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Weak Data To Weigh On RBA Decision
Continuing contraction in manufacturing, weak retail sales and a steep fall in job advertisements are set to weigh on the Reserve Bank of Australia's rate decision due on Tuesday. However, economists say soft data will not be enough to trigger another rate cut tomorrow. The bank is widely expected to keep its rate steady at a record low 2.75 percent.
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German Factory PMI At 3-month High
Germany's manufacturing sector shrunk at a slower pace in May as output and new business recovered after deterioration in the previous two months, survey data showed Monday.
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U.S. Manufacturing Index Drops To Nearly Four-Year Low In May
Activity in the U.S. manufacturing sector unexpectedly contracted in May for the first time since November of 2012, according to a report released by the Institute for Supply Management on Monday. The ISM said its purchasing managers index fell to 49.0 in May from 50.7 in April, with a reading below 50 indicating a contraction in manufacturing activity.
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U.S. Construction Spending Rises Less Than Expected In April
With a drop in spending on public construction partly offsetting an increase in spending on private construction, the Commerce Department released a report on Monday showing a smaller than expected increase in total construction spending in the month of April.
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U.S. Construction Spending Rises 0.4% In April, Less Than Expected
With a drop in spending on public construction partly offsetting an increase in spending on private construction, the Commerce Department released a report on Monday showing a smaller than expected increase in total construction spending in the month of April.
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Australia Q1 Current Account Shortfall A$8.510 Billion
Australia posted a seasonally adjusted current account deficit of A$8.510 billion in the first three months of 2013, the Australian Bureau of Statistics said on Tuesday - gaining 42 percent on quarter.
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Australia Has A$8.510 Billion Current Account Deficit
Australia saw a seasonally adjusted current account deficit of A$8.510 billion in the first three months of 2013, the Australian Bureau of Statistics said on Tuesday.
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RBA Keeps Cash Rate At Record-Low; Sees Room For Further Easing
The Reserve Bank of Australia on Tuesday retained the cash rate at a record low of 2.75 percent, saying that the exchange rate remained elevated despite a sharp depreciation since the previous policy meeting. With the inflation outlook also remaining favorable, the central bank sees scope for further monetary easing.
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UK Retail Sales Rebound At Stronger Than Expected Pace
Retail sales in the UK increased more than expected in May as shops managed to lure consumers despite "topsy-turvy temperatures" and continued economic woes, a survey by the British Retail Consortium (BRC) and KPMG showed Tuesday. Sales value rose 1.8 percent on a like-for-like basis in May from a year earlier. This followed a 2.2 percent fall in April. On a total basis, sales were up 3.4 percent.
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U.S. Trade Deficit Widens In April But Still Narrower Than Expected
While a jump in the value of imports contributed to a notably wider U.S. trade deficit in the month of April, the deficit still came in narrower than economists had expected. A report released by the Commerce Department on Tuesday showed that the trade deficit widened to $40.3 billion in April from a revised $37.1 billion in March.
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Spain Unemployment Logs Record Decline For May
Spain's registered unemployment logged the biggest decline for the month of May signaling that the economy is finally set to recover from a deep-recession, data from the labor ministry revealed Tuesday.
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New Zealand Q1 Building Totals Surges 12%
Residential building activity in New Zealand spiked a seasonally adjusted 12.0 percent in the first quarter of 2013 compared to the previous three months, Statistics New Zealand said on Wednesday - marking the highest increase in 10 years.
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New Zealand Building Spikes 12% In Q1
Residential building activity in New Zealand surged a seasonally adjusted 12.0 percent in the first quarter of 2013 compared to the previous three months, Statistics New Zealand said on Wednesday.
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Subdued Growth In China Services Fuels Recovery Concerns
China's service sector grew only marginally in May, adding to concerns that the prospects of an economic recovery still remained bleak after a gauge of manufacturing sector performance showed contraction in activity for the first time since October 2012.
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IMF Urges France To Step Up Economic Reforms; Cuts Growth Outlook
The French government should strengthen its economic reforms to keep pace with the country's European peers and narrow the competitiveness gap between France and its trading partners, the International Monetary Fund said in a report on Tuesday. The Washington-based lender also lowered the growth outlook for the economy and said there is scope to moderate the pace of fiscal consolidation.
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U.S. Labor Productivity Rises Less Than Previously Estimated In Q1
With output increasing by less than previously estimated, the Labor Department released a report on Wednesday showing a downward revision to the pace of growth in U.S. labor productivity in the first quarter of 2013.
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U.S. Private Sector Employment Rises Less Than Expected In May
Raising concerns about Friday's jobs report from the Labor Department, payroll processor Automatic Data Processing, Inc. (ADP) released a report on Wednesday showing much weaker than expected private sector job growth in the month of May.
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U.S. Factory Orders Rise 1.0% In April After Sharp Drop In March
After reporting a sharp drop in new orders for manufactured goods in the previous month, the Commerce Department released a report on Wednesday showing a rebound in factory orders in the month of April.The report said factory orders increased by 1.0 percent in April compared to a revised 4.7 percent decrease in March. Economists had been expecting orders to rise by 1.5 percent.
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U.S. Service Sector Grows At Slightly Faster Rate In May
Growth in the U.S. service sector continued at a slightly faster rate in the month of May, according to a report released by the Institute for Supply Management on Wednesday. The ISM said its non-manufacturing index edged up to 53.7 in May from 53.1 in April, with a reading above 50 indicating growth in the service sector. Economists had expected the index to climb to 53.5.
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Australia Trade Surplus A$28 Million In April
Australia's merchandise trade surplus came in at a seasonally adjusted A$28 million in April, plummeting 95 percent on month, the Australian Bureau of Statistics said on Thursday. The headline figure was well shy of forecasts for a surplus of A$180 million following the upwardly revised A$555 million surplus in March (originally A$307 million).
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Australia Trade Surplus A$28 Million In April
Australia's merchandise trade surplus came in at a seasonally adjusted A$28 million in April, the Australian Bureau of Statistics said on Thursday.
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Departing Governor King Unlikely To Convince QE Opponents
Policymakers of the Bank of England are likely to sit tight on quantitative easing even if the outgoing Governor Mervyn King insists on additional stimulus to help the economic recovery gain traction. At the final meeting of King as governor of BoE, a majority of policymakers will possibly cite positive economic development since the last meeting as a reason to adopt a "wait and see" stance.
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IMF Concedes "Notable Failures" In Handling Greek Bailout
The International Monetary Fund on Wednesday confessed that there had been "notable failures" in dealing with Greece's first bailout program, which was launched in May 2010. The Washington-based lender said in a report that it was too optimistic in its economic assumptions and felt that the debt restructuring should have been attempted at the onset of the crisis.
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Draghi Sees Economic Recovery At Subdued Pace
European Central Bank President Mario Draghi said on Thursday that the 17-nation economy is set to see gradual recovery later this year as there are already some signs of improvement. Speaking at the post-decision press conference in Frankfurt, Draghi said, "Euro area economic activity should stabilize and recover in the course of the year, albeit at a subdued pace."
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U.S. Jobless Claims Dip To 346,000, Roughly In Line With Estimates
First-time claims for U.S. unemployment benefits saw a modest decrease in the week ended June 1st, according to a report released by the Labor Department on Thursday, with claims coming roughly in line with economist estimates. The report said initial jobless claims dropped to 346,000, a decrease of 11,000 from the previous week's revised figure of 357,000.
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South Korea Revised Q1 GDP Rises 0.8% On Quarter
South Korea's gross domestic product climbed a seasonally adjusted 0.8 percent in the first quarter of 2013 compared to the previous three months, the Bank of Korea said in Friday's revised reading - the fastest rate of gain in two years.
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South Korea Revised GDP +0.8% On Quarter
South Korea's gross domestic product expanded a seasonally adjusted 0.8 percent in the first quarter of 2013 compared to the previous three months, the Bank of Korea said in Friday's revised reading.
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German Export Growth Accelerates Unexpectedly In April
German exports growth quickened unexpectedly in April, in a sign that the economy is likely to sustain its growth momentum in the second quarter, withstanding recession in the wider euro area, official figures showed Friday. Nonetheless, the Bundesbank today lowered Germany's growth outlook for this year and the next, saying continued "structural problems" in Eurozone is impeding growth.
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U.S. Adds 175,000 Jobs In May, A Little More Than Expected
Employment in the U.S. increased by a little more than economists had anticipated in the month of May, according to a report released by the Labor Department on Friday. The report said non-farm payroll employment rose by 175,000 jobs in May following a downwardly revised increase of 149,000 jobs in April.
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U.S. Employment Rises A Little More Than Expected In May
Employment in the U.S. increased by a little more than economists had anticipated in the month of May, according to a report released by the Labor Department on Friday.
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U.S. Consumer Credit Rises Less Than Expected In April
Consumer credit in the U.S. showed a notable increase in the month of April, according to a report released by the Federal Reserve on Friday, although the increase fell short of economist estimates.
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Japan Has Current Account Surplus Of Y750.0 Billion
Japan saw a current account surplus of 750.0 billion yen in April, the Ministry of Finance said, surging by 100.8 percent on year.
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Japan Final Q1 GDP Revised Up To +1.0% On Quarter
Japan's gross domestic product gained a seasonally adjusted 1.0 percent in the first quarter of 2013 compared to the previous three months, the Cabinet Office said in Monday's final revision.
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Slovak Industrial Production Growth Improves In April
Slovakia's industrial production grew at a faster pace in April, data released by the Statistical Office of the Slovak Republic showed on Monday.
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China Data Points To Sluggish Economic Growth
China's economic growth likely slowed again in the second quarter, as a set of economic data released over the weakened pointed to sluggish activity across the world's second largest economy. Exports, lending, industrial production and fixed asset investment showed weaker growth in May while retail sales maintained momentum. Inflation slowed unexpectedly during the month.
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S&P Upwardly Revises U.S. Credit Outlook To "Stable"
Credit ratings agency Standard & Poor's upgraded its outlook for the U.S. credit rating to "stable" from "negative" on Monday, reducing the likelihood of a near-term downgrade. S&P said the stable outlook reflects receding downside risks to the 'AA+' rating on the U.S., which have reduced the likelihood of a ratings downgrade to less than one in three.
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Greece Consumer Prices Continue To Fall
Consumer prices in Greece declined annually for the third consecutive month in May, data from the Hellenic Statistical Authority showed on Monday.
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Japan May M2 Money Stock +3.4% On Year
The M2 money stock in Japan was up 3.4 percent on year in May, the Bank of Japan said on Tuesday, standing at 843.8 trillion yen.
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Japan Rate Decision On Tap For Tuesday
The Bank of Japan will on Tuesday conclude its monetary policy meeting and then announce its decision on interest rates, highlighting a modest day for Asia-Pacific economic activity. The BoJ is widely expected to keep the nation's benchmark interest rate at the record low 0 to 0.10 percent, although analysts believe that some additional stimulus measures may be introduced.
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BoJ Keeps Monetary Policy Unchanged; Upgrades Economic View
The Bank of Japan on Tuesday decided to retain its target of doubling the monetary base in two years, but stopped short of announcing any new steps to curb bond market volatility. Meanwhile, the central bank upgraded its view of the economy. The BoJ said its money market operations will continue to target an expansion of monetary base at an annual pace of JPY 60-70 trillion, as announced in April.
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