Share Prices End Week with a Thump

November 9, 2018

Equities today lost 2.6% in Hong Kong, 2.0% in Australia, 1.7% in India, 1.4% in China, 1.2% in Taiwan, 1.3% in New Zealand, and 1.1% in Japan. Share prices in key European markets are down 1.3% in Italy, 1.0% in Spain and Britain, 0.9% in France, and 0.6% in Switzerland and Germany.

Oil has fallen under the $60 per barrel level on WTI and is 1.2% lower on the day. Gold slipped 0.5%.

Strongest currencies today are the yen and dollar. The U.S. currency slid 0.2% against the yen but has risen 0.8% versus the peso, 0.3% vis-a-vis the loonie, 0.2% relative to the yuan and sterling, and 0.1% versus the euro and Aussie dollar.

Ten-year sovereign debt yields are 3 basis points lower in the U.S., Germany and U.K..

A month-on-month 0.2% uptick in Chinese consumer prices during October was the smallest in four months, leaving the 12-month rate of increase unchanged at September’s 2.5%. Such had been trending higher previously. On-year PPI inflation decelerated to 3.3% from 3.6% in September, 4.1% in August and 4.6% in July.

British industrial production was flat for a second straight month in September, and the zero percent on-year change constitutes a 9-month low.

Britain’s goods and services trade deficit of just GBP 27 million was a 7-month low in September.

U.K. real GDP advanced 0.6% on quarter in 3Q, most since the final quarter of 2016, producing the strongest year-on-year growth (1.5%) since the third quarter of 2017.

British construction output jumped 3.0% in September, a 9-month high, and was 1.7% greater than a year earlier after a 0.3% on-year dip in August.

French industrial production, in contrast, plunged 1.8% on month in September, most since February, and this swung the on-year change into the red by 1.1%.

Japanese M2 money grew 2.7% on year in October, down from 2.9% in 3Q, 3.1% in 2Q and 4.0% in 2017.

Indonesia’s current account deficit last quarter of $8.846 billion was almost twice as wide as a year earlier.

Denmark’s current account┬ásurplus widened to DKK 12.3 billion in September from DKK 8.7 billion in August.

Australian home loans fell 1.0% on month in September after a 2.1% drop the month before.

The quarterly Monetary Statement from Australia’s central bank expresses optimism about growth but caution about household debt and disposable income.

In the year to October, Norwegian consumer prices went up 3.1%, and the PPI soard 22.5%. Czech consumer price inflation edged down 0.1 percentage point to 2.2%.

Just ahead: U.S. producer prices and U. Michigan consumer sentiment index.

Copyright 2018, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

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