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CHINA MANUFACTURING SECTOR PIVOTS TO EXPANSION - CAIXIN

The manufacturing sector in China climbed into expansion territory in August, the latest survey from Caixin revealed on Friday with a manufacturing PMI score of 51.0.

That's up from 49.2 in July and it moves above the boom-or-bust line of 50 that separates expansion from contraction.

Supporting the improvement in overall business conditions was a renewed increase in new order intakes. Companies indicated that firmer underlying market conditions had helped to boost client spending. The modest upturn in overall sales occurred despite a further drop in new business from abroad in August, suggesting that stronger domestic demand was the main source of growth.

The downturn in new export orders did ease compared to July, however, and was only mild. Companies responded to greater amounts of new work by expanding production during August. Though modest, the rate of output growth was among the best seen over the past year.

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EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY FOREIGN TRADE DATA DUE

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Foreign trade from Germany and quarterly national accounts from Switzerland are the top economic news due on Monday.

At 2.00 am ET, Destatis is scheduled to issue Germany's foreign trade figures for July. Exports are forecast to fall 1.5 percent on month, in contrast to the 0.1 percent rise in June. Meanwhile, imports are seen rising 0.5 percent after a 3.4 percent decrease.

At 3.00 am ET, GDP data is due from Switzerland. The economy is forecast to grow 0.1 percent in the second quarter after rising 0.3 percent a quarter ago.

In the meantime, unemployment data is due from Spain. The number of unemployed is seen falling 21,300 in August after declining 11,000 in July.

At 4.30 am ET, Eurozone Sentix investor confidence survey results are due. The sentiment indicator is expected to fall to -19.6 in September from -18.9 in August.

At 9.30 am ET, European Central Bank President Christine Lagarde is set to speak at a seminar organized by the European Economics & Financial Centre.

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AUSTRALIA CENTRAL BANK KEEPS RATE UNCHANGED

Australia's central bank left its benchmark interest rate unchanged for the third straight meeting on Tuesday.

The policy board of the Reserve Bank of Australia, led by Governor Philip Lowe, decided to hold the cash rate target at 4.10 percent.

The interest rate paid on Exchange Settlement balances was kept unchanged at 4.00 percent.

The RBA has raised the key rate by 4 percentage points since May last year. The board observed that the higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so.

Today's decision to retain the rate will provide further time to assess the impact of past tightening and the economic outlook.

The bank expects inflation to return to the 2-3 percent target range in late 2025. Lowe said some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe. Nonetheless, future action will continue to depend upon the data and the evolving assessment of risks, the governor added.

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CHINESE YUAN FALLS TO 10-MONTH LOW AGAINST U.S. DOLLAR

The Chinese yuan weakened against the U.S. dollar in the Asian session on Wednesday.

Against the greenback, the yuan slid to a 10-month low of 7.3217 from a recent high of 7.3098. At yesterday's close, the yuan was trading at 7.3040 against the greenback.

If the yuan extends its downtrend, it is likely to find support around the 7.34 area.

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EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY INDUSTRIAL OUTPUT DATA DUE

Industrial production from Germany and house prices from the UK are due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany's industrial production for July. Output is forecast to fall 0.5 percent on month, slower than the 1.5 percent decrease in June.

In the meantime, UK Halifax house price data is due. Economists forecast house prices to drop 0.3 percent on month in August, the same pace of decrease as seen in July.

At 2.45 am ET, foreign trade and current account figures are due from France. The trade deficit is seen at EUR 6.8 billion in July compared to a shortfall of EUR 6.7 billion in June.

At 3.00 am ET, the Czech Statistical Office is set to publish retail sales for July. Sales had increased 0.3 percent on a monthly basis in June.

At 4.00 am ET, Italy's statistical office ISTAT publishes retail sales for July. Economists forecast sales to grow 0.2 percent, offsetting the 0.2 percent fall in June. At 5.00 am ET, revised GDP data is due from the euro area. The preliminary estimate showed that the currency bloc expanded 0.3 percent sequentially in the second quarter after remaining flat a quarter ago.

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EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY FINAL INFLATION DATA DUE

Final inflation from Germany and industrial production from France are due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany's final inflation data for August. The flash estimate showed that consumer price inflation slowed 6.1 percent from 6.2 percent in July.

In the meantime, Statistics Sweden releases GDP, household consumption, industrial output and new orders.

At 2.45 am ET, France's statistical office INSEE is set to release industrial production data for July. Output is expected to grow 0.1 percent on a monthly basis, in contrast to the 0.9 percent fall in June.

At 3.00 am ET, industrial output figures are due from Austria and Spain. Economists forecast Spain's industrial output to decline 2.0 percent annually in July after a 3.0 percent decrease seen in June.

At 5.00 am ET, inflation and industrial output reports are due from Greece.

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JAPAN M2 MONEY STOCK +2.5% ON YEAR IN AUGUST

The M2 money stock in Japan was up 2.5 percent on year in August, the Bank of Japan said on Monday - coming in at 1,238.6 trillion yen.

That was steady from the July reading following an upward revision from 2.4 percent.

The M3 money stock was up an annual 1.9 percent for the second straight month at 1,594.7 trillion yen, while the L money stock gained 2.2 percent on year to 2,121.1 trillion yen.

The adjusted money stock was up 1.6 percent on year at 2,114.6 trillion yen.

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EURO RISES AGAINST MAJORS

The euro strengthened against other major currencies in the Asian session on Tuesday.

The euro rose to a 5-day high of 0.8599 against the pound and nearly a 2-week high of 0.9589 against the Swiss franc, from recent lows of 0.8580 and 0.9571, respectively.

Against the U.S. and the Canadian dollars, the euro advanced to a 1-week high of 1.0768 and a 4-day high of 1.4621 from Monday's closing quotes of 1.0748 and 1.4587, respectively.

The euro edged up to 157.78 against the yen, from yesterday's closing value of 157.53.

If the euro extends its uptrend, it is likely to find resistance around 0.87 against the pound, 0.97 against the franc, 1.10 against the greenback, 1.48 against the loonie and 160.00 against the yen.

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JAPAN PRODUCER PRICES RISE 0.3% ON MONTH IN AUGUST

Producer prices in Japan were up 0.3 percent on month in August, the Bank of Japan said on Wednesday.

That beat forecasts for an increase of 0.1 percent, which would have been unchanged from the July reading.

On a yearly basis, producer prices climbed 3.2 percent - in line with expectations and down from the downwardly revised 3.4 percent increase in the previous month (originally 3.6 percent).

Export prices were up 0.5 percent on month and down 0.8 percent on year, the bank said, while import prices slumped 0.9 percent on month and 15.9 percent on year.

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JAPAN CORE MACHINE ORDERS SINK 1.1% IN JULY

The value of core machine orders in Japan slumped a seasonally adjusted 1.1 percent on month in July, the Cabinet Office said on Thursday - coming in at 844.9 billion yen.

That missed expectations for a decline of 0.9 percent following the 2.7 percent increase in June.

On a yearly basis, core machine orders stumbled 13.0 percent - again shy of forecasts for a decline of 10.7 percent after shedding 5.8 percent in the previous month.

For the third quarter of 2023, core machine orders are seen lower by 2.6 percent on quarter and 7.9 percent on year at 2,517.4 billion yen.

The total value of machinery orders received by 280 manufacturers operating in Japan increased by 9.8 percent on month and 0.8 percent on year to 2,901.4 billion yen.

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CHINA INDUSTRIAL OUTPUT, RETAIL SALES GROWTH IMPROVE IN AUGUST

China's industrial production and retail sales growth improved more than expected in August, official data revealed on Friday.

Industrial production posted an annual increase of 4.5 percent, the National Bureau of Statistics reported. Output was expected to climb moderately by 3.9 percent in August after rising 3.7 percent in July.

Likewise, growth in retail sales improved to 4.6 percent in August from 2.5 percent in the previous month. This was also better than economists' forecast of 3.0 percent.

During January to August period, fixed asset investment increased 3.2 percent from the same period last year, data showed. However, the rate was slightly weaker than the expected 3.3 percent.

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SINGAPORE NODX SINKS 3.8% IN AUGUST

Singapore's non-oil domestic exports (NODX) were down 3.8 percent on month in August, Statistics Singapore said on Monday.

That missed expectations for an increase of 5.6 percent following the downwardly revised 3.5 percent contraction in July (originally -3.4 percent).

On a yearly basis, exports slumped 20.1 percent - again missing forecasts for a decline of 15/8 percent after stumbling a downwardly revised 20.3 percent in the previous month (originally -20-2 percent).

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NZ DOLLAR RISES AGAINST MAJORS

The New Zealand dollar strengthened against other major currencies in the Asian session on Tuesday.

The NZ dollar rose to a 4-day high of 0.5928 against the U.S. dollar, from yesterday's closing value of 0.5917.

Against the yen and the euro, the kiwi edged up to 87.48 and 1.8045 from yesterday's closing quotes of 87.33 and 1.8064, respectively.

Moving away from an early low of 1.0884 against the Australian dollar, the kiwi advanced to a 5-day high of 1.0870.

If the kiwi extends its uptrend, it is likely to find resistance around 0.61 against the greenback, 88.00 against the yen, 1.78 against the euro and 1.06 against the aussie.

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JAPAN TRADE DEFICIT Y930.477 BILLION IN AUGUST

Japan posted a merchandise trade deficit of 930.477 billion yen in August, the Ministry of Finance said on Wednesday.

That was well shy of expectations for a shortfall of 659.1 billion yen following the upwardly revised 66.3 billion yen deficit in July (originally -78.7 billion yen).

Exports were down 0.8 percent on year at 7.994 trillion yen, beating forecasts for a decline of 1.7 percent following the 0.3 percent drop in the previous month.

Imports slumped an annual 17.8 percent to 8.924 trillion yen versus expectations for a fall of 19.4 percent following the downwardly revised 13.6 percent contraction a month earlier (originally -13.5 percent).

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AUSTRALIAN DOLLAR FALLS AGAINST MAJORS

The Australian dollar weakened against other major currencies in the Asian session on Thursday.

The Australian dollar fell to a 5-week low of 0.8639 against the Canadian dollar and an 8-day low of 0.6403 against the U.S. dollar, from yesterday's closing quotes of 0.8675 and 0.6445, respectively.

Against the euro and the yen, the aussie slipped to 2-day lows of 1.6608 and 94.94 from yesterday's closing quotes of 1.6533 and 95.60, respectively.

The aussie edged down to 1.0842 against the NZ dollar, from Wednesday's closing value of 1.0870.

If the aussie extends its downtrend, it is likely to find support around 0.85 against the loonie, 0.65 against the greenback, 1.68 against the euro, 93.00 against the yen and 1.06 against the kiwi.

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EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY FOREIGN TRADE DATA DUE

Foreign trade and construction Purchasing Managers' survey results from Germany are the top economic news due on Thursday.

At 2.00 am ET, Destatis is scheduled to issue Germany's external trade data for August. Exports are forecast to fall 0.4 percent on month, while imports are expected to climb 0.5 percent.

At 2.45 am ET, France's statistical office INSEE is scheduled to release industrial production for August. Economists expect industrial output to drop 0.4 percent on a monthly basis, in contrast to the 0.8 percent increase in July.

At 3.00 am ET, Spain's INE publishes industrial output for August. Output is seen falling 2.1 percent annually after a 1.8 percent drop in July.

At 3.30 am ET, Germany's construction Purchasing Managers' survey results are due.

At 4.30 am ET, S&P Global releases UK construction PMI data for September. The index is seen at 49.9, down from 50.8 in August.

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JAPAN LEADING INDEX RISES TO 109.5, HIGHEST IN 9 MONTHS

Japan's leading index improved in August to the highest level in nine months, preliminary data from the Cabinet Office showed on Friday.

The leading index, which measures future economic activity, rose to 109.5 in August from 108.2 in July.

Further, this was the highest reading since November last year, when it was 109.6.

The coincident index that measures the current economic situation increased somewhat to a 114.3 in August from 114.2 in the previous month.

Data showed that the lagging index climbed to 106.0 from 105.7 in the previous month.

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SOUTH KOREA HAS $4.81 BILLION CURRENT ACCOUNT SURPLUS IN AUGUST

South Korea posted a current account surplus of $4.81 billion in August, the Bank of Korea said on Wednesday - up from $3.58 billion in July.

The goods account recorded a $5.06 billion surplus, while the services account posted a $1.60 billion deficit owing to a deficit in the travel account.

The primary income account recorded a $1.47 billion surplus due to an increase in interest income. The secondary income account recorded a $0.12 billion deficit.

Looking at the financial account, net assets increased by $5.73 billion during August. Direct investment assets increased by $3.41 billion, and direct investment liabilities increased by $1.70 billion.

There was a $3.05 billion increase in portfolio investment assets during the month, and a $1.01 billion decrease in portfolio investment liabilities.

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