Italian Retail Business Worst Months In 3 Months
The Italian national statistics office Istat-in today (25/11) reported a poor performance in the retail business in September after two months earlier managed to rise from the contraction of the sector that experienced an increase throughout the year only 4 months.
- The fall in retail sales performance due to lower sales of food products. Sales of retail business in Italy decreased by 0.1 percent on a monthly basis in September 2015, contracted from a 0.2 percent rise in sales performance in the previous month.
- This is the first decline in three months as sales of food products fell by 0.1 percent. Italy Retail Sales MoM Meanwhile Istat also reported the performance of the sector's annual sales increased 1.5 per cent of sales performance in August of 1.3 percent.
- And during the three months to September retail sales business increased 0.2 percent from the previous quarter.
- But at the same time sales performance of industrial products in the country Italy managed to reduce the contraction the previous data and order data visible also from the industrial products in the same month increased from contraction -5.2 to -2 index points.
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Gold Prices Down In Thin Trade
- The price of gold at the close of trade on Friday before dawn (27/11) closed down, was at its lowest level in six years at a pressure of a strengthening dollar with strong economic data raised expectations of interest rate hikes from the US Federal Reserve next month.
- On Friday morning trading liquidity is thin, with US markets closed for the Thanksgiving holiday.
- "Pain in the market is that the dollar will continue to rally because the prospects for QE (quantitative easing) in Europe and the rise in the US," head of commodity strategy at Saxo Bank, Ole Hansen said.
- The dollar rose 0.1 percent against a basket of major currencies, traded near an eight-month highs reached in the previous session.
- "The dollar index is in the high range in the annual rate at 100.39. A break of this level will provide downward pressure on gold, "said ScotiaMocatta in a note.
- Data on Wednesday showed US manufacturing output in October rose well above economists' expectations while business spending plans rose.
- LLG spot gold price was unchanged at 1,070.76 dollars per troy ounce at 1505 GMT, not far from last week at 1,064.95 dollars per troy ounce, the lowest since February 2010.
- Gold has seen some safe-haven bid earlier this week after a Turkish fighter jet shot down a Russian, sparked tensions between the countries, but the sentiment rise in US interest rates has eclipsed the offer, and investor focus back to US interest rate hikes.
- On the physical market, buying interest increased as gold prices stay close to the old lows annual rate.
- Premiums in the Shanghai Gold Exchange, China's consumer demand, traded at an increasing rate $ 5- $ 6 per ounce on Thursday, compared to $ 3- $ 4 per ounce at the beginning of the month.
- Chinese net gold imports from Hong Kong's main channel fell in October from the highest 10-month high reached in the previous month, data showed on Thursday.
- Third quarter gold purchases in India, the largest consumer in the world, is likely to fall to its lowest level in eight years, depressed by poor investment demand and a drought that has reduced income for millions of farmers.
- Silver prices meanwhile rose 0.6 percent to $ 14.24 per ounce. Platinum rose 1.6 percent to $ 852 after reaching a seven-year lows in the previous session, while palladium rose 0.9 percent to $ 559.
- Analyst ZATco Research Center estimates that gold prices will potentially weaken with the strengthening expectations of US rate hike in December, which will further boost the US dollar.
- It is estimated that the price of gold will try to penetrate the support level of 1069-1067, and if the price rebounded will try to penetrate the resistance level of 1072-1074.
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US Consumers More Cautious In Shopping
- US consumers have increased vigilance in the holiday shopping season, where it is becoming a potential ballast economic growth during the last months of the year.
- The latest evidence: America last month distanced expenditure of their income derived from wage increases, pushing the personal savings rate to its highest level in nearly three years.
- "Consumers have the means to spend, they just do not want to," the statement said Michelle Girard, economist at RBS Securities.
- It is not clear if October will prove to be one month to prepare for holiday shopping or reduce them amid mixed economic signals in the domestic and overseas trouble.
- While consumers remain relatively optimistic, the key measures of US consumer confidence slipped in late November.
- University of Michigan consumer sentiment index for November fell to 91.3 from a reading of 93.1 the middle of the month.
- "The data show that consumers have become increasingly aware of the domestic economy and the global economy," said Richard Curtin, chief economist survey.
- Which may include layoffs in the energy sector brought about by lower oil prices, fighting between producers burdened by the strong dollar and higher foreign demand, terrorist attacks in Paris and strife in Syria, Iraq and elsewhere in the Middle East.
- The latest government figures on personal spending, which measures how much Americans pay for everything from new shoes to home heating, reflecting vigilance.
- Consumption rose only 0.1% in October from the previous month, the slow growth are the same as in September, the Commerce Department said Wednesday (25/11).
- Personal income rose a healthy 0.4% in October, led by gains dividends, rental income and wages.
- Instead of spending, Americans in October decided to get rid of a lot more money. The personal savings rate, which measures the share of income of a person stored, was 5.6% in October, its highest level since December 2012. At $ 761.900.000.000, the personal savings rate is also the highest since the last months of 2012.
- Businesses have been struggling to boost spending patterns.
- Retailers have seen everything from warm weather to the slowdown in the energy industry to explain consumer behavior.
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Savings amount Americans Increase Continues
In line with US inflation report in October that rose from the position of 0 percent to 0.2 percent on an annual basis, the US Commerce Department reported overnight the average income of the people risen in accordance with previous estimates as well as consumer spending.
- The report shows the average income of American society back up to the position of 0.4 percent in October after September was down 0.2 percent.
- This month rate of increase in income is the highest position of the year for the achievement of the sixth month, as seen in the chart.
- United States Personal Income Public disposable income, or income tax this time also increased by 0.4 percent in October after rising 0.2 percent in the previous month.
- Meanwhile, the Commerce Department also reported an increase in consumer spending but decreased from the previous month.
- United States Personal Savings Rate With more than income data on consumer spending, the visible society America in October more saving.
- Observed index that measures the growth of savings increased to 5.6 percent after rising the previous month at 5.3 percent in September.
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US Durable Goods Orders Up 3% in October
- Orders for durable goods in the US rose in October, profit represents a huge leap in aircraft category stable and a slight increase in other parts.
- New orders for durable goods such as refrigerators and other products designed to last at least three years-increased at a seasonally adjusted 3% in October from the previous month, the Commerce Department said on Wednesday (25/11).
- Through the first 10 months of this year, orders for durable goods fell 4.2% compared to the same period in 2014. Economist survey conducted by The Wall Street Journal estimates that overall orders rose by 1.8% in October. September durable goods orders were revised to a decline of 0.8% from the previous estimate of a 1.2% decline.
- Through the first 10 months of this year, orders for durable goods fell 4.2% compared to the same period in 2014. This decline reflects the demand is limited because of low oil prices, a strong dollar and slowing growth abroad.
- In October, orders for nondefense aircraft climbed 81% to improve the overall readability. Boeing Co., the largest national aerospace company, said orders for passenger jets doubled last month compared with September.
- Orders for motor vehicles and parts that have become a bright spot in the manufacturing figures were up this year and down 2.9% in October.
- Excluding transportation, durable goods orders rose more-modest 0.5% last month, although the gains were the best since June. Orders outside of transportation fell 2.7% through the first 10 months of this year.
- Excluding the defense sector, another volatile, durable orders rose 3.2% last month, but down 4% this year. Defense orders rose 1% in October.
- A key measure of business investment rose in October.
- Orders for nondefense capital goods excluding aircraft-a proxy for corporate spending on equipment-increased 1.3% in October. The figure was down 3.8% through the first 10 months of this year.
- Business investments reached its peak in September 2014 but trended lower, in part reflecting a hefty decline in spending on oil and gas-engine field.
- Orders for railway equipment, other categories related to oil and gas production, and agricultural equipment also slumped this year.
- A stronger US dollar and weak overseas demand may also limit the sale.
- Orders for machinery and computers increased last month. The stronger US dollar makes the products more expensive abroad and foreign goods cheaper in the house.
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China Opens Blocked Stock Decline Gain Negative Industry
- Started trading China stocks weekend Friday (25/11), the Shanghai index opened down -23 points, or -0.63 percent, in 3614.
- The weakening of the Chinese stock exchange triggered the decline of the Chinese industrial profits in October.
- Bureau of Statistics data released on Friday morning Nasinal China showed Chinese industrial profits in October slumped at an annual pace of 4.6 percent because of declining sales and rising costs, as well as smaller gains in mining and raw materials, contributed to the decline. Citing Fitch Ratings, Tim Condon of ING stated that the real estate correction could be a threat proximate to Chinese manufacturing growth, hence the need to continue to apply the policy to revive the economy.
- While the Shenzhen Composite Index fell 18 points, or 0.74 percent, at 2308. The tech-heavy ChiNext Composite Index fell 20 points, or 0.6 percent lower and the blue chip index CSI 300 fell 21 points, or 0.56 percent.
- Metal company shares reacted negatively, down between 0.3 and 1.25 percent, despite a rise in metal prices. Shares of Chinese securities, such as stocks Citic Securities, Founder Securities, and China Merchants all opened in very negative territory.
- Citic shares fell 4.07 percent after receiving official notification from the China Securities Regulatory Commission (CSRC) that the company is under investigation, along with Guosen Securities, for violating securities laws. Guosen shares also fell 0.92 points, or 4.21 percent, to respond to the news.
- Shares of Chinese banks also opened mostly lower; ICBC, Agricultural Bank, Bank of China and Bank of Commerce opened in the red zone.
- Airline shares also fell linked to the high security threat issues and the latest news from The International Air Transport Association (IATA) showed a slowdown in growth in China, the fastest growing market for air travel, will see a decline in global demand for air transportation.
- For further trade, there is still no indicator data that will be released, but worth noting China's own domestic economic conditions also the movement of global markets and commodities.
- Analyst ZATco Research Center estimates that the Shanghai index will move sideways and tended to weaken limited to responding to the negative results of the country's industrial bamboo curtain.
- The index will try to move in the range 3525-3451 Support through the level and if the price rose will try to penetrate the resistance level at 3634-3701.
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The Nikkei Moving Data In response Negative Inflation and Labor
- Japanese stocks in early trading Friday weekend (27/11) had a positive open up 0.19%, but currently observed moving in the negative, down -49.53 points or -0.25% at 19894.88.
- Decline in the Nikkei index data to respond to economic indicators released this morning. Data released Friday morning showed Japan's consumer core prices fell for the third month in a row, indicating the fragility of the Japanese economy.
- The core consumer price index (CPI), which excludes fresh food, fell 0.1 percent last month on an annual basis as a result of falling commodity prices.
- Meanwhile, Japan's unemployment rate fell to 3.1 percent in October, according to government data, the lowest for the month since 1995 as a shortage of workers leads to more people looking for work. But despite having more people in the labor force, Japan's household spending also fell 2.4 percent at an annual pace in October.
- Meanwhile shares of blue chip stocks such as Sony, Canon and Toshiba all traded in the positive zone, while shares of Mitsubishi Electric natural decline.
- While automotive stocks traded mixed. Nissan and Mitsubishi Motors shares rose, while shares of Honda, Mazda, and Toyota traded lower. Earlier this week, Toyota recalled 1.6 million cars, adding a total of 15 million vehicles since 2013, due to faulty airbags.
- Japanese airbag manufacturer Takata shares fell 3 points, or 0.35 percent, on Friday morning.
- Earlier this year, the major car manufacturers including Toyota, Honda, and Nissan announced they would no longer use Takata airbag in their new models because a large number of accidents reported worldwide.
- For the airline still depressed stock geopolitical tensions and security issues. Japan Airlines shares fell 94 points, or 2.15 percent, while the ANA shares fell 6 points, or 1.66 percent.
- As for Nikkei futures are also in the negative zone, down -40.00 points or -0.20% at 19,900, down compared to the previous closing at 19.940.
- From within the country, today there are no data were released, but worth noting Yen exchange rate movements and the development of global stock markets.
- Analyst ZATco Research Center estimates for the next trading day, the index is expected to move sideways but potentially weakened with her off on Wall Street, where trading volume will drop, and could take advantage of the strengthening of the yen exchange rate.
- Technically Nikkei index will move within the range of 19.715 to 19.514 Support and Resistance range from 20.151 to 20.351.
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Crude Oil Prices Move Down Depressed Asian session Excess Supply
- Crude oil prices on Friday Asian trading session this morning (27/11) to move down, depressed concerns of oversupply, although market activity was quiet due to the US holiday.
- WTI oil futures prices for December contract closed down 145 cents, or 1.05 percent, to 42.59 dollars per barrel, after earlier falling as low as 41.72 dollars per barrel.
- Meanwhile, the price of Brent oil futures fell 71 cents to 45.46 dollars per barrel, after falling more than $ 1 to a session low of $ 45.00 a barrel.
- "Data shares a bit exciting market," ANZ said in a note on Friday, referring to data from the Energy Information Administration on Wednesday that showed US crude oil inventories rose 1 million barrels last week, slightly below analysts' expectations for a gain of 1, 2 million barrel. The market will now focus on a meeting of ministers from the Organization of Petroleum Exporting Countries (OPEC), held in Vienna, Austria on December 4 to coordinate the production of the group.
- OPEC is determined to continue to increase oil production despite the resulting financial strain even the chief architect of the policy, Saudi Arabia, worried about weaker members who fear prices could drop further towards $ 20.
- Russian Energy Minister Alexander Novak said on Thursday that Russia and Saudi Arabia will establish a joint working group specifically oil and gas cooperation to promote energy dialogue between the world's major oil producers.
- Analyst ZATco Research Center predicted oil prices will potentially be a natural pressure with sentiment excess world oil supplies.
- The price of oil will be moved through a range of 40.50 to 38.50 Support, if prices turn higher will try to penetrate the resistance range of 44.50 to 46.50.
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Singapore Economic Slump In Business Hammered Annual Manufacturing
Singapore's Ministry of Trade and Industry this afternoon (25/11), the final data of Gross Domestic Product (GDP) of Singapore for the third quarter 2015 increased from the initial data released previously reported in the.
- In the release can be seen that the rate of economic growth in Singapore in Q3 and then declined slightly from the previous quarter on an annual basis, but quarterly increase of contraction.
- The release noted that the pace of Singapore's GDP in Q3 and successfully posted a growth of 1.9 percent (yoy), slightly slower when compared with GDP growth recorded in the period Q3-2014 and which was then successfully posted a growth of 2 per cent (yoy).
- Meanwhile, when compared with the previous quarter, the pace of Singapore's GDP in Q3 of this year is better because it posted a growth of 1.9 percent from the previously recorded a contraction of -2.5 percent Post the data rate of the GDP is published this afternoon, the Singapore government appears to remain optimistic while maintaining Singapore's economic growth projection at 2.0 percent.
- Singapore economic conditions of today it is not so good, keep in mind, the performance of Singapore's manufacturing sector contracted by -6.0 percent in Q3 this year. This contraction is mainly due to the decrease in the output of the electronics, biomedical manufacturing and transport engineering clusters.
- The contraction of the manufacturing sector of Singapore for 7 consecutive months these days can not ditamping is already affecting the activity of Singapore's exports which have been relying on the fields of electronics, chemicals and services that characterize that Singapore is the regional hub main wealth management provides the main source of income for the economy, so that this country could buy the raw materials they do not have.
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Gold Prices Down In Thin Trade
- The price of gold at the close of trade on Friday before dawn (27/11) closed down, was at its lowest level in six years at a pressure of a strengthening dollar with strong economic data raised expectations of interest rate hikes from the US Federal Reserve next month.
- On Friday morning trading liquidity is thin, with US markets closed for the Thanksgiving holiday.
- "Pain in the market is that the dollar will continue to rally because the prospects for QE (quantitative easing) in Europe and the rise in the US," head of commodity strategy at Saxo Bank, Ole Hansen said.
- The dollar rose 0.1 percent against a basket of major currencies, traded near an eight-month highs reached in the previous session.
- "The dollar index is in the high range in the annual rate at 100.39. A break of this level will provide downward pressure on gold, "said ScotiaMocatta in a note.
- Data on Wednesday showed US manufacturing output in October rose well above economists' expectations while business spending plans rose.
- LLG spot gold price was unchanged at 1,070.76 dollars per troy ounce at 1505 GMT, not far from last week at 1,064.95 dollars per troy ounce, the lowest since February 2010.
- Gold has seen some safe-haven bid earlier this week after a Turkish fighter jet shot down a Russian, sparked tensions between the countries, but the sentiment rise in US interest rates has eclipsed the offer, and investor focus back to US interest rate hikes.
- On the physical market, buying interest increased as gold prices stay close to the old lows annual rate.
- Premiums in the Shanghai Gold Exchange, China's consumer demand, traded at an increasing rate $ 5- $ 6 per ounce on Thursday, compared to $ 3- $ 4 per ounce at the beginning of the month.
- Chinese net gold imports from Hong Kong's main channel fell in October from the highest 10-month high reached in the previous month, data showed on Thursday.
- Third quarter gold purchases in India, the largest consumer in the world, is likely to fall to its lowest level in eight years, depressed by poor investment demand and a drought that has reduced income for millions of farmers.
- Silver prices meanwhile rose 0.6 percent to $ 14.24 per ounce. Platinum rose 1.6 percent to $ 852 after reaching a seven-year lows in the previous session, while palladium rose 0.9 percent to $ 559.
- Analyst ZATco Research Center estimates that gold prices will potentially weaken with the strengthening expectations of US rate hike in December, which will further boost the US dollar.
- It is estimated that the price of gold will try to penetrate the support level of 1069-1067, and if the price rebounded will try to penetrate the resistance level of 1072-1074.
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