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Improvement In Labor MarketTitle:
Asian Market Update : 02/05/2012
China PMI supports soft landing, USD stronger against the yen and euro
Economic Data
(CN) CHINA APR HSBC MANUFACTURING PMI: 49.3 V 48.3 PRIOR (6th month of contraction)
(JP) JAPAN MAR LABOR CASH EARNINGS Y/Y: 1.3% V 0.2%E (highest since Jul 2010)
(NZ) NEW ZEALAND APR ANZ COMMODITY PRICE: -4.5% V -1.7% PRIOR
(KR) SOUTH KOREA APR HSBC MANUFACTURING PMI: 51.9 V 52.0 PRIOR
(JP) JAPAN APR MONETARY BASE Y/Y: -0.3% V -0.2% PRIOR (2nd consecutive y/y decline)
(TH) THAILAND APR CONSUMER CONFIDENCE ECONOMIC: 67.5 V 66.5 PRIOR
(TW) TAIWAN APR HSBC MANUFACTURING PMI: 51.2 V 54.1 PRIOR
(RU) RUSSIA APR MANUFACTURING PMI: 52.9 V 50.8 PRIOR
(IN) INDIA APR MARKIT MANUFACTURING PMI: 54.9 V 54.7 PRIOR
Markets Snapshot (as of 04:30GMT)
Nikkei225 +0.4%
S&P/ASX +0.2%
Kospi +0.8%
Taiwan Taiex +2.0%
Singapore ...
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Copper dips on economy concerns, China data supports
(Reuters) - Copper dipped on Tuesday as brisk manufacturing data in top metal consumer China and a softer dollar failed to offset concerns about the fragile U.S. economy and the euro zone crisis.
Trading was thin with most Asian markets shut for the May Day holiday, including China and parts of Europe, limiting the market impact of data showing a sustained expansion in China's factory sector.
Three-month copper on the London Metal Exchange was down 0.1 percent at $8,391 a tonne by 1058 GMT, after hitting a session high of $8,450. It closed at $8,400 on Monday.
China's official purchasing managers' index (PMI) rose to a 13-month high of 53.3 in April, signaling the world's No. 2 economy may be recovering from a first-quarter trough. (nL4E8G10UO)
"I'm not sure there was enough in it to ...
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A busy mixed week for the superpower
Multiple key data and reports from the key sectors and activities were released this week in the superpower all in all confirming one clear scheme; the world's leading economy is expanding only moderately, watching a gradual recovery taking place successfully but remains insufficient to suppress the jobless levels to boost growth.
It is no surprise that the Federal Open Market Committee decided as accustomed and as already forecasted to keep the federal funds target rate intact at its historical low of 0.00 percent to 0.25 percent, and attesting once again that the country's economic momentum during this past period was "expanding moderately".
Having in mind that several times before we have watched the FOMC members pledge to keep exceptionally low rates through at least late 2014; the ...
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Weekly Economic and Financial Commentary : 27/04/2012
Weekly Economic and Financial Commentary
U.S. Review
First-Quarter GDP Growth Slows
The U.S. economy grew at a 2.2 percent annual rate in the first quarter, somewhat slower than the consensus had expected. Consumption remained the primary driver of growth as business spending slowed and the government sector continued to scale back spending.
In our U.S. review section this week, we discuss the GDP report in the context of the big miss in durables and consider what it means for business spending going forward. We also look at a very small change in the Fed statement this week that reflects an improving view on the troubled housing sector.
Business Spending Poised for a Slowdown?
Durable goods orders for March were ugly. The 4.2 percent drop was the largest decline since the U.S. ...
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LME copper snaps 3-day rise after Spain downgrade
(Reuters) - London copper futures dropped half a percent on Friday, snapping a three-day winning streak after Spain's credit rating downgrade renewed worries about the debt-laden euro zone, trimming appetite for riskier assets.
Copper is heading for its second monthly loss as a shaky global economy, including slower growth in top copper user China, weighed on prices that have fallen more than 5 percent from this year's highs.
FUNDAMENTALS
Three-month copper on the London Metal Exchange slipped $40 to $8,282 a metric tonne by 1033 p.m. EDT, after rising to a two-week high of $8,341 on Thursday.
Copper is down nearly 2 percent so far this month, and has dropped 5.5 percent since hitting this year's peak of $8,765 in February.
The most-active August copper contract on the Shanghai ...
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Stimulus speculation lifts copper, most markets
(Reuters) - Commodities ended broadly higher on Thursday, with copper one of the biggest gainers, after high claims for jobless benefits in the United States fed expectations that the Federal Reserve may approve another U.S. economic stimulus.
Investors also bought copper, oil and other key commodities as U.S. housing data that showed contracts to purchase previously owned homes was near a two-year high in March, and on a weaker dollar which boosts demand for dollar-denominated raw materials.
The dollar fell .DXY a day after Fed Chairman Ben Bernanke said the central bank was willing to do more -- including approving a new stimulus -- to help U.S. recovery.
"Yesterday's Fed proclamation that they are prepared to take additional easing steps even in the face of slightly positive growth" ...
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Jobless claims barely fall in latest week
(Reuters) - The number of Americans lining up for jobless benefits fell only slightly last week and a trend measure rose, the latest sign of a weaker pace of healing in the still-struggling labor market.
Initial claims for state unemployment benefits dropped by 1,000 to a seasonally adjusted 388,000, the Labor Department said on Thursday. The prior week's figure was revised up to 389,000 from the previously reported 386,000.
"This was a disappointing number and offers more evidence that the labor market continues to lose traction," said Joe Manimbo, an analyst at Western Union Business Solutions in Washington.
Economists polled by Reuters had forecast new claims falling to 375,000 last week.
Prices for U.S. government debt extended gains following the release of the data. U.S. stock ...
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The U.S market expects today cheerful labor and housing data
The world's leading economy continues on "expanding moderately" as attested once again by the Federal Open Market Committee along with an official affirmation that clear signs of enhancement are witnessed throughout the country's labor and housing sectors, which will most probably be shown today as well, yet the overall recovery of these activities remains gradual and insufficient to boost strong growth.
In fact on one hand the country's key sector; the labor market, has improved clearly this past period and throughout the recent months as shown by several data released mainly, yet it remains acknowledged that the enhancement pace of this sector remains slow and insufficient as overall jobless levels remain elevated at 8.2 percent.
Never less later on today further cheerful data may be ...
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Fed stands pat but says will act if needed
Federal Reserve Chairman Ben Bernanke on Wednesday said U.S. monetary policy is "more or less in the right place" even though the central bank would not hesitate to launch another round of bond purchases if the economy were to weaken.
In a statement after a two-day meeting, the Fed's policy-setting panel reiterated its expectation that interest rates would not rise until late 2014 at the earliest, and it took no action on monetary policy.
The Fed also adjusted its economic forecasts to acknowledge both a labor market that is improving and stronger than expected growth this year. At the same time, officials anticipate that tax hikes and spending cuts could slow growth in 2013 and 2014.
"We remain entirely prepared to take additional balance sheet actions as necessary to achieve our ...
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