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JAPAN MANUFACTURING SECTOR CLIPS INTO CONTRACTION - JIBUN

The manufacturing sector in Japan fell into contraction in November, the latest survey from Jibun Bank showed on Thursday with a manufacturing PMI core of 49.0.

That's down from 50.7 in October, and it moves beneath the boom-or-bust line of 50 that separates expansion from contraction.

Contributing to the sub-50.0 PMI reading was a sharper contraction in output levels at Japanese manufacturing companies. The downturn was the strongest since August 2020 and reportedly resulted from weak customer demand. Reflective of the trends in output was a further contraction in order books. The decline was the fastest since August 2020 amid reports of cooling market demand and ongoing price pressures.

Foreign demand also declined and at a pace that was the sharpest since July 2020. Panel members suggested that overseas clients were looking to downwardly adjust inventory levels.

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AUSTRALIA HOME LOANS DROP 2.9% IN OCTOBER

The value of owner-occupied home loans issued in Australia in October was down a seasonally adjusted 2.9 percent on month, coming in at A$17.16 billion.

That exceeded expectations for a decline of 4.5 percent following the 9.3 percent drop in September.

On a yearly basis, home loans stumbled 17.2 percent.

Investment lending fell 2.2 percent on month and 17/0 percent on year to A$8.62 billion.

Overall lending shed 2.7 percent on month and 17.1 percent on year to A$25.79 billion.

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SINGAPORE PRIVATE SECTOR SLOWS IN NOVEMBER - S&P GLOBAL

The private sector in Singapore continued to expand in November, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a PMI score of 56.2.

That's down from 57.7 in October, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

Private sector activity continued to expand at a robust pace midway into the final quarter of 2022 but saw the rate of expansion moderate from October's high. Survey respondents remarked that virus-related disruptions underpinned the slowdown. Indeed, lead times lengthened at a substantial rate in November amid reports of COVID-19 related delays and manpower constraints.

Overall demand, including external demand, meanwhile remained a key driver behind the growth in activity but likewise saw the rate of expansion slow in November.

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AUSTRALIA CENTRAL BANK LIFTS RATE BY 25 BPS

Australia's central bank raised its key interest rate by a quarter point again on Tuesday, as widely expected.

The policy board of the Reserve Bank of Australia, headed by Governor Philip Lowe, decided to lift the cash rate target by 25 basis points to 3.10 percent.

The board reiterated that it expects to increase interest rates further over the period ahead, but it is not on a pre-set course.

The size and timing of future interest rate increases will continue to be determined by the incoming data and the Board's assessment of the outlook for inflation and the labor market, the bank repeated.

Policymakers observed that that monetary policy operates with a lag and that the full effect of the increase in interest rates is yet to be felt in mortgage payments. Household spending is likely to slow although the timing and extent of this slowdown is uncertain.

"The path to achieving the needed decline in inflation and achieving a soft landing for the economy remains a narrow one," Governor Philip Lowe said.

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AUSTRALIA GDP CLIMBS 5.9% ON YEAR IN Q3

Australia's gross domestic product expanded 5.9 percent on year in the third quarter of 2022, the Australian Bureau of Statistics said on Wednesday.

That was shy of expectations for an increase of 6.2 percent and up from 3.6 percent in the three months prior.

On a seasonally adjusted quarterly basis, GDP picked up 0.6 percent - again missing forecasts and slowing from 0.9 percent in the previous three months.

Capital expenditure was down 0.2 percent on quarter after rising 0.2 percent in Q2, while the GDP deflator added 0.2 percent on quarter after jumping 3.3 percent in the second quarter.

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The US stock market closed mixed, Dow Jones did not rise in price

At the close of the day on the New York Stock Exchange, the Dow Jones did not rise in price, the S&P 500 index fell 0.19%, the NASDAQ Composite index fell 0.51%.

The leading performer among the components of the Dow Jones index today was 3M Company, which gained 1.77 points (1.42%) to close at 126.35. Merck & Company Inc rose 1.16 points or 1.06% to close at 110.09. Amgen Inc rose 0.87% or 2.47 points to close at 285.76.

The biggest losers were Salesforce Inc, which shed 2.79 points or 2.09% to end the session at 130.48. Apple Inc. shares rose 1.97 points (1.38%) to close at 140.94, while Boeing Co was down 1.93 points (1.08%) to close at 176.50. .

Leading gainers among the S&P 500 index components in today's trading were State Street Corp, which rose 8.19% to hit 80.45, Campbell Soup Company, which gained 6.02% to close at 56.18, and also shares of Bank of New York Mellon, which rose 4.13% to close the session at 44.61.

The biggest losers were M&T Bank Corp, which shed 7.72% to close at 147.97. Shares of Brown Forman lost 7.30% to end the session at 68.27. Expedia Inc (NASDAQ:EXPE) dropped 6.32% to 90.79.

Leading gainers among the components of the NASDAQ Composite in today's trading were Prometheus Biosciences Inc, which rose 165.67% to hit 95.80, Transcode Therapeutics Inc, which gained 133.44% to close at 0.98, and also shares of Vor Biopharma Inc, which rose 41.86% to end the session at 6.10.

The biggest losers were Ensysce Biosciences Inc, which shed 53.36% to close at 1.04. Shares of Versus Systems Inc lost 46.98% and ended the session at 0.79. Bruush Oral Care Inc Unit fell 46.95% to 0.50.

On the New York Stock Exchange, the number of securities that fell in price (1608) exceeded the number of those that closed in positive territory (1466), while quotes of 134 shares remained virtually unchanged. On the NASDAQ stock exchange, 2,196 companies fell in price, 1,487 rose, and 198 remained at the level of the previous close.

The CBOE Volatility Index, which is based on S&P 500 options trading, rose 2.30% to 22.68.

Gold futures for February delivery added 0.91%, or 16.30, to $1.00 a troy ounce. In other commodities, WTI futures for January delivery fell 2.40%, or 1.78, to $72.47 a barrel. Futures for Brent crude for February delivery fell 2.28%, or 1.81, to $77.54 a barrel.

Meanwhile, in the forex market, the EUR/USD pair was unchanged 0.38% to 1.05, while USD/JPY fell 0.38% to hit 136.52.

Futures on the USD index fell 0.40% to 105.12.

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CHINA INFLATION CLIMBS 1.6% ON YEAR IN NOVEMBER

Consumer prices in China were up 1.6 percent on year in November, the National Bureau of Statistics said on Friday.

That was in line with expectations and down from 2.1 percent in October.

On a monthly basis, consumer prices fell 0.2 percent - again matching forecasts following the 0.1 percent increase in the previous month.

The bureau also said that producer prices dropped 1.3 percent on year versus expectations for a decline of 1.4 percent after slipping 1.3 percent a month earlier.

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JAPAN LARGE MANUFACTURERS' SENTIMENT DETERIORATES SHARPLY IN Q4

Japan large manufacturers' sentiment deteriorated notably in the fourth quarter, the business outlook survey published by the Ministry of Finance showed on Monday. At -3.6, the business survey index of large manufacturers turned negative in the fourth quarter, down from +1.7 in the third quarter. The index is forecast to rise to +1.4 in the next quarter. Meanwhile, for large non-manufacturers, the business survey index rose to 2.7 from -0.2 in the third quarter. But the score is forecast to weaken to 1.9 in the first quarter of 2023. Consequently, the overall BSI for overall large industries stood at +0.7 versus +0.4 a quarter ago. For the coming quarter, the score is seen at 1.8.

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FRANCE Q3 PAYROLL EMPLOYMENT RISES MORE THAN ESTIMATED

France's payroll employment increased slightly more than initially estimated in the third quarter, latest data from the statistical office INSEE showed on Tuesday.

Payroll employment, which includes the private and public sectors, fell 0.4 percent or 103,200 from the previous quarter. Employment had increased 0.3 percent in the second quarter and 0.4 percent in the first quarter.

In the flash report, the rate of increase for the third quarter was 0.3 percent. Private sector payroll employment climbed 0.6 percent, or 119,100 jobs, in the third quarter compared to the second quarter, revised from a 0.4 percent rise initially estimated on November 8. On the other hand, employment in the public sector showed a decrease of 0.3 percent, or by 15,900 jobs.

Among sectors, industrial employment gained 0.5 percent, and job creation in construction grew 0.2 percent.

Data showed that jobs in market services rose 0.8 percent, while those in non-market services dropped 0.2 percent. The agricultural sector also witnessed a 1.0 percent decrease in jobs.

After two consecutive quarters of decrease, temporary employment gained 1.9 percent or 18,700. In the flash estimate, the rate of increase was 2.3 percent.

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JAPAN INDUSTRIAL PRODUCTION DECLINES 3.2%

Japan's industrial production declined more than initially estimated in October, revised data from the Ministry of Economy, Trade and Industry said on Wednesday.

Industrial production decreased by a seasonally adjusted 3.2 percent monthly in October, which was worse than the 2.6 percent fall estimated initially.

Shipments fell by 1.7 percent monthly in October and the inventories declined by 0.5 percent. The inventory ratio decreased 4.5 percent.

On a yearly basis, industrial production rose 3.0 percent in September. According to the initial estimate, the rate of growth was 3.7 percent.

The capacity utilization grew 2.2 percent month-on-month in October and rose 6.6 percent from a year ago.

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CHINA RETAIL SALES SINK 5.9% ON YEAR IN NOVEMBER

The total value of retail sales in China was down 5.9 percent on year in November, the National Bureau of Statistics said on Thursday - shy of expectations for a decline of 3.7 percent following the 0.5 percent drop in October.

The bureau also said that fixed asset investment rose an annual 5.3 percent - also missing forecasts for 5.6 percent and down from 5.8 percent in the previous month.

Industrial production added 2.2 percent on year, missing expectations for an increase of 3.6 percent and down from 5.0 percent a month earlier.

The November jobless rate crept up to 5.6 percent from 5.5 percent in October, while the house price index was steady at an annual -1.6 percent.

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SINGAPORE EXPORTS FALL MORE THAN FORECAST ON WEAKER DEMAND

Singapore's non-oil exports declined for the second straight month in November, and at a faster-than-expected pace, amid falls in both shipments of electronic and non-electronic goods, data from Enterprise Singapore showed on Friday.

Non-oil domestic exports decreased 14.6 percent year-on-year in November, which was worse than the 6.1 percent fall in October. Economists had expected a 7.4 percent drop.

Electronic exports plunged 20.2 percent, while non-electronic NODX dropped 12.8 percent.

On a monthly basis, the NODX declined 9.2 percent in November, after a 4.2 percent fall in the previous month. That was also above the 3.0 percent decrease expected by economists.

In November, non-oil domestic exports to the top 10 markets as a whole decreased, primarily as a result of China, Hong Kong, and Malaysia, while those to the EU 27, Japan, and the US increased.

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EUROPEAN ECONOMICS PREVIEW: GERMANY IFO BUSINESS CONFIDENCE DATA DUE

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

At 2.00 am ET, Destatis is set to publish Germany's producer price data for November. Producer price inflation is expected to ease to 30.6 percent from 34.5 percent in October. In the meantime, foreign trade figures are due from Switzerland.

At 4.00 am ET, the ifo Institute is scheduled to issue Germany's business confidence survey results for December. The sentiment index is forecast to rise to 87.4 from 86.3 in the previous month.

Also, the European Central Bank releases euro area current account data for October. The trade deficit totaled seasonally adjusted EUR 8.1 billion in September.

At 5.00 am ET, Eurostat publishes euro area construction output for October and labor cost figures for the third quarter.

At 6.00 am ET, the Confederation of British Industry releases Industrial Trends survey results for December. The order book balance is forecast to fall to -9 from -5 in November.

At 8.00 am ET, Hungary's central bank announces its interest rate decision. The bank is widely forecast to hold its key deposit rate at 12.5 percent.

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BANK OF JAPAN EXPANDS YIELD TARGET BAND

The Bank of Japan left its key interest rate unchanged and expanded its 10-year Japanese government bond yield target band on Tuesday.

The policy board of the BoJ unanimously decided to maintain a negative interest rate of -0.1 percent on current accounts that financial institutions maintain at the central bank.

The bank will also continue to purchase a necessary amount of JGBs without setting an upper limit so that 10-year JGB yields will remain at around zero percent.

However, they decided to expand the range of 10-year JGB yield fluctuations to around plus and minus 0.5 percentage points from around plus and minus 0.25 percentage points. The bank said it is willing to take additional easing measures, if needed.

The bank also expects short and long-term policy interest rates to remain at their current or lower levels.

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EUROPEAN ECONOMICS NEWS PREVIEW: UK PUBLIC SECTOR FINANCE DATA DUE

Public sector finances from the UK and consumer sentiment survey results from Germany are the top economic news due on Wednesday.

At 2.00 am ET, the Office for National Statistics releases UK public sector finances data for November. Excluding banks, the budget deficit is seen falling to GBP 13 billion from GBP 13.5 billion in October.

In the meantime, the market research group GfK publishes consumer sentiment survey results. The forward-looking consumer sentiment index is forecast to fall to -38 in January from -40.2 in December.

At 3.00 am ET, the National Institute of Economic Research is slated to issue Sweden economic tendency survey results.

At 4.00 am ET, retail sales figures are due from Poland. Sales are forecast to grow 0.3 percent annually in November, slower than the 0.7 percent rise in October.

At 6.00 am ET, the Confederation of British Industry publishes Distributive Trades survey results. The retail sales balance is forecast to fall to -23 percent in December from -19 percent in November.

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EUROPEAN ECONOMICS NEWS PREVIEW: UK REVISED GDP DATA DUE

Quarterly national accounts data from the UK is the top economic news due on Thursday.

At 2.00 am ET, the Office for National Statistics releases UK final GDP data for the third quarter. The preliminary estimates showed that the economy contracted 0.2 percent sequentially, offsetting the 0.2 percent increase a quarter ago. The statistical office is set to confirm the preliminary estimate.

In the meantime, Statistics Sweden is set to publish producer prices and retail sales for November. Sales had decreased 1.3 percent on month in October.

At 3.00 am ET, final foreign trade data is due from Hungary.

At 4.00 am ET, Italy's Istat is scheduled to issue industrial turnover data for October. Sales had declined 1.2 percent on month in September.

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SINGAPORE INDUSTRIAL OUTPUT CONTRACTS FURTHER

Singapore's industrial production declined for the second straight month in November, and at a faster-than-expected pace, data from the Economic Development Board revealed on Friday.

Industrial production dropped 3.2 percent year-on-year in November, faster than the 0.9 percent fall in October. Economists had expected a fall of 1.1 percent.

Excluding biomedical manufacturing, industrial production decreased 4.8 percent annually in November, reversing a 2.2 percent gain in the previous month.

On a monthly basis, industrial production decreased 1.2 percent in November, reversing a 0.6 percent increase in the prior month.

Among major clusters, electronics output plunged 12.4 percent in November, and the chemical cluster logged a decline in output of 11.3 percent.

Meanwhile, transport engineering output advanced 18.8 percent yearly in November, and that of general manufacturing also showed a double-digit growth of 10.3 percent.

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US stocks closed higher, Dow Jones up 0.53%

At the close of the New York Stock Exchange, the Dow Jones rose 0.53%, the S&P 500 rose 0.59%, and the NASDAQ Composite rose 0.21%.

Chevron Corp was the top performer among the components of the Dow Jones index today, up 5.32 points or 3.09% to close at 177.40. The Walt Disney Company rose 1.34 points or 1.55% to close at 88.01. The Travelers Companies Inc rose 2.28 points or 1.22% to close at 189.48.

The least gainers were 3M Company, which shed 1.45 points or 1.19% to end the session at 120.14. Amgen Inc was up 1.34 points (0.51%) to close at 263.92, while Apple Inc was down 0.37 points (0.28%) to close at 131.86. .

The leading gainers among the S&P 500 index components in today's trading were APA Corporation, which rose 5.73% to 47.25, CarMax Inc, which gained 5.17% to close at 60.16, and Hess Corporation, which rose 4.72% to end the session at 141.68.

The least gainers were Moderna Inc, which shed 4.44% to close at 199.08. Shares of Illumina Inc lost 2.32% to end the session at 191.24. Quotes of DexCom Inc decreased in price by 1.97% to 111.44.

Leading gainers among the components of the NASDAQ Composite in today's trading were Expion360 Inc, which rose 139.19% to hit 2.35, Akso Health Group DRC, which gained 1.57% to close at 0.40, and also shares of Elys Game Technology Corp, which rose 47.09% to end the session at 0.17.

The least gainers were Applied Molecular Transport Inc, which shed 57.77% to close at 0.44. E-Home Household Service Holdings Ltd lost 52.59% to end the session at 0.64. Quotes Mingzhu Logistics Holdings Ltd fell in price by 50.84% to 1.75.

On the New York Stock Exchange, the number of securities that rose in price (2099) exceeded the number of those that closed in the red (959), while quotes of 96 shares remained virtually unchanged. On the NASDAQ stock exchange, 1909 companies rose in price, 1754 fell, and 216 remained at the level of the previous close.

The CBOE Volatility Index, which is based on S&P 500 options trading, fell 5.01% to 20.87.

Gold futures for February delivery added 0.57%, or 10.20, to $1.00 a troy ounce. In other commodities, WTI crude for February delivery rose 2.80%, or 2.17, to $79.66 a barrel. Futures for Brent crude for February delivery rose 4.40%, or 3.56, to $84.54 a barrel.

Meanwhile, in the forex market, the EUR/USD pair remained unchanged 0.23% to 1.06, while USD/JPY was up 0.38% to hit 132.84.

Futures on the USD index fell 0.12% to 104.01.

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US stock market closed mixed, Dow Jones up 0.11%

At the close on the New York Stock Exchange, the Dow Jones rose 0.11%, the S&P 500 index fell 0.41% and the NASDAQ Composite fell 1.38%.

The gainers among Dow Jones index components in today's trading were shares of Verizon Communications Inc. which gained 0.84p (2.19%) to close at 39.25. Caterpillar Inc. gained 3.27p (1.36%) to close at 243.14. Chevron Corp. gained 2.23 pct (1.26%) to close at 179.63.

Shares of the Walt Disney Company were the least gainers, with their price dropping 1.64p (1.86%), ending the session at 86.37. Shares of Apple Inc soared 1.83p (1.39%) to close at 130.03, Goldman Sachs Group Inc dropped 3.54p (1.02%) and closed the session at 341.97.

The top gainers among the S&P 500 index components in today's trading were shares of Wynn Resorts Limited, which gained 4.47% to 84.33, VF Corporation, which gained 4.18% to close at 27.16, and Las Vegas Sands Corp, which gained 4.17% to close the session at 48.46.

Shares of Tesla Inc were the least gainers, down 11.41% to close at 109.10. Moderna Inc shares lost 9.50% and closed the session at 180.17. NVIDIA Corporation shares were down 7.14% to 141.21.

The top gainers among NASDAQ Composite index components in today's trading were shares of Elys Game Technology Corp, which gained 111.91% to 0.37, Lightjump Acquisition Corp, which gained 100.00% to close at 19.00, and shares of Quotient Ltd, which gained 94.74% to close the session at 0.37.

The least gainers were shares of Tuesday Morning Corp, which fell 46.12% to close at 0.83. Shares of Mingzhu Logistics Holdings Ltd lost 44.57% and closed the session at 0.97. Lion Group Holding Ltd. was down 36.45 percent to 0.68.

On NYSE the number of securities, which fell in price (1697) exceeded the number of securities, which closed on the plus side (1401). On NASDAQ, 2,517 stocks were down, 1,251 were up, and 139 remained flat.

The CBOE Volatility Index, which is based on S&P 500 options trading, rose 3.74% to 21.65.

Gold futures for February delivery added 0.98%, or 17.65, to $1.00 a troy ounce. In other commodities, WTI crude for February delivery rose 0.16%, or 0.13, to $79.69 a barrel. Futures for Brent crude for March delivery rose 0.43%, or 0.36, to $84.86 a barrel.

Meanwhile, in the Forex market, the EUR/USD pair was unchanged 0.05% to 1.06, while USD/JPY was up 0.49% to hit 133.51.

Futures on the USD index fell 0.12% to 103.89.

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SOUTH KOREA INDUSTRIAL PRODUCTION CLIMBS 0.4% IN NOVEMBER

Industrial output in South Korea rose a seasonally adjusted 0.4 percent on month in November, Statistics Korea said on Thursday.

That beat forecasts for a decline of 0.8 percent following the 3.5 percent contraction in October.

On a yearly basis, industrial output sank 3.7 percent - also topping expectations for a drop of 4.0 percent following the downwardly revised 1.2 percent contraction in the previous month (originally -1.1 percent).

The index of all industry production was up 0.1 percent on month and 0.6 percent on year in November.

The Manufacturing Production Index added 0.5 percent on month but fell 3.8 percent on year. The Manufacturing Shipment Index lost 2.4 percent on month and 4.2 percent on year. The Manufacturing Inventory Index increased by 1.4 percent on month and 6.1 percent on year.

The Production Capacity Index was flat on month and down 0.8 percent on year. The Index of Capacity Utilization Rate rose 0.9 percent on month but shed 2.5 percent on year. The Manufacturing Average Capacity Utilization Rate was 73.1 percent, up 0.6 percentage points from the previous month.

The Index of Services fell 0.6 percent on month but climbed 2.6 percent on year. The Retail Sales Index sank 1.8 percent on month and 2.2 percent on year.

The Equipment Investment Index added 1.0 percent on month and 11.0 percent on year. The Domestic Machinery Shipment Index surged an annual 10.9 percent. The value of Domestic Machinery Orders Received soared 15.3 percent on year. The value of Construction Completed at constant prices increased by 1.4 percent on month and 10.2 percent on year.

The value of Construction Orders Received at current prices tumbled 11.1 percent on year.

The Composite Coincident Index eased 0.5 percent on month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, fell 0.7 points from the previous month.

The Composite Leading Index rose 0.1 percent on month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, dipped 0.2 points from the previous month.

Also on Thursday, Statistics Korea said that the value of retail sales in South Korea was down a seasonally adjusted 1.8 percent on month in November.

That missed expectations for a decline of 1.0 percent following the 0.2 percent contraction in October.

On a yearly basis, retail sales were down 2.2 percent - again missing forecasts for a decline of 1.5 percent following the 0.7 percent drop in the previous month.

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