GERMANY'S FOREIGN TRADE DATA DUE

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

At 2.00 am ET, Destatis is scheduled to issue Germany's foreign trade figures for October. Exports are forecast to climb 1.2 percent on month, slower than September's 2.3 percent increase. Meanwhile, imports are expected to rise 1 percent, reversing a 0.1 percent fall.

At 3.00 am ET, Spain's INE releases industrial production data for October. Economists expect the production to fall 2.6 percent on year, following a 3.4 percent decrease in September.

In the meantime, foreign trade from Austria, Slovakia and Hungary are due. Slovakia's trade surplus is seen at EUR 724.8 million in October versus EUR 707.9 million a month ago.

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AUSTRALIA LEADING INDEX LOGS RECORD GROWTH IN NOVEMBER

Australia's leading index registered its strongest growth in the survey history in November signaling above trend growth, data from Westpac showed on 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 4.38 percent in November from 3.77 percent in October.

The leading index growth rate has climbed an extraordinary 8.79 percentage points since June.

The Reserve Bank Board next meets on February 2. Bill Evans, chief economist at Westpac expects the central bank to introduce a second A$100 billion program following the expiry of the first one in late April/ early May.

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SINGAPORE NODX SLIDE IN NOVEMBER

Non-oil domestic exports in Singapore dropped 4.9 percent on year in November, Enterprise Singapore said on Thursday - missing forecasts for a gain of 2.0 percent following the 3.1 percent drop in October.

On a monthly basis, NODX slid 3.8 percent - again shy of expectations for a gain of 6.2 percent following the 5.4 percent decline in the previous month.

The decline was mainly due to decreases among petrochemicals, pharmaceuticals, non-monetary gold and electronics.

NODX to the top 10 markets as a whole decreased in November, although exports to the United States, Japan, Taiwan, Malaysia, Thailand and Hong Kong increased.


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YEN LITTLE CHANGED AFTER BOJ DECISION

As expected, the Bank of Japan kept its interest rate unchanged at -0.1 percent and maintained the purchase of government bonds so that the 10-year JGB yield remained at zero percent. The bank extended the duration of additional purchases of corporate debt and the COVID-19 corporate funding support program by six months.

After the decision, the yen changed little against its major rivals.

The yen was trading at 103.41 against the greenback, 116.87 against the franc, 126.65 against the euro and 139.95 against the pound around 11:00 pm ET.

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UK CAR PRODUCTION DECLINES IN NOVEMBER: SMMT

UK car production declined in November, data released by the Society of Motor Manufacturers and Traders, or SMMT, showed Wednesday.

Car manufacturing decreased 1.4 percent annually to 106,243 units in November.

Output for domestic markets dropped 10.4 percent, while that for exports gained marginally by 0.3 percent.

The annual decline in production masks a particularly weak November 2019 when precautionary factory shutdowns in anticipation of a potential 'no deal' Brexit on October 31, depressed output.

Year-to-date production was down -31.0 percent with 380,809 fewer cars manufactured in 2020. This puts the industry on course to produce fewer than a million cars this year for only the second time since the early eighties, the lobby noted.

Around 85 percent of cars built in November were manufactured for exports, highlighting the critical importance of free and fair trade with global markets to UK car makers.

Yet another decline for UK car production is of course concerning, but not nearly as concerning as the New Year nightmare facing the automotive industry if we do not get a Brexit deal that works for the sector, Mike Hawes, SMMT chief executive, said.

"With just nine days to go, the threat of 'no deal' is palpable and the sector, now also reeling from the latest coronavirus resurgence, Tier 4 showroom lockdowns and disruption at critical UK ports, needs more than ever the tariff-free trading arrangements on which our competitiveness is founded, Hawes added.

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