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25.09.2017
11:46 PM


New Zealand August Trade Deficit NZ$1.235 Billion

New Zealand posted a merchandise trade deficit of NZ$1.235 billion in August, Statistics New Zealand said on Tuesday.

That missed forecasts for a shortfall of NZ$825 million following the NZ$98 million surplus in July.

Exports were up NZ$306 million or 9.0 percent on year to NZ$3.69 percent - missing forecasts for NZ$4.05 billion and down from NZ$4.63 billion in the previous month.

Fruit had the largest rise of any export commodity group in August, up NZ$70 million (29 percent) to NZ$311 million. Kiwifruit led the rise in fruit, up NZ$73 million (37 percent) to NZ$268 million. Gold kiwifruit rose NZ$45 million (55 percent) in value, and 26 percent in quantity. Green kiwifruit rose NZ$28 million (25 percent) in value, and 17 percent in quantity.

Milk powder, butter, and cheese exports fell NZ$12 million (2.6 percent) in value, and 25 percent in quantity. August months are generally lower-value and lower-quantity months for dairy commodity exports.

Other key changes in commodity export values for August were: petroleum products (including crude oil) - up NZ$54 million (56 percent); and food preparations (such as infant formula) - up NZ$44 million (50 percent).

The monthly movements for New Zealand's top export destinations included: Australia - up 152 million (22 percent) to NZ$860 million, with increases across a range of commodities; China - up NZ$85 million (13 percent) to NZ$724 million, led by kiwifruit, up NZ$58 million; and European Union - up NZ$33 million (8.8 percent) to NZ$413 million, led by kiwifruit, up NZ$15 million.

Imports advanced an annual 6.5 percent or NZ$301 million to NZ$4.92 billion versus forecasts for NZ$4.80 billion after showing NZ$4.53 billion a month earlier.

Crude oil led the rise, up NZ$147 million (93 percent). Mechanical machinery and equipment climbed NZ$82 million (13 percent), led by a rise in aircraft parts, up NZ$48 million. Electrical machinery and equipment rose NZ$39 million (11 percent), with rises across a range of commodities. Vehicles parts and accessories were little changed (up 0.1 percent).

The monthly movements for New Zealand's top import destinations were: European Union - up NZ$107 million (12 percent) to NZ$1.0 billion, led by a rise in vehicles, parts, and accessories, up NZ$69 million; Australia - up NZ$48 million (8.2 percent) to NZ$637 million, with increases across a range of commodities; United States - up NZ$37 million (8.2 percent) to NZ$494 million, led by a rise in aircraft, up NZ$18 million; China - up NZ$26 million (2.7 percent), led by a rise in laptops, up NZ$15 million; and Japan - down NZ$50 million (14 percent), led by a fall in motor vehicles, down NZ$46 million.

Annual goods exports were valued at NZ$50.8 billion, an increase from NZ$50.5 billion in July, while annual goods imports were valued at NZ$54.0 billion, an increase from NZ$53.7 billion in July and the annual trade deficit was NZ$3.2 billion in August, little changed from the previous month.


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25.09.2017
11:45 PM


VENEZUELA: Country Rejects Travel Ban Decreed By Donald Trump

The Venezuelan government rejected U.S. President Donald Trump's decision to impose a travel ban to its citizens through a decree that was signed Sunday.

"The Bolivarian Republic of Venezuela categorically rejects the irrational decision of the government of the United States of America to once again catalog the noble Venezuelan people as a threat to their national security, this time under false assumptions that they pose a terrorist threat," Caracas said.

On Sunday, Trump issued a new travel ban to block the entry into the country of people from eight countries, including citizens of Venezuela, North Korea and Chad.

The decree replaces a previous one, released in March, banning travelers from six Muslim-majority countries. The new travel ban comes into force on October 18 for Venezuelan, North Korean and Chadian citizens, while is valid since yesterday for people from Iran, Libya, Syria, Yemen and Somalia. The new travel ban has no expiration date.


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25.09.2017
11:27 PM


Pacific Alliance: Bloc Discuss Work Plan With Asean

The Pacific Alliance countries' ministers of Foreign Affairs and Foreign Trade discussed with their Association of Southeast Asian Nations' (ASEAN) counterparts the 2017-2018 work plan to achieve integration between the blocs, with emphasis on economic, educational, sustainable development and science and technology.

The ministers met for the first time in September of 2014 on the sidelines of that year's United Nations General Assembly. On that occasion, they opened talks to discuss themes and initiatives of a joint work agenda.

The Pacific Alliance is made up by Chile, Colombia, Mexico and Peru, while ASEAN is composed by Brunei, Singapore, Malaysia, Vietnam, Myanmar, Cambodia, the Philippines, Indonesia, Laos and Thailand.


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25.09.2017
11:16 PM


New Zealand Has NZ$1.235 Billion Trade Deficit In August

New Zealand had a merchandise trade deficit of NZ$1.235 billion in August, Statistics New Zealand said on Tuesday.

That missed forecasts for a shortfall of NZ$825 million following the NZ$98 million surplus in July.

Exports were up 9.0 percent on year to NZ$3.69 percent - missing forecasts for NZ$4.05 billion and down from NZ$4.63 billion in the previous month.

Imports advanced an annual 6.5 percent to NZ$4.92 billion versus forecasts for NZ$4.80 billion after showing NZ$4.53 billion a month earlier.


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25.09.2017
11:01 PM


*New Zealand Trade Deficit NZ$1.235 Billion In August

New Zealand Trade Deficit NZ$1.235 Billion In August


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25.09.2017
11:00 PM


*New Zealand Exports +9.0% On Year, Imports +6.5% In August

New Zealand Exports +9.0% On Year, Imports +6.5% In August


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25.09.2017
10:54 PM


US: Trump Expands Travel Ban To Include North Korea And Venezuela

United States President Donald Trump issued a new travel ban to block the entry into the country of people from eight countries more, including citizens of Venezuela, North Korea and Chad.

The decree replaces a previous one, released in March, banning travelers from six Muslim-majority countries. The new travel ban comes into force on October 18 for Venezuelan, North Korean and Chadian citizens, while is valid since yesterday for people from Iran, Libya, Syria, Yemen and Somalia. The new travel ban has no expiration date.

Sudanese citizens were removed from the travel ban list. Citizens of Iraq will not be vetted, but are subject to additional verification to determine whether they 'pose a risk to U.S. Security.'

The Trump administration claims that the travel ban is necessary to 'remove risks to national security,' despite allegations of official discrimination against Muslims.


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25.09.2017
10:40 PM


MEXICO: Economic Activity Decelerates To +1.3% In July

Mexico's Global Economic Activity Indicator (IGAE) grew by 1.3% in July, on an annual basis, decelerating in comparison to June, when it increased by 2.4% against the same month in the previous year.

Before seasonal adjustment, July's data it was the lower result since April 2016, said the country's statistics office.

By groups of activities, the service sector increased by 2.7% in July, and primary activities rose by 2.4% on an annual comparison. Meanwhile, the manufacturing sector activity decreases by 1.5% in July on the same basis.


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25.09.2017
10:31 PM


Bank Of Japan Minutes On Tap For Tuesday

The Bank of Japan will on Tuesday release the minutes from its monetary policy meeting on July 19 and 20, highlighting a modest day for Asia-Pacific economic activity.

At the meeting, the bank voted to retain the -0.1 percent interest rate on current accounts that financial institutions maintain at the bank. It also left its massive monetary stimulus unchanged and pushed back the timeframe to achieve its 2 percent inflation target.

Japan also will see August figures for producer prices, with forecasts suggesting an increase of 0.7 percent on year following the 0.6 percent gain in July.

New Zealand will release August numbers for imports, exports and trade balance. Imports are expected to be worth NZ$4.80 billion, up from NZ$4.55 billion in July. Exports are pegged at NZ$4.05 billion, down from NZ$4.63 billion in the previous month. The trade deficit is called at NZ$2.910 billion following the NZ$3.213 billion shortfall a month earlier.

New Zealand also will see September results for the business confidence and activity outlook surveys from NBNZ; in August, their scores were +18.3 and +38.2, respectively.

Hong Kong will provide August figures for imports, exports and trade balance. In July, imports were worth HKD356.19 billion and exports were at HKD326.6 billion for a trade deficit of HKD29.60 billion.

Singapore will see August numbers for industrial production, with forecasts suggesting a decline of 0.4 percent on month and an increase of 14.1 percent on year. That follows the 1.0 percent monthly increase and the 21.0 percent yearly gain in July.


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25.09.2017
10:05 PM


COLOMBIA: Export Of Avocados To China In Final Arrangements

A Chinese health authority delegation is expected in Colombia next month as part of the procedures aimed at verifying the conditions of production of Hass avocado in the South American country before the start of its exports to China.

The Colombian government said that the good moment for local avocado producers is reflected in the fruit's export figures, which increased 41% in between January and July, compared to the same period in the previous year.

Colombia's Minister of Agriculture and Rural Development, Aurelio Iragorri, stressed the potential of this product and noted that "while we continue to celebrate admissibility in the United States, the final arrangements to enter China are ready."


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25.09.2017
09:41 PM


BRAZIL: Economists Cut 2017 Inflation Forecast To 2.97%, From 3.08%

The median forecast for Brazil's consumer price inflation in 2017 was cut for the fifth consecutive week, to 2.97%, from 3.08% last week, according to economists surveyed by the central bank. For 2018, the median forecast was cut for the fourth week in a row, to 4.08%, from 4.12% last week.

For the next 12 months, meanwhile, estimates for the annual inflation fell for the seventh week in a row, to 3.94%, from 4.07% last week.

Brazil annual inflation is currently below the central bank's target of 4.5%. The most recent data shows that in August the annual inflation slowed to 2.46%, from 2.71% in July, remaining as the lowest inflation rate for the 12-month period since February 1999.


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25.09.2017
09:29 PM


BRAZIL: Economists Raise Estimate For 2017 GDP To 0.68%

Economists surveyed by the Brazilian central bank raised their forecasts for economic growth in 2017 to 0.68%, from 0.60% in the last two weeks. For 2018, the median forecast for GDP growth was raised for the third week in a row, to 2.30%, from 2.20% last week.

Projections for Brazil's debt-to-GDP ratio in 2017 was raised to 52.15%, from 52.10% last week, while for 2018 forecasts decreased to 55.65%, from 55.70% last week.

Projections for Brazilian industrial output growth in 2017 was cut to 1.05%, from 1.10% last week, while for 2018, economists estimates decreased to 2.40%, from 2.45% in the previous survey.


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25.09.2017
09:22 PM


BRAZIL: Interest Rate Forecast For 2017 Kept Unchanged At 7%

Economists polled by the Brazilian central bank kept unchanged at 7% their estimates for the country's benchmark interest rate (Selic) by year-end. For 2018, estimates was also kept at 7%, after two downward revisions.

Average interest rate estimates for 2017 remained at 9.84%. For 2018, meanwhile, the forecast for the average interest was kept at 7% after eight consecutive weekly decreases.

Earlier this month, the Brazilian central bank's Monetary Policy Committee (Copom) cut the country's benchmark interest rate to 8.25%, from 9.25%, in line with market expectations, and signaled that it intends to keep loosening monetary policy in the next few meetings, but at a slower pace.

According to Copom, "for the next meeting, if the basic scenario evolves as expected, and because of the stage of the loosening cycle, the Committee sees as appropriate a moderate reduction in the magnitude of monetary easing."

For the October meeting of the Copom, market players point to a cut of 0.75 pp in the Selic, which means a reduction in the monetary easing cycle's rhythm, taking the rate to 7.50% per year.


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25.09.2017
08:09 PM


Treasuries Move To The Upside Amid Geopolitical Concerns

After moving to the upside in the previous session, treasuries saw some further upside during trading on Monday.

Bond prices moved mover early in the session and spiked higher in mid-morning trading and remained firmly positive thereafter. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid by 4.2 basis points to 2.220 percent.

The strength among treasuries came amid geopolitical concerns after North Korean Foreign Minister Ri Yong Ho claimed recent comments by President Donald Trump represent a "declaration of war."

"Last weekend, Trump claimed that our leadership wouldn't be around much longer, and hence, at last, he declared war on our country," Ri said.

He added, "Given the fact that this comes from someone that is currently holding the seat of the United States presidency, this is clearly a declaration of war."

Traders were also digesting the results of the election in Germany over the weekend. German Chancellor Angela Merkel won a fourth term in office but will have to govern with a far less stable coalition.

Trading on Tuesday may be impacted by reports on new home sales and consumer confidence as well as any developments overseas.


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25.09.2017
08:00 PM


Dollar Mixed As Investors Await A Slew Of Economic Reports

The dollar is turning in a mixed performance against its major rivals Monday afternoon. The lack of U.S. economic data is keeping some investors on the sidelines today. Things will begin to pick up on the economic front tomorrow with the release of the S&P Case-Shiller data, as well as new home sales and consumer confidence.

Durable goods orders and pending home sales are slated for Wednesday, while GDP, weekly jobless claims and international trade are set for Thursday. Personal income, consumer spending, the Chicago PMI and consumer sentiment are also set for Friday.

The buck is down against the Japanese Yen Monday, but is up against its major European rivals. The dollar's gains are strongest against the Euro, following the results of the German election over the weekend. German Chancellor Angela Merkel won a fourth term in office on Sunday, but will have to govern with a far less stable coalition.

French President Emmanuel Macron also suffered a defeat at the Senate elections on Sunday.

The dollar has risen to over a 1-week high of $1.1845 against the Euro Monday afternoon, from an early low of $1.1936.

German business sentiment dropped for the second straight month in September as companies were less satisfied with their current business situation and their short-term outlook, survey data from the Ifo Institute showed Monday.

The business confidence index fell to 115.2 in September, while it was expected to remain unchanged at 115.9 seen in August.

There is a pocket of risk in the rapid growth of UK consumer credit, the Financial Policy Committee of the Bank of England said Monday.

Lenders overall are placing too much weight on the recent performance of consumer lending in benign conditions as an indicator of underlying credit quality.

Banks are underestimating the losses they could incur in a downturn, the FPC noted.

The buck rose to a high of $1.3428 against the pound sterling Monday, but has since eased back to around $1.3470.

Japan's government maintained its economic assessment for September, saying the economy is on a moderate recovery.

In its monthly report, the Cabinet Office retained its view on private consumption, business investment, exports, industrial production, corporate profits and employment situation.

The greenback reached an early high of Y112.53 against the Japanese Yen Monday, but has since retreated to around Y111.625.

The manufacturing sector in Japan continued to expand in September, and at a faster rate, the latest survey from Nikkei revealed on Monday with a four-month high manufacturing PMI score of 52.6. That's up from 52.2 in August, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Japan's leading index decreased less than initially estimated in July, latest data from the Cabinet Office showed Monday. The leading index, which measures the future economic activity, dropped to 105.2 in July from 105.7 in June. The reading for July was revised up from 105.0.


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25.09.2017
07:42 PM


Crude Oil Surges To Yearly High

Crude oil futures jumped to a yearly high Monday, as traders bet on renewed demand from Europe and Asia.

Euro area economic recovery is now firm and broad-based, and the latest data suggest that the momentum is set to continue in the period ahead, European Central Bank President Mario Draghi said Monday.

"The ongoing recovery is, crucially, driven by domestic forces, and the labor market has notably improved," Draghi said at a hearing at the European Parliament in Brussels.

Meanwhile, US stockpiles are expected to dwindle as U.S. refineries get back to normal after hurricane season.

WTI light sweet crude jumped 3% to $52.22 a barrel.

Markets will be keeping a close eye on North Korea tensions. North Korean Foreign Minister Ri Yong Ho claimed recent comments by President Donald Trump represent a "declaration of war."

"Last weekend, Trump claimed that our leadership wouldn't be around much longer, and hence, at last, he declared war on our country," Ri said.


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25.09.2017
06:51 PM


Gold Rallies As North Korea Rattles Sabre

Gold futures rebounded Monday, taking back last week's losses amid geopolitical tensions and weak stock markets.

Bolstered by safe haven demand, December gold added $14 to $1311.50 an ounce, the highest since last Monday.

North Korean Foreign Minister Ri Yong Ho claimed recent comments by President Donald Trump represent a "declaration of war."

"Last weekend, Trump claimed that our leadership wouldn't be around much longer, and hence, at last, he declared war on our country," Ri said.

Euro area economic recovery is now firm and broad-based, and the latest data suggest that the momentum is set to continue in the period ahead and policymakers are more confident that inflation will converge at the target eventually, European Central Bank President Mario Draghi said Monday.

"The ongoing recovery is, crucially, driven by domestic forces, and the labor market has notably improved," Draghi said at a hearing at the European Parliament in Brussels.

Meanwhile, German Chancellor Angela Merkel won a fourth term in office.


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25.09.2017
04:54 PM


*Gold Rebounding As Stocks Wallow

Gold Rebounding As Stocks Wallow


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25.09.2017
03:22 PM


ECB's Draghi Says Eurozone Recovery To Continue, Inflation To Hit Target

Euro area economic recovery is now firm and broad-based, and the latest data suggest that the momentum is set to continue in the period ahead and policymakers are more confident that inflation will converge at the target eventually, European Central Bank President Mario Draghi said Monday.

"The ongoing recovery is, crucially, driven by domestic forces, and the labor market has notably improved," Draghi said at a hearing at the European Parliament in Brussels.

"The domestic drivers are making the recovery more robust and resilient to adverse external influences," he said.

Draghi also said that the employment gains and the rising household wealth are supporting the private consumption outlook. Further, investment is improving, thanks to very favorable financing conditions, he added.

The euro area economy has now grown for 17 successive quarters.

Yet, the firm economic recovery still needs to translate more convincingly into stronger inflation dynamics, Draghi reiterated.

"Overall, we are becoming more confident that inflation will eventually head to levels in line with our inflation aim, but we also know that a very substantial degree of monetary accommodation is still needed for the upward inflation path to materialize," the ECB chief said.

He stressed that the recent volatility in the euro exchange rate was a source of uncertainty that requires monitoring with regard to its possible implications for the medium-term outlook for price stability.

"We therefore need to be patient and persistent," Draghi said.

The ECB will decide later this year on a re-calibration of policy measures that maintains the degree of monetary support that the euro area economy still needs, he said.

Early this month, the ECB left its all three interest rates and its massive asset purchases unchanged as it acknowledged that the strengthening euro was a source of concern that led to the downgrade to euro area inflation outlook.

Following the decision, Draghi hinted at the possibility of stimulus review in October, causing the euro to soar.


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25.09.2017
02:58 PM


ECB's Draghi Says Eurozone Economic Recovery Momentum Set To Continue

Euro area economic recovery is now firm and broad-based, and the latest data suggest the momentum is set to continue in the period ahead, European Central Bank President Mario Draghi said Monday.

"The ongoing recovery is, crucially, driven by domestic forces, and the labor market has notably improved," Draghi said at a hearing at the European Parliament in Brussels.

He also said that the employment gains and the rising household wealth are supporting the private consumption outlook. Further, investment is improving, thanks to very favorable financing conditions, he added.

Yet, the firm economic recovery still needs to translate more convincingly into stronger inflation dynamics, Draghi reiterated.

"Overall, we are becoming more confident that inflation will eventually head to levels in line with our inflation aim, but we also know that a very substantial degree of monetary accommodation is still needed for the upward inflation path to materialize," the ECB Chief said.

He stressed that the recent volatility in the euro exchange rate was a source of uncertainty that requires monitoring with regard to its possible implications for the medium-term outlook for price stability.

"We therefore need to be patient and persistent," Draghi said.

The ECB will decide later this year on a re-calibration of policy measures that maintains the degree of monetary support that the euro area economy still needs, he said.


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25.09.2017
02:14 PM


*ECB's Draghi: Recent Volatility In EUR Represents Source Of Uncertainty

ECB's Draghi: Recent Volatility In EUR Represents Source Of Uncertainty


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25.09.2017
02:13 PM


*ECB's Draghi: Very Substantial Degree Of Monetary Accommodation Still Needed

ECB's Draghi: Very Substantial Degree Of Monetary Accommodation Still Needed


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25.09.2017
02:12 PM


*ECB's Draghi: More Confident That Inflation Will Converge With Inflation Aim

ECB's Draghi: More Confident That Inflation Will Converge With Inflation Aim


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25.09.2017
02:10 PM


*ECB's Draghi: Firm Economic Recovery Yet To Translate Into Stronger Inflation

ECB's Draghi: Firm Economic Recovery Yet To Translate Into Stronger Inflation


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25.09.2017
02:09 PM


*ECB's Draghi: Risks Surrounding EZ Growth Outlook Broadly Balanced

ECB's Draghi: Risks Surrounding EZ Growth Outlook Broadly Balanced


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