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Taiwan Inflation Accelerates In July




Taiwan's inflation accelerated notably in July mainly on account of higher food prices, data released by the Director-General of Budget, Accounting and Statistics showed Monday.
The consumer price index rose 2.46 percent year-on-year in July, faster than the 1.77 percent increase in the preceding month. Economists expected the index to rise 1.87 percent.
The core inflation was 0.96 percent. Food prices rose 6.27 percent annually, of which vegetables and fruit prices went up by 32.77 percent and 19.9 percent respectively. The CPI, excluding fruits and vegetables, increased just 1.29 percent.
Month-on-month, the CPI rose 0.38 percent and the core index rose 0.1 percent.
Taiwan's wholesale prices decreased 1.71 percent annually in July compared to expectations for a 1.5 percent fall. Month-on-month, the index dropped 0.08 percent.

European Economics Preview: Germany Factory Orders Data Due

Factory orders from Germany and industrial production from the U.K. are due on Tuesday, headlining a busy day for the European economic news.
The State Secretariat for Economic Affairs is set to publish Swiss July unemployment data at 1.45 am ET. The jobless rate is seen unchanged at a seasonally adjusted 2.9 percent.
At 3.00 am ET, Hungary's industrial output figures are due. Economists forecast output to rise 2.2 percent annually in June, following a 1.9 percent rise in May.
Switzerland's Federal Statistical Office is scheduled to publish consumer prices for July. On a yearly basis, prices are expected ease at a slower pace of 0.8 percent after falling 1.1 percent in June.
At 3.30 am ET, Sweden's budget balance and Dutch industrial production are due.
Half an hour later, industrial production figures are due from Italy and Norway. Italy's industrial output is forecast to drop 1 percent month-on-month, following a 0.8 percent rise a month ago.
The Office for National Statistics is slated to publish U.K. industrial output data at 4.30 am ET. Industrial output is seen falling 3.5 percent month-on-month and manufacturing output to slip 5.7 percent.
At 5.00 am ET, Italy's GDP data is due. Economists forecast the economy to shrink 0.8 percent sequentially in the second quarter.
The Federal Ministry of Economy and Technology is slated to release German factory orders at 6.00 am ET. Factory orders are forecast to fall 0.8 percent on a monthly basis, reversing a 0.6 percent rise a month ago.
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Japan Has Y433.3 Billion Current Account Surplus




Japan posted a current account surplus of 433.3 billion yen in June, the Ministry of Finance said on Wednesday - down 19.6 percent on year and falling for the 16th consecutive month.
The headline figure topped forecasts for a surplus of 415.4 billion yen and a 24.9 percent annual contraction after showing a surplus of 215.1 billion and a 62.6 percent plunge in May.
The trade balance reflected a surplus of 112.0 billion yen, down 13.7 percent on year. That missed expectations for a surplus of 114.9 billion yen following the downwardly revised shortfall of 941.0 billion yen in the previous month (originally -848.2 billion yen).
Exports shed an annual 1.5 percent to 5.422 trillion yen in June. That follows the 11.3 percent jump in May, which came in at 5.054 trillion yen.
Imports eased 1.2 percent on year to 5.310 trillion yen in June, after posting an annual increase of 11.1 percent in the previous month to 5.902 trillion yen.
Goods and services saw a deficit of 81.5 billion yen in June after showing a shortfall of 941.0 billion yen a month earlier.
The financial account saw a deficit of 2.041 trillion yen, while the capital account posted a surplus of 18.8 billion yen.
The adjusted current account showed a surplus of 773.6 billion yen, beating forecasts for a surplus of 714.7 billion yen after coming in at 282.2 billion yen a month earlier.
Also on Wednesday, the Bank of Japan said that bank lending in Japan was up 1.0 percent on year in July, standing at 396.424 trillion yen. That beat forecasts for an increase of 0.8 percent, which would have been unchanged from the June reading.
Including trusts, bank lending was up an annual 0.7 percent after shedding a downwardly revised 0.6 percent in the previous month. Lending from foreign banks in Japan plummeted an annual 22.4 percent to 2.163 trillion yen after plunging 20.6 percent on year a month earlier.
Upon the release of the data, the Japanese yen held steady against major currencies, trading near 97.43 against the euro, 78.64 versus the U.S. dollar, 122.83 against the British pound and 81.11 versus the Swiss franc.

Chinese Yuan Climbs To 5-week High Against U.S. Dollar




The Chinese yuan spiked up against the U.S. dollar on Thursday in Asia. The yuan approached 6.3517 against the greenback for the first time since July 5. On the upside, the yuan may target 6.35 level. The pair closed yesterday's deals at 6.3623.
Consumer prices in China were up 1.8 percent on year in July, the National Bureau of Statistics said today.
That was slightly above forecasts for 1.7 percent, which would have been a 30-month low. It was also down significantly from the 2.2 percent reading in June.
The People's Bank of China set today's central parity rate for the yuan at 6.3387 per dollar, compared to yesterday's daily reference rate of 6.3378. The Chinese central bank sets the central parity rate every morning and allows the currency to fluctuate up to 1 percent from the level.

Australian Business Conditions Deteriorates, Confidence Improves in July - Nab


NAB' survey of businessman revealed that Business conditions deteriorated to -3 from -1 in July but confidence was up sharply at +4 from -3
Deteriorating profits (-7) and falling retail sales (-3) remained the main reason behind the fall in conditions, while , progress in European debt crisis may have boosted business confidence according NAB economist
Index of employment was up 3 points to -1

Quotes

"The persistent divergence in industry conditions indicates that the Australian economy is undergoing a structural transformation towards mining and service-based industries, and away from traditional manufacturing and discretionary retailing,"
"If the RBA were to lower rates again, it would most likely occur at the back-end of this year and this would require a material slowing in the labor market and domestic activity,"

NAB Economist

Pound Drops To 2-day Low Against US Dollar


The British sterling slipped to a 2-day low of 1.5666 against its U.S. counterpart on Wednesday morning in Asia, compared to 1.5679 hit late New York Tuesday.

The cable is now staying at its 38.2 percent retracement level between its April-June highs and lows in the daily chart. If the level broken, next key support levels to watch are 1.5580 and 1.5515.


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New Zealand PMI Dips To 49.4 In July



The manufacturing sector in New Zealand slipped unexpectedly into contraction in July, the results of the Business NZ Performance of Manufacturing Index on Thursday - showing a score of 49.4.
That's down from the revised reading of 50.0 in June, which was originally pegged at 50.2.

A reading above 50 indicates expansion in a sector, while a reading below 50 signals contraction.
Among the individual components of the survey, new orders came in at 52.9, followed by production (49.6), deliveries (49.1), finished stocks (47.5) and employment (47.7).


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Qe can be adjusted According to Funding for Lending Scheme, Believes Boe's Fisher



UK economy may or may not require more QE and C bank should be ready to do so, depending on success of Funding for Lending scheme, said BoE's Fisher in article by FT

Quotes

"It's very much an alternative. QE's all about putting money into the economy. With Funding for Lending we're not injecting any cash into the economy,"

"The amount of cash in the economy can be regulated through QE. Then we can adjust that according to how well the Funding for Lending scheme works."

"Not participating in the scheme and not lending will be seen as a negative. We want to get banks to do what we want in their own interest,"

"If Europe were to completely fall over - it's a remote risk, but suppose it does - then the impact of Funding for Lending might be to just keep lending going at its current rate,"

"If we don't get a fall over in Europe, then I'd like to see some return to positive, sustained growth in lending,"

BoE's Fisher

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China's House Prices Increase In July


House prices in China increased marginally in July from a month earlier, according to a report published by the National Bureau of Statistics on Saturday.
Out of the 70 major cities surveyed by the NBS, 50 cities recorded a month-on-month increase in prices. House prices in 9 cities declined during the month, while that in 11 cities remained at previous month's level.

Among the major cities, price growth was recorded in Beijing and Guangzhou on a monthly basis, while prices remained unchanged in Shanghai.
On an annual basis, prices decreased in 58 cities, while 11 cities recorded increase.

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Aussie Mixed Ahead Of RBA Minutes



The Reserve Bank of Australia will release the minutes of its August 7 meeting in early Tuesday Asian deals at 9:30 pm ET. Ahead of the release, the aussie moved sideways against the yen but recovered from early lows against the rest of major counterparts.

At 9:25 pm ET, the aussie was worth 1.0457 against the U.S. dollar, 1.1814 against the euro, 1.2919 against the kiwi and 83.01 against the yen.

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