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LaborTitle:
Fed's Williams sees two-speed U.S. economy
(Reuters) - The U.S. economy will likely grow at a 2.5 percent pace this year, but will take "some time" before it begins running on all cylinders, a top Federal Reserve official said on Tuesday.
"We have a two-track economy," Federal Reserve Bank of San Francisco President John Williams said at the Milken Institute Global Conference, adding that consumer and business spending are buoying growth, while construction and government spending are dragging it down. All sectors need to contribute for growth to pick up, he said.
Households are still laboring under big debt loads and the loss of trillions of dollars of paper wealth after the collapse in the housing sector, he said.
"To think that consumers are going to be the powerful engine of growth over the next few years is not likely," he ...
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Copper slightly higher, China data supports
(Reuters) - Copper moved slightly higher on Tuesday helped by brisk manufacturing data in top metal consumer China and in the United States but concerns about the euro zone crisis and lower expectations of U.S. monetary stimulus kept a lid on prices.
Trading was thin with many 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 at $8,445 by 1522 GMT, after hitting a session high of $8,454. 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.
China consumes about 40 ...
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Euro well bid, Aussie well offerd
The Reserve Bank of Australia shocked markets with a 50bps rate cut this morning, the bank cut interet rate from 4.25% to 3.75% while markets were expecting an imminent cut of 25bps. Australia’s slowing economy and headache coming overseas from Europe in addition to the slowdown in its major trade partner China were the main reasons behind the aggressive move. Thus, we have seen the Australian and Newzealand dollar under pressure today.
While most European markets were off for Labor day, the euro was well bid as the common currency bottomed at the support area and the 50-days SMA around 1.3220, to resume the bullish bias retesting areas near 1.3300 again, however 1.3300 seen the next important pivot for the pair over the short term. Above 1.3300 the door could be open towards March high ...
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European Market Update : 01/05/2012
UK PMI Manufacturing comes in below expectations but holds above the 50 level
Economic Data
(AU) Reserve Bank of Australia (RBA) cuts Cash Target by 50bps to 3.75%; more than expected
(PE) Peru Apr Consumer Price Index M/M: 0.5% v 0.4%e; Y/Y: 4.1% v 3.9%e
(JP) Japan Apr Vehicle Sales Y/Y: 92.0% v 78.2% prior
(IN) India Mar Trade Balance: -$13.9B v -$13.9Be; Exports Y/Y: -5.7% v + 4.3% prior; Imports Y/Y: 24.3% v 20.7% prior
(IE) Ireland Apr NCB Manufacturing PMI: 50.1 v 51.5 prior
(AU) Australia Apr RBA Commodity Price Index Au: 99.5 v 99.1 prior; Commodity Index SDR Y/Y: -4.2% v 2.1% prior
(DK) Denmark Mar Retail Sales M/M: 0.2 v 0.1% prior; Y/Y: +1.2% v -0.2% prior
(UK) Apr PMI Manufacturing: 50.5 v 51.5e (lowest since Dec 2011)
(DK) Denmark Apr PMI Survey: 61.8 v 53.0 prior (12-month ...
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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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Asian stocks mix on Australia’s surprise rate cut and China’s PMI amid thin volumes on Labor Day
Amid lower-than-usual volumes with Japan and Australia being the only major Asian markets trading today as markets in Hong Kong, China, India and South Korea are closed for holidays, the MSCI Asia Pacific Index fell 0.4% at 13:47 in Tokyo.
Nikkei 225 dropped 1.78% after personal spending dropped and the manufacturing slowed in the US, which determined the Japanese companies to expect a drop in earnings as the outlook for exports is worsening.
The yen strengthened today, as investors are losing their appetite for risk, ahead of this week’s ECB’s rate decision, Spain’s first bond auction since the S&P downgraded it last week and the upcoming elections in France and Greece.
Meanwhile in Australia the S&P/ASX 200 rose 0.75% on Tuesday after the Reserve Bank of Australia cut the interest ...
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Asian Market Update : 01/05/2012
Economic Data
(AU) RESERVE BANK OF AUSTRALIA (RBA) CUTS CASH TARGET RATE BY 50BPS TO 3.75%, MORE THAN EXPECTED
(CN) CHINA APR PMI MANUFACTURING: 53.3 V 53.6E (5th consecutive m/m increase; 13-month high)
(KR) SOUTH KOREA APR EXTERNAL TRADE BALANCE: $2.15B V $3.0BE
(KR) SOUTH KOREA APR CONSUMER PRICE INDEX (CPI) M/M: 0.0% V 0.3%E; Y/Y: 2.5% V 2.8%E (multi-month low); CORE CPI Y/Y: 1.8% V 1.9% PRIOR
(NZ) NEW ZEALAND Q1 AVERAGE HOURLY EARNINGS Q/Q: 1.3% V 0.0% PRIOR; PRIVATE WAGES EXCLUDING OVERTIME: 0.5% V 0.6%E; INCLUDING OVERTIME: 0.5% V 0.5%E
(AU) AUSTRALIA MAR RPDATA-RISMARK HOUSE PRICE ACTUAL: -0.8% V 0.2% PRIOR (3-month low)
(AU) AUSTRALIA Q1 HOUSE PRICE INDEX Q/Q: -1.1% V -0.5%E (fifth consecutive quarter of decline); Y/Y: -4.5% V -3.9%E
(ID) INDONESIA MAR TOTAL TRADE BALANCE: $840M ...
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Most European Markets Closed for Labor Day, U.K. Manufacturing data in focus
With the start of another session this week, markets are volatile and fluctuating heavily within a narrow range due to the low volumes seen, where most European and Asian markets are closed for Labor Day, May day and other occasions, excluding the United Kingdom which will release manufacturing data for the month of April.
Pessimism hit the Asian session today after the downbeat performance of the Chinese manufacturing sector, where the manufacturing sector improved in April in a slower than expected pace to 53.5 from the previous of 53.1 recorded in March, the thing that reflects the impact of the renewed debt crisis on the Chinese growth.
Moreover, the Reserve Bank of Australia (RBA) unexpectedly reduced the benchmark interest rate to 3.75% from the previous of 4.25%, missing the ...
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Personal Income Rises Modestly in March
Personal income rose a solid 0.4 percent in March and the prior month's gain was revised 0.1 percentage point higher. Spending rose just 0.3 percent, which allowed the saving rate to rise to 3.8 percent.
Personal Income Growth Rises Modestly
Personal income rose 0.4 percent in March, with most major components making positive contributions during the month. Wages and salaries, which account for a little more than half of overall personal income, rose 0.3 percent in March and climbed at a 4.3 percent annual rate during the first quarter. While most of the increase in wages and salaries continues to come from the service sector, manufacturing came in with another strong gain during the quarter, with wages and salaries in that sector climbing at a 7.9 percent annual rate. The real surprise, ...
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