Australia Manufacturing PMI Jumps To 59.3 In February – AiG

The manufacturing sector in Australia continued to expand in February, and at a sharply faster pace, the latest survey from the Australian Industry Group showed on Wednesday with a Performance of Manufacturing Index score of 59.3.

That marks a large jump from 51.2 in January, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

It also marks the highest index reading since May 2002.

Individually, new orders, sales, production and employment all saw solid gains.

“The surge in February builds on a recovery from the sluggish performance in the third quarter of last year and marks a fifth month of expansion,” said Australian Industry Group chief executive Innes Willox.

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Australia GDP On Tap For Wednesday

Australia will on Wednesday release Q4 figures for gross domestic product, highlighting a busy day for Asia-Pacific economic activity.

GDP is expected to add 0.7 percent on quarter and 1.9 percent on year after slipping 0.5 percent on quarter and rising 1.8 percent on year in the previous three months.

Australia also will see February results for the Reserve Bank of Australia’s commodity index and the AiG manufacturing index.

In January, the commodity index was up 55.7 percent on year to a score of 120.9, while the manufacturing index had a score of 51.2.

Japan will release Q4 numbers for capital spending and company profits, plus vehicle sales for February.

Capex is tipped to add 0.6 percent after dipping 1.3 percent in Q3. Company profits were up 11.5 percent in the three months prior. Vehicle sales jumped an annual 8.6 percent.

Indonesia will provide February figures for consumer prices. In January, overall CPI was up 0.97 percent on month and 3.49 percent on year, while core inflation added 0.56 percent on month and 3.35 percent on year.

Thailand will release February numbers for producer prices; in January, producer prices added 0.9 percent on month and 3.1 percent on year.

China will see February results for the official manufacturing and non-manufacturing PMIs, as well as the manufacturing PMI from Caixin.

The official manufacturing PMI is expected to show a score of 51.2, down from 51.3 in January – when the non-manufacturing PMI had a score of 54.6.

The Caixin manufacturing PMI is tipped to post a score of 50.8, down from 51.0 in the previous month.

Markit Economics will release Nikkei manufacturing PMIs for a number of countries, including Japan, Vietnam, Thailand, Taiwan, the Philippines, Myanmar, Malaysia and Indonesia.

Finally, the markets in South Korea are closed on Wednesday for Independence Day, and will re-open on Thursday.

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New Zealand Q4 Terms Of Trade +5.7%

New Zealand’s terms of trade advanced 5.7 percent on quarter in the fourth quarter of 2016, Statistics New Zealand said on Wednesday.

That exceeded expectations for a gain of 4.0 percent following the 1.7 percent decline in the previous three months.

The lift in the terms of trade in the fourth quarter was the largest quarterly increase since the September 2013 quarter, when the terms of trade for goods rose 7.5 percent.

“The uptick of dairy export prices lifted New Zealand’s terms of trade,” business prices manager Sarah Williams said. “However, dairy export prices are still about a third lower than they were three years ago.”

Seasonally adjusted goods export volumes fell 5.8 percent, and goods import volumes rose 1.2 percent.

Seasonally adjusted goods export values fell 0.6 percent (to NZ$11.3 billion), and goods import values rose 0.1 percent (to NZ$12.3 billion).

The services terms of trade rose 2.5 percent, while services export prices rose 2.0 percent, while services import prices fell 0.5 percent.

While dairy export prices (up 14 percent) and values (up 9.8 percent) rose in the December 2016 quarter, dairy export volumes were down 8.1 percent. Despite the fall in volumes, New Zealand has earned more from the sale of dairy products abroad compared with the third quarter.

“Ongoing improvements in technology have meant that imports are better value for money,” Williams said.

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New Zealand Terms Of Trade Advance 5.7% In Q4

New Zealand’s terms of trade climbed 5.7 percent on quarter in the fourth quarter of 2016, Statistics New Zealand said on Wednesday.

That exceeded expectations for a gain of 4.0 percent following the 1.7 percent decline in the previous three months.

Seasonally adjusted goods export volumes fell 5.8 percent, and goods import volumes rose 1.2 percent.

The material has been provided by InstaForex Company – www.instaforex.com

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Fed Funds Futures Imply Traders See About 45 Pct Chance of at Least 3 U.s. Rate Increases in 2017 – Reuters Data

FED FUNDS FUTURES IMPLY TRADERS SEE ABOUT 45 PCT CHANCE OF AT LEAST 3 U.S. RATE INCREASES IN 2017 – REUTERS DATA
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Federal Funds Futures Imply Traders See 57 Pct Chance fED Raising Rates in March, 66 Pct in may – Reuters Data

FEDERAL FUNDS FUTURES IMPLY TRADERS SEE 57 PCT CHANCE FED RAISING RATES IN MARCH, 66 PCT IN MAY – REUTERS DATA
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