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SINGAPORE PMI PICKS UP STEAM IN MAY - MARKIT

The private sector in Singapore continued to expand in May, and at a faster pace, the latest survey from Markit Economics showed on Thursday with a services PMI score of 54.4.

That's up from 51.8 in April and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Both manufacturing and services registered stronger performances in May, but the construction sector saw a sharp downturn. The finance and insurance sub-sector registered another rapid rate of expansion in activity.

The key domestic event that took place in May had been the reintroduction of Phase 2 restrictions mid-month. Some respondents noted an increase in output ahead of the setting of new restrictions contributing to the overall improvement of business activity. Foreign demand supported the increase in new orders, with renewed export growth in May following a marginal fall in April.

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AUSTRALIA OVERALL HOME LOANS RISE 3.7% ON MONTH IN APRIL

The total value of overall home loans in Australia was up a seasonally adjusted 3.7 percent on month in April, the Australian Bureau of Statistics said on Friday - standing at A$31.0 billion.

The value of new loan commitments for owner occupier housing reached another all-time high in April, up 4.3 percent to A$23.0 billion. New loan commitments for investors rose 2.1 percent to A$8.1 billion, which was the highest level since mid-2017.

The rise in owner occupier lending was driven by increased loan commitments for existing dwellings, which rose 9.2 percent. Loan commitments to owner occupiers for the construction of new dwellings fell 11.4 percent following a fall of 14.8 percent in March.

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AUSTRALIA PERFORMANCE OF SERVICES INDEX CLIMBS T0 61.2 IN MAY - AIG

The services sector in Australia continues to expand in May, and at a slightly faster pace, the latest survey from the Australian Industry Group revealed on Monday with a seasonally adjusted Performance of Services Index score of 61.2.

That's up from 61.0 in April, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

This was the highest monthly result in the Australian PSI? since October 2003.

Four of the five activity indicators - sales, new orders, employment and deliveries - showed positive results in the month.

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EUROPEAN ECONOMICS PREVIEW: GERMANY INDUSTRIAL OUTPUT, ECONOMIC CONFIDENCE DUE

Industrial production and economic confidence from Germany 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 industrial production data for April. Economists forecast output to grow 0.5 percent on month, slower than the 2.5 percent increase in March.

At 2.45 am ET, foreign trade and current account figures are due from France.

At 3.00 am ET, industrial production from Hungary and retail sales from the Czech Republic are due. Economists forecast retail sales to grow 11.3 percent annually in April following a 6.6 percent rise in March.

Half an hour later, Statistics Sweden publishes industrial production and new orders data.

At 4.00 am ET, Italy's Istat releases retail sales for April. Sales had decreased 0.1 percent on month in March.

At 5.00 am ET, Germany ZEW economic confidence survey results are due. The economic confidence index is forecast to rise to 86.0 in June from 84.4 in May.

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MALAYSIA JOBLESS RATE FALLS IN APRIL

Malaysia's unemployment rate fell marginally in April, data from the Department of Statistics showed on Wednesday.

The jobless rate fell to 4.6 percent in April from 4.7 percent in March.

The number of unemployed persons decreased to 742,700 in April from 753,200 in the previous month.

The number of employed rose by 0.1 percent monthly to 15.35 million in April from 15.33 million in the prior month.

The labor force participation rate remained unchanged at 68.6 percent in April.

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JAPAN PRODUCER PRICES CLIMB 0.7% ON MONTH IN MAY

Producer prices in Japan were up 0.7 percent on month in May, the Bank of Japan said on Thursday.

That exceeded expectations for an increase of 0.5 percent and was down from 0.9 percent in April.

On a yearly basis, producer prices climbed 4.9 percent - again beating forecasts for 4.5 percent and up from 3.6 percent in the previous month.

Export prices were up 1.0 percent on month and 11.0 percent on year last month, the bank said, while import prices rose 2.2 percent on month and surged 25.4 percent on year.

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DOLLAR RECOVERS AFTER MID SESSION SETBACK

The U.S. dollar depreciated against its most major counterparts in the European session on Friday, as the nation's personal income slumped in May, easing fears over a faster tightening of monetary policy by the U.S. Federal Reserve. .

The currency recovered from lows post noon and even managed to gain some ground against some of its rivals.

In economic news today, a report from the Commerce Department showed the annual rate of core consumer price growth in May matched economist estimates. The reading on inflation said to be preferred by the Fed showed the annual rate of core consumer price growth accelerated to 3.4% in May from 3.1% in April.

According to the data released by the Commerce Department, personal income slumped by 2% in May after plunging by 13.1% in April. Economists had expected personal income to tumble by 2.5%.

Meanwhile, the report showed personal spending was virtually unchanged in May after climbing by 0.9% in April. Personal spending was expected to rise by 0.4%.

A report from the University of Michigan said that its consumer sentiment reading for the US was revised lower to 85.5 in June from a preliminary reading of 86.4. Although market had expected to score to come in at 87.4, it still remained the second-highest since start of the pandemic.

The currency was further weighed by stimulus optimism, after President Joe Biden announced that the White House has reached an infrastructure deal with U.S. Senators worth $579 billion.

The agreement proposes spending to rebuild roads, bridges and other traditional infrastructure over the next five years.

The package is expected to generate "millions" of jobs and will be funded through unused coronavirus aid money and returned state jobless benefits.

The dollar index dropped to 91.53 around mid morning, but rallied to 91.88 later on in the day. It was last seen at 91.80, down slightly from the previous close.

Against the Euro, the dollar was slightly weak at $1.1937, after recovering from $1.1977.

Against Pound Sterling, the dollar firmed to $1.3879, gaining from $1.3922.

The Yen gained marginally at 110.79 a dollar.

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BOJ SUMMARY: INFLATION LIKELY TO RISE IN H2 2021

Japan's inflation is likely to rise in the second half of 2021 as pent-up demand starts materializing, Bank of Japan policymakers said at the monetary policy meeting held on June 17 and 18.

According to the summary of opinions, inflation is set to be around zero percent in the short run.

Inflation is expected to increase gradually, mainly on the back of continued improvement in economic activity, a rise in energy prices, and a dissipation of the effects of a reduction in mobile phone charges.

Nonetheless, inflationary pressure is expected be only transitory due to an entrenched deflationary mindset.

As vaccinations have been progressing rapidly of late, Japan's economy is expected to recover to a certain extent in the short run, a member said.

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EUROPEAN ECONOMICS PREVIEW: EUROZONE ECONOMIC CONFIDENCE DATA DUE

Economic confidence data from euro area and mortgage approvals from the UK are due on Tuesday, headlining a busy day for the European economic news.

At 1.30 am ET, the French statistical office Insee publishes unemployment data for the first quarter. The jobless rate is forecast to rise to 8.1 percent from 8 percent in the fourth quarter.

At 2.00 am ET, the UK Nationwide house price data is due. House prices are forecast to rise 13.7 percent on year in June, faster than the 10.9 percent increase in May.

At 2.45 am ET, the French statistical office Insee is scheduled to issue monthly consumer confidence survey results. The consumer sentiment index is forecast to rise to 100 in June from 97 in May.

At 3.00 am ET, Sweden's economic tendency survey data is due.

In the meantime, flash consumer prices and retail sales figures are due from Spain. EU harmonized inflation is seen unchanged at 2.4 percent in June.

At 4.30 am ET, the Bank of England is set to release mortgage approvals data for May. The number of mortgages approved in May is forecast to fall to 85,900 from 86,920 in April.

At 5.00 am ET, European Commission is slated to release euro area economic confidence survey data. The economic sentiment index is seen rising to 116.5 in June from 114.5 in May.

At 8.00 am ET, Germany's flash consumer price data is due. Consumer price inflation is forecast to ease to 2.3 percent in June from 2.5 percent in May.

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UK SHOP PRICES CONTINUE TO FALL IN JUNE: BRC

UK shop prices continued to fall in June, data from the British Retail Consortium showed on Wednesday.

The shop price index slid 0.7 percent year-on-year in June, after easing 0.6 percent in May. Non-food prices were down 1 percent in June.

Non-food prices, particularly for fashion, remained deflationary as businesses tried to prolong the recent pickup in consumer spend, Helen Dickinson, chief executive at BRC, said.

Food prices also fell, which is a testament to supermarkets battling to keep prices low for their customers.

The fact that shop prices remain in negative territory despite the recent rise in CPI is indicative of the competitive retail landscape in the UK and keeping prices low for as long as possible is good news for shoppers, said Mike Watkins, Head of Retailer and Business Insight, NielsenIQ.

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EUROPEAN ECONOMICS PREVIEW: EUROZONE UNEMPLOYMENT, FACTORY PMI DATA DUE

Unemployment and factory Purchasing Managers' survey results from euro area are due on Thursday, headlining a busy day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany's retail sales data for May. Economists expect sales to climb 5 percent on month versus -5.5 percent in April.

Half an hour later, Swiss retail sales and consumer price figures are due. Inflation is seen rising to 0.7 percent in June from 0.6 percent in May.

At 3.00 am ET, Purchasing Managers' survey results are due from Poland and Turkey. Also, unemployment data is due from Austria.

At 3.15 am ET, IHS Markit publishes Spain's manufacturing PMI survey results. Economists expect the index to fall marginally to 59.3 in June from 59.4 in May.

At 3.30 am ET, Sweden's central bank announces the result of the monetary policy meeting.

At 3.45 am ET, Italy's manufacturing PMI survey data is due. The factory PMI is seen at 62.2 in June versus 62.3 in the previous month.

Thereafter, final PMI survey reports are due from France and Germany at 3.50 and 3.55 am ET, respectively.

At 4.00 am ET, IHS Markit publishes euro area final manufacturing PMI data. The reading is expected to match the flash estimate of 63.1 in June.

Also, Italy's Istat is scheduled to issue unemployment data for May.

At 4.30 am ET, UK Markit/CIPS manufacturing PMI survey data is due. The score is seen falling to 64.2 in June, as initially estimated, from 65.6 in May.

At 5.00 am ET, Eurostat is scheduled to issue euro area unemployment data for May. The jobless rate is seen unchanged at 8 percent in May.

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AUSTRALIA HOUSING LOAN COMMITMENTS RISE TO RECORD HIGH

Australia's new housing loan commitments increased to a new high in May, data released today by the Australian Bureau of Statistics showed Friday.

New housing loan commitments rose 4.9 percent in May to a new high of A$32.6 billion, driven by investor housing loan commitments.

The value of new loan commitments for investor housing rose 13.3 percent to A$9.1 billion, which was the highest level since June 2015.

New loan commitments for owner occupiers grew 1.9 percent to A$23.4 billion, the highest level since the series began.

However, for the third consecutive month there were falls in the value of loan commitments for residential land and the construction of new dwellings, ABS said.

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CHINA SERVICE SECTOR EXPANDS AT SLOWER PACE IN JUNE

China's service sector expanded at a much slower pace in June as the recent uptick in COVID-19 cases and reduced travel dampened overall new business, survey results published by IHS Markit showed on Monday.

The Caixin services Purchasing Managers' Index fell notably to 50.3 in June from 55.1 in May. Nonetheless, the index has remained above the neutral 50 mark for the fourteenth successive month. The slower upturn in business activity coincided with a softer increase in overall new work. New work from abroad meanwhile increased only marginally.

Employment across the service sector fell for the first time in four months.

On the price front, the survey showed that input price inflation eased to the lowest since September 2020. Services companies lowered their average output charges for the first time in nearly a year in June.

Although services companies remained strongly upbeat regarding the year-ahead outlook for activity, the resurgence of the COVID-19 virus dampened overall optimism in June. Moreover, the degree of positive sentiment slipped to a nine-month low.

The composite output index that measures the overall performance of manufacturing and services, slipped to 50.6 in June from 53.8 in May. The rate of growth was the softest seen in the current 14-month period of expansion and only marginal.

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AUSSIE ADVANCES FURTHER AFTER RBA DECISION

As expected, the Reserve Bank of Australia left benchmark lending rate and the 3-year Australian Government bond yield target unchanged at 10 basis points. Following the announcement, the aussie rose further against its major rivals.

The aussie was trading at 83.87 against the yen, 1.5696 against the euro, 0.7566 against the greenback and 1.0670 against the kiwi around 12:35 am ET.

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EUROPEAN ECONOMICS PREVIEW: GERMANY INDUSTRIAL OUTPUT DATA DUE

Industrial production from Germany and house prices from the UK 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 industrial production data for May. Economists forecast industrial output to grow 0.5 percent on month, in contrast to a 1 percent fall in April.

At 2.45, foreign trade and current account figures are due from France.

At 3.00 am ET, the Czech Statistical Office is scheduled to issue industrial and construction output and foreign trade data. Industrial output is seen rising 32.7 percent annually in May.

Half an hour later, UK Halifax house price data is due. Economists forecast house prices to climb 1.2 percent on month in June, slower than the 1.3 percent rise in May.

In the meantime, Statistics Sweden is set to release industrial output and new orders data.

At 4.00 am ET, Italy's Istat publishes retail sales for May. Sales had decreased 0.4 percent in April.

At 5.00 am ET, EU economic forecast is due from the European Commission.

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FRANC LITTLE CHANGED AFTER SWISS JOBLESS RATE

At 1.45 am ET Thursday, Swiss unemployment data has been released. The franc changed little against its major counterparts after the data.

The franc was trading at 0.9247 against the greenback, 119.26 against the yen, 1.0915 against the euro and 1.2750 against the pound around 1:50 am ET.

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CHINA CPI SLOWS TO 1.1% ON YEAR IN JUNE

Consumer prices in China were up 1.1 percent on year in June, the National Bureau of Statistics said on Friday.

That was shy of expectations for an increase of 1.3 percent, which would have been unchanged from the May reading.

On a monthly basis, consumer prices fell 0.4 percent - again missing expectations for a flat reading following the 0.2 percent decline a month earlier.

The bureau also said that producer prices were up 8.8 percent on year - in line with expectations and slowing from 9.0 percent in the previous month.

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AUSTRALIA BUILDING PERMITS SINK 7.1% IN MAY

The total number of building permits issued in Australia was down a seasonally adjusted 7.1 percent on month in May, the Australian Bureau of Statistics said on Monday - coming in at 20,163.

That matched expectations following the 5.7 percent decline in April.

On a yearly basis, building permits surged 52.7 percent.

Permits for private sector houses sank 10.3 percent on month but climbed 55.2 percent on year to 13,571. Permits for private sector dwellings excluding houses rose 1.2 percent on month and 53.6 percent on year to 6,374.

The value of total building rose 4.5 percent on month, while the value of total residential building fell 6.7 percent and the value of non-residential building rose 28.5 percent

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AUSTRALIA BUILDING PERMITS SINK 7.1% IN MAY

Final consumer price figures are due from Germany and France on Tuesday, headlining a light day for the European economic news. At 2.00 am ET, Destatis is slated to issue Germany's final consumer prices for June. Consumer price inflation is seen at 2.3 percent, unchanged from the flash estimate.

In the meantime, the Bank of England is slated to issue Financial Policy Committee Summary and Record.

At 2.30 am ET, producer price data is due from Switzerland.

At 2.45 am ET, the French statistical office Insee publishes final inflation figures for June. Economists forecast consumer price inflation to rise to 1.5 percent, as initially estimated, from 1.4 percent in May.

At 3.00 am ET, industrial production and retail sales from Turkey and consumer prices from the Czech Republic are due. The Czech inflation is seen at 2.7 percent in June versus 2.9 percent in May.

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EUROPEAN ECONOMICS PREVIEW: UK INFLATION DATA DUE

Consumer and producer prices data from the UK is due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK consumer and producer prices for June. Inflation is seen rising to 2.2 percent from 2.1 percent in May. Factory gate inflation is forecast to rise to 4.8 percent from 4.6 percent a month ago.

At 3.00 am ET, Spain's statistical office INE is scheduled to issue final consumer prices for June. The final CPI is forecast to climb 2.6 percent annually, in line with flash estimate.

Half an hour later, Statistics Sweden publishes consumer prices for June. Economists expect inflation to ease to 1.3 percent from 1.8 percent in May.

At 5.00 am ET, Eurostat is set to publish monthly industrial production report. Eurozone industrial output is forecast to fall 0.2 percent on month, reversing a 0.8 percent rise in April.

At 7.00 am ET, Turkey central bank announces its monetary policy decision. The bank is expected to hold one-week repo rate at 19.00 percent.

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