Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

HiFX Morning Update, November 24, 2017

HiFX Morning Update, November 24, 2017


The NZDUSD opens higher at 0.6888 this morning.

A quiet night in the financial markets as the US Banks were closed in observance of Thanksgiving Day. The NZDUSD has traded a 110 point or 1.6% range this week, with the Kiwi trending higher, all four days.

The Eurozone economy is showing signs of picking up momentum in the fourth quarter, with multi-year highs seen for all main indicators of output, demand, employment and inflation in November. Business activity and prices rose at the steepest rates for over six years, while the largest accumulation of uncompleted work for over a decade encouraged firms to take on staff at a rate not seen for 17 years.

The Eurozone headline IHS Markit Eurozone PMI rose to 57.5 in November, according to the ‘flash’ estimate (based on approximately 85% of final replies), up from 56.0 in October and its highest since April 2011.

Economic growth in Germany accelerated in November, driven by a pick-up in performance in the manufacturing sector, according to flash PMI survey. The Index was 57.6 for November up from 56.6 in October. German Final GDP was 0.8% quarter on quarter and was as expected.

French Manufacturing flash PMI was 57.5 in November up from 56.1 in October and was better than the 55.9 fall expected. French Flash Services PMI was also ahead of expectation of 57.1 in November. The index was 60.2 up from 57.3 in October.

Canadian Retail sales edged up 0.1% to $49.1 billion in September. Higher sales at gasoline stations, particularly due to higher prices which were largely due to supply disruptions caused by Hurricane Harvey, were the main contributor to the gain. Excluding sales in this subsector, retail sales declined 0.2%. Sales were up in 5 of 11 subsectors, representing 52% of retail trade. In volume terms, sales at gasoline stations declined 2.5%.

Canadian Core Retail Sales after decreasing 2.5% in August, sales at food and beverage stores were up 0.3% in September. The main contributors to the gain were convenience (+3.7%) and supermarkets and other grocery (+0.3%) stores.

UK gross domestic product (GDP) in volume terms was estimated to have increased by 0.4% between Q2 and Q3 2017, unrevised from the preliminary estimate of GDP. Services remained the strongest contributor to GDP growth in Q3 2017, with the components of the output approach broadly unrevised from the preliminary estimate. The rate of growth in household final consumption expenditure strengthened to 0.6% between Q2 and Q3 2017

Global equity markets are mixed: Dow and S&P500 closed, FTSE -0.02%, DAX -0.05%, CAC +0.5%, Nikkei +0.5%, Shanghai -2.29%

Gold prices are down $2 or 0.2% at USD$1,291 an ounce. Oil prices (WTI) rose 0.9% currently trading at $58.55 a barrel.

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Retail: International Websites To Pay GST

New rules would be aimed at imported goods valued at or below $1,000. Customs would retain responsibility for collecting GST on imported parcels valued more than $1,000. More>>

ALSO:

High-Level Advice: PM’s Business Advisory Council Membership Announced

The Prime Minister’s Business Advisory Council brings together a mix of experts, six women and seven men with small to large business experience, from across New Zealand, to provide advice. More>>

ALSO:

Improving: Report Shows New Zealand Air Quality 'Good'

Our air 2018, produced by the Ministry for the Environment and Stats NZ, shows that while some previously known issues persist, progress has been made and levels of some pollutants are declining. More>>

ALSO:

Greenpeace: Govt Extends OMV Exploration Permit

The Government has just granted oil giant OMV a two-year extension to drill in the Great South Basin, despite issuing a ban on new oil and gas exploration permits in April. More>>

ALSO:

Collective Bargaining For Contractors: Working Group's Model For Screen Sector

A recommended model to allow collective bargaining for contractors in the screen sector has today been unveiled by the Government-convened Film Industry Working Group. More>>

ALSO:

Kauri Dieback: DOC Closing Tracks To Protect Trees

The Department of Conservation will close 21 tracks across kauri land to help prevent the spread of kauri dieback. An additional 10 tracks will also be partially closed and the open sections upgraded... More>>