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24.11.2017
02:13 PM


ECB's Coeure Warns Against Fake Data

Fake statistics are equally threatening to the euro area economy as fake news is to politics, European Central Bank Executive Board member Benoit Coeure said Friday.

"Just as there are concerns about "fake news" dominating social media, there is a risk of "fake", or at least poor quality, statistics driving out better quality ones in public discourse," Coeure said in a speech in Paris.

"And just as false reports may quickly go viral, reliance on internet search data in the assessment of the economic situation may become self-fulfilling."

Further, the policymaker said measures by economic agents could become less anchored to actual activity and more prone to manias and panics, with obvious implications for economic and financial stability.

Such a scenario poses two challenges to policymakers, he pointed out. Firstly, they have to meet the demand for more individually tailored information. And secondly, public perceptions of policy targets may differ from the abstract definitions employed.

"Over time, engagement with the public may result in changes to definitions, and even in the conduct of policy," Coeure said.

He also warned that new technological advances could lead to "a new "monkey in the mirror" mimetic loop" through big data.

"That is, we may one day be tempted to draft our monetary policy statements and speeches in the light of how they will be comprehended and interpreted by artificial intelligence algorithms," he said.

The consequences of such behavior by central banks remains to be understood, Coeure added.


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24.11.2017
02:09 PM


Canadian Dollar Climbs On Higher Oil Prices

The Canadian dollar advanced against its key counterparts in the European session on Friday, as oil prices rose on shrinking inventories in the U.S. and investors awaited the OPEC meeting next week that would discuss extension of production cuts by oil producing nations.

Crude for January delivery rose $0.72 to $58.74 per barrel.

Partial closure of the Keystone pipeline that links Canadian oilfields with the U.S. also underpinned oil prices. Due to the outage, deliveries through the pipeline are expected to be cut by about 85 percent in November.

Data from the Energy Information Administration showed Wednesday that U.S. crude stocks fell 1.9 million barrels to 457.14 million barrels in the week to November 17.

The OPEC and non-OPEC nations will meet in Vienna on November 30 to discuss the extension of output curbs aimed to rebalance global market. Ongoing oil production reduction of 1.8 million barrels per day will expire in March 2018.

Russian Energy Minister Alexander Novak said that the nation was ready to discuss an extension of the global deal, but didn't made any mention of extension of deal at present. The loonie rose to 1.5080 against the euro and 1.2705 against the greenback, from its early more than 4-week low of 1.5131 and a 2-day low of 1.2747, respectively. The next possible resistance for the loonie is seen around 1.49 against the euro and 1.26 against the greenback.

The loonie advanced to 0.9683 against the aussie and 87.66 against the yen, off its previous lows of 0.9701 and 87.40, respectively. If the loonie rises further, it may locate resistance around 89.00 against the yen and 0.94 against the aussie.

Looking ahead, Markit's U.S. preliminary manufacturing index for November is set for release in the New York session.


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24.11.2017
02:02 PM


Eurozone Economy Set To Extend Surprisingly Positive Run In 2018

As the outlook for consumption is improving, the Eurozone economy is on its way to extend a surprisingly positive run into next year, Bert Colijn, a senior economist at ING, said.

The flash consumer confidence index rose to -1 in October from -1.2 in September, marking its eighth highest reading since the indicator started in 1985.

"As the economic expansion has accelerated in 2017, consumers are now little short of exuberant," the economist noted.

While there is still plenty of weakness in the Eurozone economy and many parts of the economy have yet to recover from the prolonged economic crisis, consumers are focusing on the economic direction, which seems to be up for the moment.

The rise in real income was driven by steady employment growth, slight improvements in wages and low inflation during the recent period.

Looking ahead, employment likely to remain positive, which consumers are picking up on.

The October survey revealed that the the expectations for unemployment are near historic lows at the moment, Colijn observed.

Based on these points, the Eurozone economy is on its way to extend a surprisingly positive run into 2018, the economist said.


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24.11.2017
01:29 PM


Gold Trims Gains Ahead Of PMI

Gold futures were lower Friday morning ahead of Friday's abbreviated session on Wall Street.

Gold was down $4 at $1292 an ounce, trimming this week's gains. Stocks were set to open higher, limiting gold's safe haven value.

The Markit Economics Purchasing Managers Index or PMI for November will be issued at 9.45 am ET. The economists are looking for a reading of 55.4, compared to 55.7 in the prior month.

The Federal Reserve on Wednesday hinted that a rate hike is "likely" despite mounting concerns about low inflation.

Low inflation might also be a result of "developments that could prove more persistent," according to the minutes of the Fed's most recent meeting on Oct 31-Nov 1.


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24.11.2017
01:21 PM


Crude Oil Rallies On OPEC Quota

Crude oil futures continued to rise Friday morning in thin trade after the Thanksgiving holiday.

Traders expect that OPEC next week will extend its supply quota plan through 2018 in hopes of re-balancing the oil market and driving prices north of $70 a barrel.

Russia is now said to have agreed to be part of the renewed pact, with Russia leader Vladimir Putin exhibiting increased influence on the cartel to which it does not actually belong.

WTI light sweet crude oil was up 73 cents at $58.75 a barrel, staying at 2-year highs.

The US oil rig count from Baker Hughes will be released this afternoon.


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24.11.2017
01:15 PM


Canadian Dollar Climbs Against Majors

The Canadian dollar advanced against its key counterparts in the European session on Friday.

The loonie rose to 1.5080 against the euro and 1.2705 against the greenback, from its early more than 4-week low of 1.5131 and a 2-day low of 1.2747, respectively.

The loonie advanced to 0.9683 against the aussie and 87.66 against the yen, off its previous lows of 0.9701 and 87.40, respectively.

If the loonie rises further, it may locate resistance around 1.26 against the greenback, 89.00 against the yen, 0.94 against the aussie and 1.49 against the euro.


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24.11.2017
12:59 PM


*Canadian Dollar Gains To 87.66 Against Yen

Canadian Dollar Gains To 87.66 Against Yen


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24.11.2017
12:58 PM


*Canadian Dollar Edges Up To 0.9684 Against Aussie

Canadian Dollar Edges Up To 0.9684 Against Aussie


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24.11.2017
12:58 PM


*Canadian Dollar Rises To 1.2708 Against U.S. Dollar

Canadian Dollar Rises To 1.2708 Against U.S. Dollar


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24.11.2017
12:22 PM


Swiss Industrial Production Expands In Q3

Switzerland's industrial production and turnover increased notably in the third quarter, the Federal Statistical Office reported Friday.

Industrial production grew 8.6 percent year-on-year in the third quarter and turnover advanced 7.5 percent from the previous year.

Industrial output surged 13 percent after rising 6.5 percent in August. At the same time, industrial turnover moved up 10.8 percent in September and 5.8 percent in August.


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24.11.2017
12:14 PM


German Business Confidence At Record High

Germany's business confidence strengthened to a new record in November on optimistic expectations, suggesting another strong quarter for the economy.

The business climate index rose to 117.5 in November from a revised 116.8 in October, survey data published by the Ifo Institute showed Friday. The score was forecast to remain at October's initially estimated value of 116.7.

However, companies' assessment of the current business situation were no longer as positive as in October. The current situation index dropped to 124.4 from 124.8 a month ago.

The expectations index climbed to 111.0 in November from 109.2 in the previous month.

Ifo President Clemens Fuest said the German economy is on track for a boom. The latest figures indicate economic growth of 0.7 percent in the fourth quarter, pointing to growth of 2.3 percent for 2017 as a whole.

The largest euro area economy expanded at a faster pace of 0.8 percent in the third quarter on robust foreign demand and investment.

Fuelled by extremely low European Central Bank interest rates, the German economy will continue growing strongly, although it is likely that the grand coalition which is starting to emerge would further unwind the Agenda 2010 reforms, Joerg Kraemer, a Commerzbank analyst, said.

The survey showed that, in manufacturing, business confidence rose to a fresh record thanks to far more optimistic expectations. But, they scaled back assessments of their current business situation.

In wholesaling, the business climate index improved markedly as wholesalers were more satisfied with their current situation and expect businesses to pick up further over the next six months.

However, business climate in retail segment deteriorated in November. Retailers' assessments of their current business situation were far poorer but they expressed greater optimism about the next six months.

Likewise, business climate in construction decreased in November. Contractors scaled back assessments of both their current business situation and their expectations.


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24.11.2017
12:13 PM


UK Mortgage Approvals At 13-Month Low

UK mortgage approvals declined to a 13-month low in October, data from UK Finance showed Friday.

The number of mortgages approved in October fell to 40,488 from 41,576 in September. This was the lowest since September 2016.

Gross mortgage borrowing grew 16 percent annually to GBP 14.2 billion in October. Annual growth in net mortgage borrowing was 2.8 percent in October.

Data showed that growth in credit card borrowing eased to 5.1 percent from 5.5 percent a month ago. Likewise, annual growth in overall consumer credit fell to 0.9 percent from 1.4 percent.


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24.11.2017
11:49 AM


Turkey Capacity Utilization Rises; Business Confidence Weakens

Turkey's capacity utilization rate increased for the fourth straight month in November, while business confidence weakened further, figures from the central bank revealed Friday.

The capacity utilization rate rose to 79.9 percent in November from 79.7 percent in October.

On a seasonally adjusted basis, the capacity utilization rate edged up to 79.5 percent from 79.4 percent.

Separate data from the central bank showed that business confidence index dropped for the second straight month in November to 106.3 from 109.5 in the preceding month.


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24.11.2017
11:37 AM


*Turkey Nov Business Confidence Index 106.3 Vs. 109.5 In October

Turkey Nov Business Confidence Index 106.3 Vs. 109.5 In October


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24.11.2017
11:35 AM


*Turkey Nov Capacity Utilization Rate 79.9% Vs. 79.7% In October

Turkey Nov Capacity Utilization Rate 79.9% Vs. 79.7% In October


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24.11.2017
11:30 AM


Poland Jobless Rate Falls More Than Expected In October

Poland's unemployment rate decreased more-than-expected in October, figures from the Central Statistical Office showed Friday.

The registered jobless rate declined to 6.6 percent in October from 6.8 percent in September. Economists had expected the rate to fall to 6.7 percent.

In the corresponding month last year, the unemployment rate was 8.2 percent.

The number of unemployed people fell to 1.07 million in October from 1.11 million in the prior month. A year ago, the jobless figure totaled 1.30 million.


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24.11.2017
11:24 AM


Brazil Business Confidence Highest Since February 2014

Brazil business confidence climbed for a fifth straight month in November to its highest level in nearly four years, survey data from the think tank FGV showed Friday.

The business confidence index rose to 98.1 from 95.4 in October. The reading was the highest since February 2014, when it was 98.3, the FGV said.

The current situation index also increased for a fifth consecutive month to 97.2 from 95.5 in the previous month.

The expectations index rose to 99 from 95.2 in October.

The capacity utilization rate, meanwhile, fell to 73.8 percent from 74.3 percent,.


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24.11.2017
11:13 AM


Italy Industrial Orders Decline In September

Italy's industrial orders decreased in September, after rebounding strongly in the previous month, figures from the statistical office Istat showed Friday.

Industrial orders dropped a seasonally adjusted 3.9 percent month-over-month in September, reversing a 5.3 percent climb in August.

Domestic demand declined 5.8 percent over the month and export orders fell by 1.4 percent.

On a yearly basis, industrial orders grew 4.5 percent in September, but well below the 9.6 percent spike in the previous month.

Data also showed that industrial turnover slid 1.2 percent monthly in September, in contrast to August's 2.0 percent increase.

Annually, industrial sales advanced 5.2 percent after a 3.1 percent gain in the prior month.


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24.11.2017
10:54 AM


*ECB's Nouy: Banks Must Adapt To Changes In A Sustainable Manner

ECB's Nouy: Banks Must Adapt To Changes In A Sustainable Manner


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24.11.2017
10:51 AM


*ECB Study: Use Of Cash At POS Still Robust In Most Euro Area Countries

ECB Study: Use Of Cash At POS Still Robust In Most Euro Area Countries


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24.11.2017
10:46 AM


*ECB's Coeure: There Is A Risk Of Fake Data Driving Out Better Quality Ones

ECB's Coeure: There Is A Risk Of Fake Data Driving Out Better Quality Ones


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24.11.2017
10:43 AM


Sweden PPI Inflation At 1-Year Low

Sweden's producer price inflation eased in October to the lowest level in a year, figures from Statistics Sweden showed Friday.

Producer prices rose 2.5 percent year-over-year in October, much slower than the 4.3 percent climb in September.

Moreover, the latest PPI inflation was the weakest since October 2016, when prices had grown 2.2 percent.

Prices on the export and the import market grew by 1.5 percent and 2.5 percent, respectively in October from a year ago. The price index for domestic supply registered an increase of 3.0 percent.

On a monthly basis, producer prices went up 0.3 percent from September, when it increased by 0.4 percent.


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24.11.2017
10:42 AM


Euro Advances As German Business Confidence Improves

The euro advanced against its major counterparts in early European deals on Friday, as German business sentiment improved further in November and political worries over Germany eased after Social Democrats decided to hold talks on forming a coalition government.

Survey results from Ifo Institute showed that German business confidence index rose to 117.5 in November.

The score was forecast to remain unchanged at October's initially estimated value of 116.7.

Meanwhile, the current conditions index came in at 124.4, below the forecast of 125.0.

At the same time, the expectations index climbed to 111 in November versus the expected score of 108.8.

SPD Secretary General Hubertus Heil said that the party is ready to hold talks with Angela Merkel's conservatives to help resolve the political deadlock since the September election.

"The SPD won't close the door on talks," Heil said.

The currency has been trading in a positive territory in the Asian session.

The euro advanced to a 4-day high of 132.35 against the yen and a 3-day high of 1.1649 against the franc, from its early lows of 131.73 and 1.1621, respectively. The euro is likely to target resistance around 134.00 against the yen and 1.19 against the franc.

The single currency hit a weekly high of 1.5607 against the aussie, new 4-week high of 1.5131 against the loonie and a 3-day high of 1.7285 against the kiwi, off its previous lows of 1.5522, 1.5055 and 1.7185, respectively. If the euro rises further, 1.58, 1.53 and 1.77 are possibly seen as its next resistance levels against the aussie, loonie and the kiwi, respectively.

The 19-nation currency hit a 6-week high of 1.1875 against the greenback, after having fallen to 1.1837 at am ET. The euro is seen finding resistance around the 1.20 mark.

The common currency rose back to 0.8914 against the pound, not far from its previous session's 4-day high of 0.8922. Continuation of the euro's uptrend may see it challenging resistance around the 0.90 region.

Looking ahead, Markit's U.S. preliminary manufacturing index for November is set for release in the New York session.


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24.11.2017
10:35 AM


*Brazil Nov FGV Capacity Utilization 73.8% Vs. 74.3% In October

Brazil Nov FGV Capacity Utilization 73.8% Vs. 74.3% In October


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24.11.2017
10:34 AM


*Brazil Nov FGV Business Confidence 98.1 Vs. 95.4 In October

Brazil Nov FGV Business Confidence 98.1 Vs. 95.4 In October


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