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Australia Building Approvals Dip 1.8% In April



The total number of building permits issued in Australia was down a seasonally adjusted 1.8 percent on month in April, the Australian Bureau of Statistics said on Wednesday - coming in at 15,294.
That beat expectations for a plunge of 15.0 percent following the 4.0 percent drop in March.
On a yearly basis, building permits were up 5.7 percent.
Permits issued for private sector houses rose 2.7 percent on month and 4.9 percent on year to 8,912, while permits issued for private sector dwellings excluding houses fell 8.9 on month but rose 4.0 percent on year to 6,079.

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Australia April Trade Surplus A$8.800 Billion



Australia posted a seasonally adjusted merchandise trade surplus of A$8.800 billion in April, the Australian Bureau of Statistics said on Thursday - down 16 percent on month.
That exceeded expectations for a surplus of A$7.5 billion following the downwardly revised A$10.44 billion surplus in March (originally A$10.60 billion).
Exports were down 11.0 percent on month to A$37.505 billion following the downwardly revised 13.9 percent increase in the previous month.
Non-rural goods fell A$2.192 billion (8 percent) and non-monetary gold fell A$1.694 billion (47 percent). Rural goods rose A$39 million (1 percent) and net exports of goods under merchanting rose A$15 million (79 percent). Services credits fell A$924 million (13 percent).
Imports sank 10.0 percent on month to A$28.705 billion after losing a revised 3.6 percent a month earlier (originally -4.0 percent).
Intermediate and other merchandise goods fell A$507 million (5 percent) and non-monetary gold fell A$402 million (40 percent). Consumption goods rose A$329 million (4 percent) and capital goods rose A$243 million (4 percent). Services debits fell A$2.773 billion (42 percent).
Also on Thursday, the ABS said that the total value of retail sales in Australia tumbled by a seasonally adjusted 17.7 percent on month in April, coming in at A$24.791 billion.
That was slightly better than expectations for a decline of 17.9 percent following the 8.5 percent increase in March.
The decline was led by drops in food retailing (-17.4 percent), cafes, restaurants and takeaway food services (-35.4 percent), clothing, footwear and personal accessory retailing (-53.6 percent), other retailing (-14.4 percent), department stores (-14.9 percent), and household goods retailing (-0.1 percent).
By region, sales were down in Victoria (-21.1 percent), New South Wales (-17.5 percent), Queensland (-15.7 percent), Western Australia (-16.8 percent), South Australia (-14.6 percent), Tasmania (-17.5 percent), the Australian Capital Territory (-14.9 percent), and the Northern Territory (-7.7 percent).

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Australia April Trade Surplus A$8.800 Billion

Australia posted a seasonally adjusted merchandise trade surplus of A$8.800 billion in April, the Australian Bureau of Statistics said on Thursday - down 16 percent on month.

That exceeded expectations for a surplus of A$7.5 billion following the downwardly revised A$10.44 billion surplus in March (originally A$10.60 billion).

Exports were down 11.0 percent on month to A$37.505 billion following the downwardly revised 13.9 percent increase in the previous month.
Non-rural goods fell A$2.192 billion (8 percent) and non-monetary gold fell A$1.694 billion (47 percent). Rural goods rose A$39 million (1 percent) and net exports of goods under merchanting rose A$15 million (79 percent). Services credits fell A$924 million (13 percent).

Imports sank 10.0 percent on month to A$28.705 billion after losing a revised 3.6 percent a month earlier (originally -4.0 percent).
Intermediate and other merchandise goods fell A$507 million (5 percent) and non-monetary gold fell A$402 million (40 percent). Consumption goods rose A$329 million (4 percent) and capital goods rose A$243 million (4 percent). Services debits fell A$2.773 billion (42 percent).
Also on Thursday, the ABS said that the total value of retail sales in Australia tumbled by a seasonally adjusted 17.7 percent on month in April, coming in at A$24.791 billion.

That was slightly better than expectations for a decline of 17.9 percent following the 8.5 percent increase in March.
The decline was led by drops in food retailing (-17.4 percent), cafes, restaurants and takeaway food services (-35.4 percent), clothing, footwear and personal accessory retailing (-53.6 percent), other retailing (-14.4 percent), department stores (-14.9 percent), and household goods retailing (-0.1 percent).

By region, sales were down in Victoria (-21.1 percent), New South Wales (-17.5 percent), Queensland (-15.7 percent), Western Australia (-16.8 percent), South Australia (-14.6 percent), Tasmania (-17.5 percent), the Australian Capital Territory (-14.9 percent), and the Northern Territory (-7.7 percent).

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Japan Household Spending Sinks 11.1% On Year In April



The average of household spending in Japan was down 11.1 percent on year in April, the Ministry of Internal Affairs and Communications said on Friday - coming in at 267, 922 yen.
That beat expectations for a drop of 15.4 percent on year following the 6.0 percent fall in March.
The average of monthly income per household stood at 531,017 yen, up 0.9 percent on year.
On a monthly basis, household spending fell 6.2 percent - also beating expectations for a fall of 8.7 percent after slipping 4.0 percent a month earlier.

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Ireland Construction Sector Continues To Contract In May



Ireland's construction sector contracted for the third straight month in May, though at a softer pace, amid covid-19 restrictions, data from the IHS Markit showed on Monday.
The Ulster Bank construction Purchasing Managers' Index rose to 19.9 in May from 4.5 in April.
This rate of contraction was still sharper than at any other time in 20 years of data collection. Any score below 50 indicates contraction in the sector.
"Mirroring the pattern of the headline PMI, the sectoral sub-indices also point to a slower pace of contraction (particularly so in the case of commercial and housing), consistent with April having been the point of peak stress for Irish construction activity during the current crisis," Simon Barry, chief economist Republic of Ireland at Ulster Bank, said.
All three categories of activity decreased in May, though the rate of contraction eased in each case. Civil engineering activity declined sharply, while commercial activity fell softly.
New orders declined for the third straight month in May due to covid-19 crisis. Employment and purchasing activity fell for the third month in a row.
Suppliers' delivery time lengthened further in May.
Input prices rose slightly in May, but the rate of inflation was below the series average.
The 12-month outlook for the construction firms remained pessimistic in May.

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Australia NAB Business Conditions Rise In May



Australia's business conditions and confidence improved in May but remained deeply negative, survey data from National Australia Bank showed Tuesday.
The business conditions index gained 10 points to -24 in May after hitting the lowest level since the global financial crisis.
While improvement in conditions was broad-based across industries, conditions in services industries remained notably weaker.
The increase in conditions was driven by an improvement in trading conditions and profitability, while the employment index logged a more moderate improvement.
At the same time, the business confidence index advanced to -20 in May from -45 in April.
Business confidence increased from its low point in March, but remained weak with a current reading last seen around the trough in the 1990s recession.
With coronavirus containment measures having generally been eased, although to varying degrees across the states, there have seen some pickup in activity, the NAB said. However, uncertainty remains high both globally and domestically and businesses likely remain concerned about how quickly they will return to full capacity.

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China Inflation -0.8% On Month In May



Consumer prices in China tumbled 0.8 percent on month in May, the National Bureau of Statistics said on Wednesday - missing expectations for a fall of 0.5 percent following the 0.9 percent drop in April.
On a yearly basis, consumer prices rose 2.4 percent - also shy of forecasts for an increase of 2.7 percent and down sharply from 3.3 percent in the previous month.
The bureau also said that producer prices were down 3.7 percent on year versus expectations of a fall of 3.3 percent following the 3.1 percent slide a month earlier.

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UK House Price Balance At 10-Year Low: RICS



The UK house price indicator moved deeper into negative territory in May amid coronavirus pandemic, survey data from the Royal Institution of Chartered Surveyors, or RICS, showed Thursday.
The house price balance fell to -32 percent in May from -22 percent in April. This was the weakest monthly figure since 2010.
Moreover, near-term price expectations remained downbeat, with the index standing at -43 percent. Further, a net -16 percent forecast prices to fall over the year ahead. The survey showed that there was a slight improvement in the sales outlook as estate agents were permitted to reopen on May 13. Nonetheless, given the economic uncertainty caused by the pandemic, overall sentiment remained cautions.
The net balance for new buyer enquiries rose to -5 percent in May from a record low of -94 percent in April.
Despite a net balance of -20 percent of contributors reporting that new instructions coming onto the market continued to fall in May, this was noticeably less negative compared to the reading of -97 percent last month, RICS said.
Further, the net balance for near term sales expectations advanced to -4 percent from -58 percent in April.

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UK House Price Balance At 10-Year Low: RICS



The UK house price indicator moved deeper into negative territory in May amid coronavirus pandemic, survey data from the Royal Institution of Chartered Surveyors, or RICS, showed Thursday.
The house price balance fell to -32 percent in May from -22 percent in April. This was the weakest monthly figure since 2010.

Moreover, near-term price expectations remained downbeat, with the index standing at -43 percent. Further, a net -16 percent forecast prices to fall over the year ahead. The survey showed that there was a slight improvement in the sales outlook as estate agents were permitted to reopen on May 13. Nonetheless, given the economic uncertainty caused by the pandemic, overall sentiment remained cautions.

The net balance for new buyer enquiries rose to -5 percent in May from a record low of -94 percent in April.

Despite a net balance of -20 percent of contributors reporting that new instructions coming onto the market continued to fall in May, this was noticeably less negative compared to the reading of -97 percent last month, RICS said.

Further, the net balance for near term sales expectations advanced to -4 percent from -58 percent in April.

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South Korea Export Prices Rise 0.6% In May



Export prices in South Korea were up 0.6 percent on month in May, the Bank of Korea said on Friday - following the 2.2 percent monthly decline in April.
On a yearly basis, export prices sank 8.2 percent after dropping 6.5 percent in the previous month.
Prices for agricultural, forestry and marine exports fell 0.7 percent on month and 3.8 percent on year, while prices for manufacturing products added 0.7 percent on month and lost 8.2 percent on year.
Import prices were up 4.2 percent on month and down 12.8 percent on year after falling 5.7 percent on month and 14.6 percent on year in April.

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China's Industrial Output Rises, Retail Sales Fall



China's industrial production growth accelerated and retail sales decreased at a slower pace in May, data from the National Bureau of Statistics showed Monday.
Industrial production grew 4.4 percent on a yearly basis in May, faster than the 3.9 percent increase logged in April. Economists had forecast a 5 percent rise.
Retail sales dropped at a slower pace of 2.8 percent in May from last year, slower than the 7.5 percent decrease seen in April. Sales were forecast to fall 2 percent.
During January to May, fixed asset investment decreased 6.3 percent from the same period of last year. Economists had forecast a 5.9 percent fall.
The People's Bank of China injected CNY 200 billion funds into the financial system via medium-term lending facility at a rate of 2.95 percent, unchanged from previous operation.

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Euro Little Changed After Eurozone Trade Data



At 5.00 am ET Monday, Eurostat has published euro area foreign trade figures for April. The euro changed little against its major rivals after the data.
The euro was trading at 120.83 against the yen, 1.1261 against the greenback, 1.0708 against the franc and 0.8981 against the pound around 5:05 am ET.

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New Zealand Has NZ$1.6 Billion Current Account Shortfall



New Zealand had a seasonally adjusted current account deficit of NZ$1.6 billion in the first quarter of 2020, Statistics New Zealand said on Wednesday.
That missed expectations for a surplus of NZ$1.482 billion but was an improvement over the NZ$2.66 billion shortfall in the three months prior.
The seasonally adjusted goods deficit narrowed to NZ$213 million, while the services surplus narrowed to NZ$983 million.
The primary income deficit widened to NZ$2.2 billion and the financial account recorded a net outflow of NZ$7.7 billion.

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New Zealand Has NZ$1.6 Billion Current Account Shortfall



New Zealand had a seasonally adjusted current account deficit of NZ$1.6 billion in the first quarter of 2020, Statistics New Zealand said on Wednesday.
That missed expectations for a surplus of NZ$1.482 billion but was an improvement over the NZ$2.66 billion shortfall in the three months prior.
The seasonally adjusted goods deficit narrowed to NZ$213 million, while the services surplus narrowed to NZ$983 million.
The primary income deficit widened to NZ$2.2 billion and the financial account recorded a net outflow of NZ$7.7 billion.

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European Economics Preview: Bank Of England Rate Decision Due



Monetary policy meetings of the Bank of England and Swiss National Bank are due on Thursday, headlining a busy day for European economic news.
Economists widely expect the monetary policy committee of the BoE to expand its quantitative easing by at least GBP 100 billion from the current size of GBP 645 billion. The interest rate is expected to remain at a record low 0.1 percent.
The BoE is scheduled to release its summary and the minutes of the meeting at 7.00 am ET.
The Swiss National Bank is expected to hold its policy rate and interest on sight deposits at -0.75 percent. The announcement is due at 3.30 am ET.
At 4.00 am ET, Italy's Istat is slated to release foreign trade data for April.
At 4.00 am ET, Norges Bank announces its rate decision. In the meantime, Statistics Poland publishes employment growth data for May.
At 5.00 am ET, the Hellenic Statistical Authority publishes unemployment data for March.

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Australia Retail Sales Rebound At Record Pace In May



Australia's retail sales expanded in May at the fastest pace in the 38 year history of the series, after the easing of coronavirus containment measures, data from the Australian Bureau of Statistics showed Friday.
Retail sales grew by 16.3 percent on a monthly basis in May, the biggest on record, following a record decline of 17.7 percent in April.
Turnover rose 5.3 percent from the same period last year.
There were large increases in turnover in clothing, footwear and personal accessory retailing and cafes, restaurants and takeaway food services, as restrictions eased throughout the month.
Data showed that the monthly rise in clothing, footwear and personal accessory retailing exceeded 100 percent but remained more than 20 percent from last year.
Food retailing rose 7.2 percent from April. At the same time, perishable goods turnover advanced 7.0 percent and non-perishable goods turnover gained 3.8 percent. and All other products turnover gained 5.8 percent in May.

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China Leaves Benchmark Lending Rates Unchanged



China left its benchmark lending rates unchanged for the second straight month despite the economy struggling to recover from the impact of the coronavirus crisis.
The one-year loan prime rate was retained at 3.85 percent and the five-year loan prime rate was maintained at 4.65 percent.
The one-year and five-year loan prime rates were last reduced in April. The one-year loan prime rate was lowered by 20 basis points and five-year rate by 10 basis points in April.
The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This new lending rate replaced the central bank's traditional benchmark lending rate in August 2019.
Last week, the People's Bank of China injected CNY 200 billion funds into the financial system via medium-term lending facility at a rate of 2.95 percent, unchanged from the previous operation.
With fiscal stimulus ramping up and economic recovery well underway, the PBoC appears to see less of a need to encourage stronger private borrowing, Julian Evans-Pritchard, an economist at Capital Economics, said.
Broad credit growth still looks set to accelerate further in the coming quarters. But short-term interest rates are unlikely to decline much further, the economist noted.
Iris Pang, an ING economist said she is looking for a targeted RRR cut this week, by 0.5 percentage points for some banks on the specific requirement to use the liquidity for small and medium sized enterprises.

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Japan Manufacturing PMI Sinks To 28.9 In June - Jibun Bank



The manufacturing sector in Japan continued to contract in June, and ay a faster rate, the latest survey from Jibun Bank revealed on Tuesday with a manufacturing PMI score of 28.9.
That's down from 30.3 in May, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Individually, output, new orders, new export orders, employment, backlogs, output prices, input prices and future output all continued to contract.
The data also showed that Japan's services PMI came in at 42.3 in June, up from 26.5 in the previous month. The composite index had a score of 27.8, down from 37.9 a month earlier.

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European Economics Preview: German Ifo Business Confidence Data Due



Business sentiment survey results from Germany and France are due on Wednesday, headlining a light day for the European economic news.
At 2.00 am ET, Statistics Norway releases unemployment data for April. The jobless rate is expected to rise to 3.8 percent in April.
At 2.45 am ET, France's statistical office Insee is scheduled to issue business confidence survey results. The sentiment index is forecast to rise to 80 in June from 70 in May.
At 3.00 am ET, manufacturing confidence survey data is due from Sweden and Turkey.
At 4.00 am ET, Germany's ifo Institute is scheduled to publish business sentiment survey results for June. Economists forecast the business climate index to rise to 85.0 in June from 79.5 a month ago.
In the meantime, unemployment data is due from Poland. The jobless rate is expected to rise to 6.1 percent in May from 5.8 percent in April.
At 8.30 am ET, the Czech National Bank announces its interest rate decision. Economist forecast the bank to hold its key rate at 0.25 percent.

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New Zealand Trade Surplus NZ$1.3 Billion In May



New Zealand posted a merchandise trade surplus of NZ$1.3 billion in May, Statistics New Zealand said on Thursday - following the NZ$1.267 billion surplus in April.
Exports were down an annual 6.1 percent or NZ$350 million to NZ$5.39 billion.
Imports plummeted 25.6 percent or NZ$1.4 billion to NZ$4.14 billion.
In the year ended May 2020, exports gained 1.3 percent or NZ$0.8 billion to NZ$60.1 billion. Imports fell 5.4 percent or NZ$3.5 billion to NZ$61.4 billion - resulting in a trade deficit of NZ$1.3 billion.

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