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PHILIPPINES POST $1.707 BILLION TRADE DEFICIT IN SEPTEMBER



The Philippines saw a merchandise trade deficit of $1.707 billion in September, the Bureau of Statistics said on Wednesday.
That follows the $2.075 billion shortfall in the previous month.
Imports were down 16.5 percent in year after tumbling an annual 22.6 percent in August.
Exports picked up 2.2 percent on year after sinking 18.6 percent a month earlier.

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AUSTRALIA TRADE DATA DUE ON THURSDAY



Australia will on Thursday release September figures for imports, exports and trade balance, highlighting a busy day for Asia-Pacific economic activity. In August, imports were up 2.0 percent on month and exports were down 4.0 percent on month for a trade surplus of A$2.643 billion.
South Korea will see September data for current account, with forecasts suggesting a surplus of $8.29 billion - up from $6.57 billion in August.
Singapore will provide September numbers for retail sales; in August, sales were up 1.4 percent on month and down 5.7 percent on year.
Taiwan will release October figures for consumer and wholesale prices; in September, consumer prices were up 0.1 percent on month and down 0.58 percent on year, while wholesale prices tumbled an annual 8.12 percent.
Indonesia will provide Q3 numbers for gross domestic product, with forecasts suggesting an increase of 5.34 percent on quarter and a decline of 3.0 percent on year. That follows the 4.19 percent quarterly drop and the 5.32 percent yearly decline.
Thailand will see October data for consumer prices and consumer confidence. In September, overall inflation was down 0.7 percent on year and core CPI rose an annual 0.26 percent. The consumer confidence index had a score of 50.2.
The Philippines will release October figures for consumer prices; in September, overall inflation was up 0.1 percent on month and 2.3 percent on year, while core CPI climbed 3.2 percent on year.
Japan will see final October results for the services and composite indexes from Jibun Bank; the previous readings were 46.9 and 46.6, respectively.

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JAPAN HOUSEHOLD SPENDING SINKS 10.2% ON YEAR IN SEPTEMBER



The average of household spending in Japan was down 10.2 percent on year in September, the Ministry of Internal Affairs and Communications said on Friday - coming in at 269,863 yen.
That beat forecasts for a decline of 10.7 percent following the 6.9 percent drop in August.
The average of monthly income per household stood at 469,235 yen, up 2.6 percent on year.
Individually, spending on furniture, clothing, medical care and recreation all were down sharply.
On a monthly basis, household spending rose 3.8 percent - beating forecasts for a gain of 2.2 percent following the 1.7 percent gain a month earlier.

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AUSTRALIA TOTAL BUILDING PERMITS JUMP 15.4% IN SEPTEMBER



The total number of building permits issued in Australia in September was up a seasonally adjusted 15.4 percent on month at 15,827.
Permits for private sector houses rose 9.7 percent to 10,238 and permits for private sector dwellings excluding houses spiked 23.4 percent to 5,189.
On a yearly basis, total permits rose 8.8 percent, while private sector houses surged 20.7 percent and private sector dwellings excluding houses tumbled 12.1 percent.
The value of total building approved fell 17.0 percent in September, in seasonally adjusted terms. The value of non-residential building fell 36.7 percent, after rising 40.0 percent in August.
The value of total residential building fell slightly in September, by 0.7 percent. This was driven by a fall in the value of new residential building (1.0 percent), while the value of residential alterations and additions rose 1.1 percent.

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PHILIPPINES GDP SINKS 11.5% ON YEAR IN Q3



The Philippines' gross domestic product contracted 11.5 percent on year in the third quarter of 2020, the Philippines Statistics Authority said on Tuesday.
That missed expectations for a decline of 9.8 percent following the 16.9 percent contraction in the three months prior.
On a seasonally adjusted quarterly basis, gross domestic product was up 8.0 percent - roughly in line with expectations following the 15.2 percent fall in the previous three months.

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NEW ZEALAND RATE DECISION ON TAP FOR WEDNESDAY



The Reserve Bank of New Zealand will wrap up its monetary policy meeting on Wednesday and then announce tis decision on interest rates, highlighting a modest day for Asia-Pacific economic activity. The RBNZ is widely expected to keep its Official Cash Rate steady at 0.25 percent.
Australia will see November results for the consumer confidence index from Westpac Bank; in October, the index jumped 11.9 percent to a score of 105.
South Korea will release October figures for unemployment, with forecasts calling for the jobless rate to fall to 3.6 percent from 3.9 percent in September.
Indonesia will provide September data for retail sales; in August, sales were down 9.2 percent on year.
Japan will see October numbers for machine tool orders; in September, orders were down 15.0 percent on year.

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JAPAN CORE MACHINERY ORDERS FALL MORE THAN EXPECTED



Japan core machinery orders declined more than expected in September weighing on the prospects of a sustained recovery in business investment.
Core machinery orders declined 4.4 percent on a monthly basis, in contrast to a 0.2 percent rise in August, data published by the Cabinet Office showed Thursday. This was the first fall in three months and worse than economists' forecast of 0.7 percent drop.
Year-on-year, core machinery orders were down 11.5 percent versus an expected fall of 11.6 percent.
Overall machinery orders also dropped 4.4 percent on month in September, reversing a 19.8 percent expansion posted in the previous month.
In the September quarter, the total value of machinery orders received by 280 manufacturers increased 7.8 percent from the previous three months.
Manufacturers expect overall machinery orders to fall 7.8 percent and core machinery orders to drop 1.9 percent in the fourth quarter.
Across this year non-residential investment is likely to have fallen by around 6.5 percent, Tom Learmouth, an economist at Capital Economics, said. And while the early distribution of an effective vaccine presents an upside risk, the recovery is likely to be lacklustre in 2021.
Another report from the Bank of Japan showed that producer prices continued to show negative growth in October.
Producer prices decreased 2.1 percent annually, following a 0.8 percent drop in September. Prices have been falling since March. Month-on-month, producer prices slid 0.2 percent in October, the same rate of fall as registered in September.

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NEW ZEALAND FOOD PRICES CLIMB 2.7% ON YEAR IN OCTOBER



Food prices were up 2.7 percent on year in October, Statistics New Zealand said on Friday - down from 3.1 percent in September.
Individually, fruit and vegetable prices increased 10 percent on year; while meat, poultry, and fish prices increased 1.0 percent; grocery food prices increased 0.7 percent; non-alcoholic beverage prices were flat; and restaurant meals and ready-to-eat food prices increased 3.4 percent.
Food prices fell 0.7 percent in October 2020. After seasonal adjustment, they were up 0.1 percent.
Individually, fruit and vegetable prices fell 5.6 percent (flat after seasonal adjustment); while meat, poultry, and fish prices rose 0.5 percent; grocery food prices fell 0.2 percent (down 0.2 percent after seasonal adjustment); non-alcoholic beverage prices rose 1.1 percent; and restaurant meals and ready-to-eat food prices were flat.

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CHINA INDUSTRIAL PRODUCTION JUMPS 6.9% ON YEAR IN OCTOBER



Industrial production in China was up 6.9 percent on year in October, the National Bureau of Statistics said on Monday - beating forecasts for a gain of 6.5 percent and roughly unchanged from the September reading.
The bureau also said that fixed asset investment rose 1.8 percent on year - exceeding expectations for 1.6 percent and up from 0.8 percent in the previous month.
Retail sales gained 4.3 percent on year, missing forecasts for 4.9 percent but still up from 3.3 percent a month earlier.
The unemployment rate came in at 5.3 percent, down from 5.4 percent in September.
Finally, house prices climbed an annual 4.3 percent in October, easing from 4.7 percent a month earlier.

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SINGAPORE NON-OIL EXPORTS SINK 5.3% IN OCTOBER



Non-oil domestic exports in Singapore were down 5.3 percent on month in October, Enterprise Singapore said on Tuesday - well shy of expectations for a gain of 4.6 percent following the 11.4 percent decline in September.
On a yearly basis, exports fell 3.1 percent - again missing forecasts for a gain of 5.7 percent following the 5.8 percent increase in the previous month.
The decline was mainly due to a drop in non-electronics.
NODX to the top 10 markets as a whole decreased in October, though exports to the US, China, Japan and the EU 27 grew.

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AUSTRALIA WAGE PRICES ADD 0.1% ON QUARTER IN Q3



Wage prices in Australia were up a seasonally adjusted 0.1 percent on quarter in the third quarter of 2020, the Australian Bureau of Statistics said on Wednesday - shy of expectations for an increase of 0.2 percent, which would have been unchanged from the Q2 reading.
On a yearly basis, wage prices rose 1.4 percent - again missing forecasts for 1.5 percent and slowing from 1.8 percent in the three months prior.
Private sector wages were up 0.1 percent on quarter and 1.2 percent on year, while public sector wages gained 0.2 percent on quarter and 1.8 percent on year.
Wage gains from health care and social services offset losses among administrative and support services.

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AUSTRALIA UNEMPLOYMENT DATA DUE ON THURSDAY



Australia will on Thursday release October figures for unemployment, highlighting a light day for Asia-Pacific economic activity.
The jobless rate is expected to climb to 7.2 percent from 6.9 percent in September, with an expected loss of 30,000 jobs following the loss of 29,500 jobs a month earlier. The participation rate is seen at 64.7 percent, down from 64.8 percent in the previous month.
The central bank in Indonesia will wrap up its monetary policy meeting and then announce its decision on interest rates; the bank is widely expected to keep its benchmark lending rate unchanged at 4.00 percent.
The central bank in the Philippines also will announce its decision on interest rates, with forecasts suggesting no change for the benchmark at 2.25 percent.

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SOUTH KOREA PRODUCER PRICES SINK 0.5% IN OCTOBER



Producer prices in South Korea were down 0.5 percent on month in October, the Bank of Korea said on Friday.
That missed forecasts for a flat reading following the 0.1 percent increase in September.
Individually, prices for agriculture, forestry and marine products plummeted 9.6 percent on month, while utility prices were down 0.7 percent, manufacturing products eased 0.1 percent and services were flat.
On a yearly basis, producer prices sank 0.6 percent versus expectations for a lost of 0.1 percent after slipping 0.4 percent in the previous month.

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EUROPEAN ECONOMICS PREVIEW: EUROZONE FLASH PMI DATA DUE



Flash Purchasing Managers' survey results from euro area and the UK are due on Monday, headlining a light day for the European economic news.
At 3.15 am ET, IHS Markit is scheduled to issue France flash composite PMI data. Economists forecast the index to fall sharply to 34.0 in November from 47.5 in October.
At 3.30 am ET, Germany's flash PMI data is due. The composite indicator is seen at 50.4 in November versus 55.0 a month ago.
At 4.00 am ET, IHS Markit is set to release euro area preliminary PMI data. The composite output index is expected to fall to 45.8 in November from 50.0 in the previous month.
Also, Poland's retail sales data is due at 4.00 AM ET. Economists expect sales to fall 0.3 percent on year in October, in contrast to a 2.7 percent rise in September. Half an hour later, UK CIPS/Markit composite PMI data is due. Economists expect the composite index to decline to 42.5 in November from 52.1 a month ago.
In the meantime, UK household finance index data is also due from IHS Markit.

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DOLLAR RECOVERS AFTER FALLING TO 2-1/2-YEAR LOW



The U.S. dollar fell in the Asian session on Monday and hit its lowest level since April 2018, but recovered to move above the flat line later in the session, scoring gains against some of its peers.
The dollar's safe-haven appeal fell earlier in the day after more positive news emerged on the vaccine front.
After recent positive updates from Pfizer and Moderna, there is more encouraging news on the Covid-19 vaccine front, with the Oxford University and AstraZeneca Pharma announcing that their vaccine for the novel coronavirus could be around 90% effective under one dosing regimen.
"Today marks an important milestone in our fight against the pandemic. This vaccine's efficacy and safety confirm that it will be highly effective against Covid-19 and will have an immediate impact on this public health emergency," AstraZeneca chief executive Pascal Soriot said in a statement.
Meanwhile, the FDA's outside advisers are slated to meet on Dec. 10 to review Pfizer's emergency-use application for its vaccine.
The dollar index, which fell to 92.02, recovered and hit a high of 92.80 before noon. It was last seen at 92.53, up 0.15% from previous close.
Against the Euro, the dollar firmed up to $1.1843, gaining 0.11%. The Eurozone manufacturing purchasing managers index (PMI) fell to a three-month low level of 53.6 in November from 54.8 in October, according to the preliminary report from IHS/Markit Research. The Services PMI dropped to a six-month low level of 41.3.
The Pound Sterling was weaker by about 0.31%, fetching $1.3324 a unit, compared to $1.3283 on Friday. The UK private sector contracted the most in six months in November, flash survey results revealed. The IHS Markit/Chartered Institute of Procurement & Supply composite output index dropped to 47.4 in November from 52.1 in October.
The Yen weakened to 104.54 a dollar, sliding from 103.85.
Against the Aussie, the dollar gained some ground, firming up to 0.7289 from 0.7302.
The Swiss franc was weaker at 0.9125, drifting down from 0.9113 a dollar. The Loonie was stronger, quoting at 1.3084 a dollar, up from 1.3095, thanks to higher crude oil prices.

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AUSTRALIA CONSTRUCTION WORK FALLS 2.6% IN Q3



The total value of construction work done in Australia was down a seasonally adjusted 2.6 percent on quarter in the third quarter of 2020, the Australian Bureau of Statistics said on Wednesday - coming in at A$51.179 billion.
That missed expectations for a fall of 2.0 percent following the 0.7 percent decline in the previous three months.
On a yearly basis, the value of construction was down 4.2 percent.
Building work was down 2.0 percent on quarter and 7.2 percent on year at A$28.971 billion.
Residential work was down 1.0 percent on quarter and 8.9 percent on year, while non-residential work fell 3.4 percent on quarter and 4.5 percent on year. Engineering work sank 3.3 percent on quarter but gained 0.1 percent on year.

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DOLLAR STAYS WEAK AGAINST PEERS



The U.S. dollar was weak against most of its peers on Wednesday, reacting to recent updates on potential coronavirus vaccine and the latest batch of economic data.
According to data released by the Labor Department, first-time claims for U.S. unemployment benefits unexpectedly increased in the week ended November 21st, climbing to 778,000, an increase of 30,000 from the previous week's revised level of 748,000. Economists had expected jobless claims to drop to 730,000 from the 742,000 originally reported for the previous week.
A report from the Commerce Department said durable goods orders jumped by 1.3% in October after spiking by 2.1% in September. Economists had expected durable goods orders to climb by 0.9%.
Another report from the Commerce Department showed the spike in gross domestic product in the third quarter was 33.1%, unrevised from the initial estimate.
Personal income in the U.S. fell by 0.7% in October after climbing by a downwardly revised 0.7% in September. Meanwhile, the report said personal spending rose by 0.5% in October after jumping by a revised 1.2% in September.
Yet another report from the same department said new home sales in the U.S. unexpectedly dipped by 0.3% to an annual rate of 999,000 in October after inching up by 0.1% to a revised rate of 1.002 million in September.
Revised data released by the University of Michigan on Wednesday showed consumer sentiment in the U.S. deteriorated by slightly more than expected in the month of November, with the index coming in at 76.9 down from a preliminary reading of 77.0.
The dollar index, which fell to a low of 91.93 in the European session, continues to trade weak despite making a couple of attempts to pare losses. At 91.99, the dollar index is now down 0.25% from previous close.
Against the Euro, the dollar weakened to $1.1914, despite firming up to $1.1883 in the Asian session.
The Pound Sterling is stronger by 0.15%, fetching $1.3383 a unit, compared to $1.3363 on Tuesday.
The Yen is little changed at 104.47 a dollar.
The Aussie is roughly flat against the greenback, with the AUD-USD pair quoting at 0.7365.
The Swiss franc is up at 0.9085 a dollar, more than 0.3% up from its previous close of 0.9113, while the Loonie is at 1.3008 a dollar, down from 1.2998.

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CHINA'S INDUSTRIAL PROFITS SURGE IN OCTOBER



China's industrial profits expanded strongly in October as the economy showed signals of robust rebound from the coronavirus driven downturn, data from the National Bureau of Statistics showed Friday.
Industrial profits advanced 28.2 percent on a yearly basis in October. This was the sixth consecutive rise in profits.
During January to October period, industrial profits gained 0.7 percent from the same period last year.
Data revealed that profits of state-owned enterprises decreased 7.2 percent annually, while that of private firms climbed 1.1 percent in ten months ended October.

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EUROPEAN ECONOMICS PREVIEW: GERMANY FLASH INFLATION DATA DUE



Flash consumer prices from Germany and mortgage approvals from the UK are due on Monday, headlining a busy day for the European economic news.
At 2.00 am ET, the Turkish Statistical Institute releases GDP data for the third quarter and trade data for October.
At 3.00 am ET, Spain's INE releases flash consumer price data. EU harmonized prices are forecast to drop 0.8 percent on year in November, following a 0.9 percent decrease in October.
In the meantime, producer prices and GDP figures are due from Austria.
At 4.00 am ET, GDP data is due from Poland and Iceland.
Half an hour later, the Bank of England releases mortgage approvals data for October. The number of mortgages approved fell to 84,490 from 91,450 in September.
At 5.00 am ET, Italy's Istat releases preliminary consumer prices for November. Economists forecast prices to drop 0.4 percent on year, after easing 0.3 percent in October.
At 8.00 am ET, Destatis is scheduled to issue Germany's flash consumer prices for November. Consumer prices are seen falling 0.1 percent annually versus a 0.2 percent decrease a month ago.

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SOUTH KOREA INFLATION CLIMBS 0.6% ON YEAR IN NOVEMBER



Consumer prices in South Korea were up 0.6 percent on year in November, Statistics Korea said on Wednesday.
That missed forecasts for an increase of 0.9 percent but was up from 0.1 percent in the previous month.
On a monthly basis, inflation eased 0.1 percent - again shy of expectations for an increase of 0.2 percent but improving from the 0.6 percent contraction in October.
Core CPI, which excludes volatile food costs, gained an annual 0.6 percent after slipping 0.3 percent a month earlier.
utlook for jobs and inflation. The board said it is prepared to do more if necessary.

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