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New Zealand Has NZ$1.484 Billion Trade Deficit




New Zealand had a record merchandise trade deficit of NZ$1.484 billion in August, Statistics New Zealand said on Wednesday - representing 37 percent of exports.


That missed forecasts for a shortfall of NZ$925 million following the revised deficit of NZ$196 million in July (originally -NZ$143 million).


The average monthly deficit in August over the last five years was NZ$1.0 billion. "This month's rise in imports to near record levels occurs at the time of year when exports are typically at a low point," international statistics manager Tehseen Islam said. Exports were up 9.9 percent on year in August to NZ$4.05 billion - missing forecasts for NZ$4.40 billion and down sharply from NZ$5.34 billion in the previous month.


The leading contributor to the rise was meat products and edible offal, up NZ$137 million (43 percent). This increase was led by sheep meat (up NZ$83 million or 55 percent) and beef (up NZ$45 million or 31 percent).


"New Zealand is exporting more beef and lamb, and getting better prices too," Islam said.


Dairy products were up NZ$80 million (17 percent), led by an increase in butter and other milk fats, up NZ$63 million.


Imports jumped an annual 14.0 percent to NZ$5.54 billion versus expectations for NZ$5.50 billion - roughly unchanged from the previous month.


The leading contributor to the imports rise was petroleum and products, up NZ$186 million (50 percent) from last year. This increase was led by crude oil (up NZ$98 million) and diesel (up NZ$73 million).


Imports of crude oil and other petroleum products tend to fluctuate from month to month. The quantity of crude oil imported in August 2018 fell 13 percent from August 2017, but prices rose by about 60 percent.


The latest unit price for crude oil remains 31 percent lower than the most-recent series peak in May 2012. Imports of vehicles, parts, and accessories also rose in August 2018, up NZ$55 million.


Imports of buses, cars, and trucks all had similar contributions to this rise.


The annual trade deficit was NZ$4.8 billion in August 2018, up from NZ$3.1 billion in August 2017.


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European Economics Preview: Eurozone Economic Sentiment Data Due





Economic confidence survey from euro area and consumer prices from Germany are due on Thursday, headlining a busy day for the European economic news.


At 2.00 am ET, Germany's GfK consumer confidence data is due. The forward-looking consumer sentiment index is seen unchanged at 10.5 in October.


At 3.00 am ET, unemployment from Hungary and economic tendency survey results from Sweden are due. Sweden's economic tendency index is seen falling to 110.3 in September from 111.5 in August.


At 4.00 am ET, the European Central Bank is set to publish economic bulletin.


Also, the ECB releases M3 money supply data. Economists forecast M3 to grow 3.9 percent on year in August, following a 4 percent rise in July.


In the meantime, Italy's business and consumer sentiment survey results are due.


At 5.00 am ET, European Commission is set to issue euro area economic sentiment survey data. The economic confidence index is expected to fall to 111.2 in September from 111.6 in August.


At 8.00 am ET, Germany's preliminary inflation data is due. Inflation is seen unchanged at 2 percent in September.


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Japan Industrial Production Adds 0.7% In August





Industrial production in Japan was up 0.7 percent on month in August, the Ministry of Internal Affairs and Communications said in Friday's preliminary reading.


That was shy of forecasts for an increase of 1.4 percent following the 0.1 percent decline in July.


On a yearly basis, industrial production added 0.6 percent - again missing forecasts for an increase of 1.5 percent and down sharply from 2.2 percent in the previous month.


Upon the release of the data, the METI's assessment of industrial production was that it is "picking up slowly but shows signs of decrease in part."


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Vietnam Manufacturing PMI Slides In September - Nikkei





The manufacturing sector in Vietnam continued to expand in September, albeit at a slower rate, the latest survey from Nikkei revealed on Monday with a manufacturing PMI score of 51.5.


That's down from 53.7 in August, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. Individually, there were slower rises in output, new orders and employment.


Last month saw the first reduction in output prices in 13 months, while the rate of input cost inflation also eased.


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European Economics Preview: UK Construction PMI Data Due




Purchasing Managers' survey data from the UK is due on Tuesday, headlining a light day for the European economic news.


At 2.00 am ET, August producer price data is due from Romania. Producer prices had increased 6 percent annually in July.


At 3.00 am ET, final GDP from the Czech Republic and final foreign trade from Hungary are due. The Czech statistical office is expected to confirm 0.7 percent sequential growth for the second quarter.


At 4.30 am ET, UK Markit/CIPS construction PMI data is due. The indicator is forecast to remain unchanged at 52.9 in September.


At 5.00 am ET, Eurostat is slated to issue euro area producer prices for August. Economists forecast producer prices to rise 3.8 percent on year, following a 4 percent increase in July.


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Japan Service Activity Slows In September - Nikkei





The services sector in Japan continued to expand in September, but at a sharply slower pace, the latest survey from Nikkei revealed on Friday with a two-year low services PMI score of 50.2.


That's down from 51.5 in August, although it remains barely above the boom-or-bust line of 50 that separates expansion from contraction.


Individually, demand and employment continued to rise, although price pressure remained elevated.


The survey also said that the composite index fell to 50.7 in September, down from 52.0 in August.


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Australia Trade Surplus Increases In August



Australia's trade surplus increased in August on higher exports, data from the Australian Bureau of Statistics showed Thursday.

The trade surplus rose to a seasonally adjusted A$1.6 billion from A$1.55 billion in July. Economists had forecast a fall in surplus, to A$1.45 billion.

Exports of goods and services gained 1 percent on month to A$36.56 billion. At the same time, imports remained broadly unchanged in August, at A$34.96 billion.

The small rise in the international trade surplus in August provides more evidence that the US-China trade war is not affecting Australia's external sector, Paul Dales, an economist at Capital Economics, said.

In fact, the recent weakening in the Australian dollar will probably mean that the external sector makes a decent contribution to GDP growth next year.

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Australia's Retail Sales Rise Moderately In August



Australia's retail turnover logged a moderate growth in August, the Australian Bureau of Statistics said Friday.

Retail sales grew 0.3 percent month-on-month in August, following a relatively unchanged estimate in July and a 0.4 percent rise in June. Sales were expected to climb 0.2 percent.

There were rises in New South Wales, Victoria, South Australia, Queensland, Tasmania and the Australian Capital Territory. Western Australia was relatively unchanged, whilst there was a fall in the Northern Territory.

Over a longer-term and in a general sense, household income growth is expected to remain subdued and the major constraint on consumer spending with a likely negative wealth effect from the decline in home prices an additional headwind, Simon Murray, an economist at Westpac, said.

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European Economics Preview: Germany's Industrial Output Data Due


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Industrial production from Germany and investor confidence from euro area are due on Monday, headlining a light day for the European economic news. At 1.45 am ET, the State Secretariat for Economic Affairs releases Swiss unemployment data. The jobless rate is forecast to drop slightly to 2.5 percent in September from 2.6 percent in August.


At 2.00 am ET, Destatis is slated to issue Germany's industrial production data. Output is forecast to grow 0.5 percent on month in August, reversing a 1.1 percent drop in July. Norway's industrial output data is also due at 2.00 am ET.


At 3.00 am ET, Czech industrial production and retail sales figures are due. Economists forecast industrial production to grow 3.9 percent on year in August, slower than the 10.3 percent rise in July. Likewise, the Czech retail sales growth is expected to ease to 4.3 percent in August from 7 percent a month ago.


At 4.30 am ET, Eurozone Sentix investor confidence data is due. The sentiment index is forecast to drop to 11.8 in October from 12 in September.


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European Economics Preview: Germany's Foreign Trade Data Due





Foreign trade data from Germany is due on Tuesday, headlining a light day for the European economic news. At 2.00 am ET, Destatis is scheduled to issue Germany's external trade figures. Exports are forecast to grow 0.4 percent on month and import to climb 0.1 percent in August. The trade surplus is seen at EUR 16.2 billion versus EUR 16.5 billion in July.


At 3.00 am ET, Czech consumer prices and foreign trade reports are due. Inflation is seen unchanged at 2.5 percent in September.


In the meantime, the Hungarian Central Statistical Office is scheduled to issue consumer and foreign trade data. Economists forecast inflation to rise to 3.5 percent in September from 3.4 percent in August.


At 4.30 am ET, the Bank of England is set to release Financial Policy Committee statement for the meeting held on October 3.


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