Company News by ForexMart

France’s Budget Easing Amid Steady Economic Growth

The path to recovery of France is strong that the government could reduce spending without affecting the rise of the deficit and the budget as reported by the finance minister on Monday. Twenty billion euros is the target amount of the government but this figure could still be trimmed if there will be a stronger growth and less tightening in the budget next year. On the other hand, the estimated value of cuts for next year will be 16 billion.

In the past, former governments were criticized on their excessively high growth forecasts which are reflected on budget and deficit-reduction. According to the Budget minister Gerald Darmanin, the basis of the initial budget for the President Macron’s administration is the forecast of 1.7 percent. Although he said that this could still improve but this what the current economists anticipate. The assumed 1.7 percent is slightly higher from the previous government forecast of 1.6 percent which is deemed to be the strongest economic performance since 2011.

In the current condition, the government has minimal options but to be stricter in order to achieve the promise of reducing the public deficit and also to lessen tax burden of the nation.

NZ Economy Expansion, Rise In GDP Q2

The seasonally adjusted Gross Domestic Product of the New Zealand increased by 0.8 percent in the second quarter as reported to the data on Thursday. It was updated from 0.6 percent in the previous quarter. On the other hand, the annual GDP remained unchanged at 2.5 percent.

This increase was mainly due to the high demand in tourism as more travellers visit the country primarily to take part in the British and Irish Lions rugby tour and the World Master’s games. At the same time, both the retail spending and hotel bookings went up by 2.8 percent.

A senior economist predicted that the next quarter will reach the peak of growth with the sudden flock of people in tourism as an initial boost and “rebound” in transport and agriculture sector. Although, the 0.8 percent quarterly increase is not a striking figure as he mentioned.

The course of growth is in line with the predictions from analysts but it is a bit lower than the forecast 0.9 percent of the central bank. There is a low chance for data on Thursday to affect the decision of the Reserve Bank of New Zealand and will still go with the course of keeping the borrowing rates at record low of 1.75 percent. Currently, the economy of New Zealand implies that there is growth following along the forecast in August Monetary policy meeting forecast.

ForexMart App is Now Available on Mobile

You can now use the ForexMart application on mobile.

We are launching ForexMart application on 11 january. It can be downloaded from both App store for Apple and Play Store for Android users. This allows users to trade anytime and anywhere at their own convenience by just connecting to an Internet service provider.

More and more consumers are shifting toward mobile platforms with continuous improvement in technology. Forex trading apps simplifies trading and allows accessibility through mobile phone that makes it more convenient. There is still wide range of options in placing orders from mobile devices such as iPhone or Android.

ForexMart app offers different features. Traders can access multiple charts that give real-time quotes as well as relevant economic news and latest forex analysis. Exchange rates over 100 different currencies are also available with buy and sell options. The application is especially designed for forex trading that is easy to navigate and works glitch-free for more efficient trading.

Forex traders will find this app very useful and handy. Check out this new app from your App Store or Play Store!

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Japan’s Manufacturing PMI for September Perk up

The manufacturing activity of Japan increased in September at its fastest pace within four months, along with the expansion of exports and domestic orders, indicated in a preliminary private survey on Monday, and further showed some signs of strengthening demand.

The Markit/Nikkei Japan Manufacturing Purchasing Managers’ Index (PMI) was able to grow to a seasonally adjusted 52.6 for this month versus the previously 52.2 in the month of August. The PMI remained on top of the threshold 50 that detaches expansion contraction from the 13th consecutive month and drove towards its highest level in May.

Annabel Fiddes, a principal economist at IHS Markit, conducted the survey and said that “Firms signaled stronger expansions in both output and new orders amid reports of firmer demand both at home and abroad.” Fiddes also mentioned that the third quarter ended strong which provided positive signs for production for the following months, as business confidence picked up marginally since last month.

New export orders index expand from 51.3 to 53.1 initially. The flash index for new orders climbed to 52.5 versus 51.9 results in August. PMI index output component further grew since August.

The PMI survey adheres with government figures issued last week, as Japanese exports in August perked up at its fastest in almost four years caused by the strong international demand. There is more evidence offered that shows Japan’s economy will continue growing.

Oil Steady Gains Amid Pressure In Market Rebalancing

The oil market is under pressure because of a surge in U.S. dollar but kept their profits from the former session. This was mainly due to the major meeting from producers in Vienna which aims to rebalance their asset allocation.

Since the beginning of 2017, members of the Organization of the Petroleum Exporting Countries including other oil producing countries such as Russia reduced the output by 1.8 million barrels per day. This action is helpful in easing of global crude inventories towards OPEC’s target of the five-year average.

The London Brent crude for November delivery declined by 4 cents at $56.82 a barrel by 0614 GMT which is close to the highest rate since the third month of the year. On the other hand, the U.S. crude market for November delivery dropped by 10 cents at $50.56 but not too far from the latest four-month highs.

The WTI crude decreased to the same month of Brent futures reached $6.28 which has been extensive since August 2015 and further pressured damages incurred by the U.S. refineries following the hurricane disaster.

The dollar index rose by 1 percent against other currencies. The euro declined following the rally in Germany after the election which demonstrates support for the far-right party and prompted Chancellor Angela Merkel to be in opposition.

The energy minister from Russia publicized that there is no agreement yet on the extension of output reduction after March. Yet, this is anticipated before January and this decision is anticipated before the year ends.

Chinese State-owned Firms Higher Gains Until August 2017

State-own companies in China had an increase in profit gains by 21.7 for last month compared to the same period for the year of 2016, as stated by the Ministry of Finance on Tuesday. The collated profits were 1.9 trillion yuan or $287.27 billion for the eight months of the year since January. As for the revenue, it climbed 15.5 percent to 33.08 trillion yuan. Yet, the debts of state firms soared 11 percent to 96.49 trillion yuan set side by side to the previous year at the end of August.

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Switzerland is the ‘Most Competitive Economy’ in World

On Wednesday, the World Economic Forum announced that Switzerland hailed the most competitive economy in the world for nine consecutive years. In 2008, the country suffered from a minor shock which enabled the United States to push the Swiss economy in the second spot, nevertheless, the Swiss Confederation was able to maintain the first place due to its adeptness as shown in the annual ranking of WEF.

Switzerland is on top for nearly a decade but the country is currently at risk due to populism and complacency.

Aside from Switzerland, the list kept unchanged since last year, except a little bit of shuffling. The United States was able to outpace Singapore for the second place, while Hong Kong is in the sixth rank as it successfully passed three places, going beyond Japan in the ninth place.

Moreover, the Great Britain lowered down to eighth and the WEF said, this fall has nothing to do with the Brexit process and the slide is already expected. The Chinese economy ranked 27th which is ahead of Russia on 38th and India on the 40th. In addition to it, Yemen is in the 37th position and the poor country got the wooden spoon amid their devastated status due to civil war, economic downturn, and widespread scarcity.

Turkish PM Yildirim Agreed to Deal Oil Exports with Iraq

Iraq disclosed that it will only deal with the Turkey government when it comes to crude oil exports, according to the Iraqi Prime Minister Haider al-Abadi on Thursday. The support of Turkey with Iraq was discussed between the Prime ministers of both countries. Turkish Prime Minister Binali Yildirim phone call conversation entails the affirmation of supporting Iraq to “all decision” which he mentioned, in particular, the “restriction” of oil exports. Although, this was not deliberated in detailed.