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POPULAR NEWS
Dollar Edges Higher Versus Yen Amid Progress on U.S. Tax Bill

The dollar edged higher against the yen after rallying Friday amid optimism a bill to cut U.S. taxes will be passed this week. The Bloomberg Dollar Spot Index held close to its 50-day moving average after climbing above that threshold last week as Republican leaders finalized their plan for lower taxes, paving the way for a policy victory for President Donald Trump. Treasuries declined as most Asian stock markets advanced, sapping demand for safer assets. The...

Erdogan Hopes to Open Embassy in East Jerusalem

Turkish president Recep Tayyip Erdogan said Sunday that Turkey hopes to open an embassy to a Palestinian state in East Jerusalem in the future.. "Because it is under occupation we can't just go there and open an embassy," Erdogan said in a speech to his ruling party in the city of Karaman. "But, inshallah [God willing] those days are near and... we will officially open our embassy there," he said, without giving any precise timeframe. The comments come just days after Erdogan hosted a...

Japan Shares Rise Amid Weaker Yen as U.S. Tax-Cut Bill Advances

Japanese shares rose as the yen continued to weaken after Republican leaders gained two key votes on the U.S. tax-cut bill Friday. Electronics makers and banks were the biggest boosts to the benchmark Topix, led by Mitsubishi UFJ Financial Group Inc., Toyota Motor Corp. and Sony Corp. Congressional Republicans finalized their plan for a highly-anticipated set of tax cuts for businesses and individuals after six weeks of legislative negotiations. Almost five shares rose for every...

Gold Drops as U.S. Stocks Rally on Tax Reform Optimism

Gold declines after progress on U.S. tax cuts propels stocks to record highs on Friday and boosts dollar. Bullion for immediate delivery -0.2% to $1,253.84/oz at 9:02am in Singapore: Bloomberg generic pricing. Bloomberg Dollar Spot Index flat after +0.4% Friday. Precious metal heads for 9.3% advance this year after +8.1% in 2016. The dollar™s strength is weakening gold, David Lennox, resource analyst at Fat Prophets in Sydney, says by phone. Tax reform is œa...

Hong Kong stocks open lower on Monday trading

Hong Kong stocks eased in the first few minutes of trade on Monday following big losses at the end of last week, while investors ignored a record lead from Wall Street. The Hang Seng Index dipped 0.07 percent, or 19.34 points, to 28,828.77. The benchmark Shanghai Composite Index inched up 0.06 percent, or 1.89 points, to 3,268.03 but the Shenzhen Composite Index, which tracks stocks on China's second exchange, eased 0.11 percent, or 2.01 points, to 1,899.19. Source: AFP

Australia's Economy Expands Slower Than Forecast on Households
Wednesday, 6 December 2017 08:14 WIB | ASIA |Ekonomi Australia

Australia™s economy expanded slower than forecast in the three months through September, underscoring the likelihood of the central bank remaining on the sidelines for much of next year.

GDP rose 0.6% from prior quarter vs estimated 0.7% gain.

GDP climbed 2.8% from year earlier vs forecast 3% rise.

Non-dwelling construction soared 18.4% adding 0.9 percentage point to growth, household spending rose 0.1%, adding 0.1 point.

Public investment fell 7.5%, cutting 0.4 point from growth.

Household savings ratio was 3.2% in third quarter, up from revised 3% in prior three months.

Aussie dollar fell to 75.80 U.S. cents at 11:34 a.m. in Sydney vs 76.12 before data.

Australia™s economy is deep in transition toward services industries and away from mining investment, a period of upheaval that™s suppressed growth and wages. The shift has been helped by a burst of full-time hiring this year as more firms gain confidence. The Reserve Bank of Australia has signaled no near-term policy change as it provides companies and households some certainty they™re not about to be hit with higher borrowing costs.

It™s paying off on the commercial side. Business conditions -- a gauge of the environment firms are operating in and closely watched by the RBA -- are at a record high and firms are beginning to invest. Yet households, which should be on the other end of these transactions, are mired in debt and struggling with recession-era levels of wage growth.

Meanwhile, China™s insatiable demand for Aussie iron ore to produce steel for skyscrapers and apartment blocks is entering a more mature phase; at the same time, its burgeoning middle class is boosting demand for Australian education for their children and tourism as their economy also transitions,proving a bonanza Down Under. 

Education exports to China were worth A$9 billion ($6.8 billion) in fiscal 2017, up 260 percent in a decade; and more than a million Chinese tourists visited Australia last year, a figure predicted to more than triple by 2026.

Australia™s central bank says it expects 3 percent GDP growth for the next couple of years. Given Treasury estimates the economy™s speed limit is 2.75 percent, that would start soaking up spare capacity, which Governor Philip Lowe on Tuesday signaled is starting to happen already.

œForward-looking indicators continue to point to solid growth in employment over the period ahead, Lowe said after leaving the cash rate at a record-low 1.5 percent for a 15th meeting. œThere are reports that some employers are finding it more difficult to hire workers with the necessary skills. However, wage growth remains low. This is likely to continue for a while yet.

Source: Bloomberg

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POPULAR NEWS
Dollar Edges Higher Versus Yen Amid Progress on U.S. Tax Bill

The dollar edged higher against the yen after rallying Friday amid optimism a bill to cut U.S. taxes will be passed this week. The Bloomberg Dollar Spot Index held close to its 50-day moving average after climbing above that threshold last week as Republican leaders finalized their plan for lower taxes, paving the way for a policy victory for President Donald Trump. Treasuries declined as most Asian stock markets advanced, sapping demand for safer assets. The...

Erdogan Hopes to Open Embassy in East Jerusalem

Turkish president Recep Tayyip Erdogan said Sunday that Turkey hopes to open an embassy to a Palestinian state in East Jerusalem in the future.. "Because it is under occupation we can't just go there and open an embassy," Erdogan said in a speech to his ruling party in the city of Karaman. "But, inshallah [God willing] those days are near and... we will officially open our embassy there," he said, without giving any precise timeframe. The comments come just days after Erdogan hosted a...

Japan Shares Rise Amid Weaker Yen as U.S. Tax-Cut Bill Advances

Japanese shares rose as the yen continued to weaken after Republican leaders gained two key votes on the U.S. tax-cut bill Friday. Electronics makers and banks were the biggest boosts to the benchmark Topix, led by Mitsubishi UFJ Financial Group Inc., Toyota Motor Corp. and Sony Corp. Congressional Republicans finalized their plan for a highly-anticipated set of tax cuts for businesses and individuals after six weeks of legislative negotiations. Almost five shares rose for every...

Gold Drops as U.S. Stocks Rally on Tax Reform Optimism

Gold declines after progress on U.S. tax cuts propels stocks to record highs on Friday and boosts dollar. Bullion for immediate delivery -0.2% to $1,253.84/oz at 9:02am in Singapore: Bloomberg generic pricing. Bloomberg Dollar Spot Index flat after +0.4% Friday. Precious metal heads for 9.3% advance this year after +8.1% in 2016. The dollar™s strength is weakening gold, David Lennox, resource analyst at Fat Prophets in Sydney, says by phone. Tax reform is œa...

Hong Kong stocks open lower on Monday trading

Hong Kong stocks eased in the first few minutes of trade on Monday following big losses at the end of last week, while investors ignored a record lead from Wall Street. The Hang Seng Index dipped 0.07 percent, or 19.34 points, to 28,828.77. The benchmark Shanghai Composite Index inched up 0.06 percent, or 1.89 points, to 3,268.03 but the Shenzhen Composite Index, which tracks stocks on China's second exchange, eased 0.11 percent, or 2.01 points, to 1,899.19. Source: AFP

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