E Markets: Dealing

What Happened?

  • Australia December AIG services PMI 52.1 from 55.1 – weaker than 55.0 expected. 5 of 9 sectors expanded with consumer-focused segments expanding and business contracting. Retail trade fell 1.6 to 51.8, health/education -0.9 to 55.8, wholesale trade -2.1 to 44.3, business and property -1.3 to 49.8 while personal up 2.1 to 52.9, finance/ins up 2.5 to 47.9. Overall, employment fell 7.4 to 45.5, new orders rose 1.2 to 58, sales fell 1.4 to 53.1, input prices rose 7.4 to 66.8 while selling prices rose 3.1 to 50.9. 
  • Australia November building permits fell 9.1% m/m after -1.5% m/m – worse than -2% expected.  Private sector apartments fell 5%, overall with houses fell -0.3%. In seasonally adjusted terms, total dwellings fell by 9.1 per cent in November, driven by a 17.9 per cent decrease in private dwellings excluding houses. Private houses fell 2.6 per cent in seasonally adjusted terms.
  • Korea December unemployment steady at 3.8%- better than 3.9% expected – holding 5-month lows. Unemployment fell 36,000 to 1.064mn while employment fell 77,000 to 26.889mn. Participation rate fell to 63.1% from 63.3%.
  • Japan November average cash earnings rose 2% y/y after 1.5% y/y – better than 1.3% y/y expected – best in 5-months. Regular pay rose 1.6% from 1.5% y/y while bonuses rose 9.7% from 1.7%. Real wages rose 1.1% after -0.1% y/y. 

  • German November trade surplus rose to E20.5bn after E18.3bn – better than the E19.5bn expected. Compared to Nov 2017 trade fell to E20.5bn from E23.8bn as imports rose 3.6% to E95.7bn while exports were near flat at E116.3bn.  Exports to ex EU fell 0.4% y/y to E48.2bn while imports rose 4.3% to E41.2bn. EU exports rose 0.3% to E68.1bn while imports rose 3.1% to E54.5bn

  • French December consumer confidence drops to 87 from 91 – lower than 90 expected – worst since Nov 2014. By component – financial situation fell 5 to -33 and outlook for finances fell 3 to -22. Buying plans 12M fell 15 to -32, the standard of living fell 10 to -66 but outlook flat at -42, unemployment fears 12M rose 3 to 31 while consumer price outlooks fell 13 to -25. 

  • Eurozone November unemployment drops to 7.9% from 8.0% - better than 8.1% expected – best since Oct 2008. October revised from 8.1%. Unemployment fell to 90,000 m/m to 13.04mn. Lowest unemployment was in Czech 1.9%, Germany 3.3%, and Netherlands 3.5% while worst was Greece at 18.6% and Spain at 14.7%. 
  • Italy November unemployment drops 25,000 to 10.5% from 10.6% - worse than 10.1% expected. Youth unemployment fell to 31.6% from 32.2%. Employment was flat with rate at 58.6%. Inactive people rose 26,000 up 0.1% to 34.3%.
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