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Singapore's NODX Growth Accelerates to 38-Year High

Singapore's non-oil domestic exports (NODX) surged 46.2% year-over-year in August, following a 24.1% expansion the prior month, according to data from Enterprise Singapore released on Thursday.The latest figure beat the consensus forecast of 35% tracked by Trading Economics and marked the sharpest pace of expansion since October 1988.The performance was primarily driven by continued strong growth in electronics, supported by robust AI-related demand, mainly from integrated circuits, disk media products and personal computers.

^STI

International5d ago

HKMA Raises Base Rate to 4.25% After Fed Hike

The Hong Kong Monetary Authority on Thursday raised its base interest rate applied through the overnight discount window by 25 basis points to 4.25%, marking its first rate hike since 2023, according to an official statement.The increase took effect immediately under a pre-set formula, mirroring the US Federal Reserve's decision on Wednesday to raise its target range for the federal funds rate.

Hang Seng

International5d ago

New Zealand Economy Expands 0.2% in June Quarter

New Zealand's economy expanded 0.2% in the June quarter, following a 0.9% expansion in the previous quarter, Stats NZ data showed Thursday.The consensus forecast is for an expansion of 0.1%, according to Trading Economics.Nine out of 16 industries recorded higher economic activity in the June quarter, with construction leading gross domestic product (GDP) growth at 2.7%, followed by public administration and safety, according to Stats NZ."An increase in residential building activity contributed to the overall growth in the construction industry in the June quarter," general manager and macroeconomic spokesperson Jason Attewell said.Transport, postal, and warehousing was the largest negative contributor to GDP in the June quarter, declining 1.7%, followed by retail trade and accommodation, which fell 1%.GDP per capita rose 0.1% in the June quarter.The expenditure measure of GDP rose 0.4% in the June quarter, following a 1.1% increase in the previous quarter, as export volumes rose 3.3% while import volumes fell 0.8%.Gross fixed capital formation rose 1.5% in the June quarter, driven by a 4.4% increase in spending on residential building work, which was reflected in higher construction activity over the period.In the year ended June, GDP rose 1.7% compared with the year-earlier period.

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International5d ago

Fed Chair Warsh Says Inflation Not Meeting Standard of Slowing

Inflation remains elevated while the labor markets is strong, leading the Federal Open Market Committee to act to slow inflation, Federal Reserve Chair Kevin Warsh said Wednesday at a press conference after the meeting."Last month in Wyoming, I expressed my commitment to a monetary policy discipline, not to a decision," Warsh said. "I defined the standard for action. We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Today the FOMC decide that this standard has not been satisfied."At its meeting, the FOMC voted 12-0 to raise the target range for its federal funds to 3.75% to 4.00% saying that inflation remains elevated and raising the target range will "support a timelier return to the Committee's 2% goal."Warsh said that there was "an attitude of optimism" among FOMC members at the meeting, with particular strength in labor markets, placing the focus on the inflation side of the Fed's mandate."As I said at the policy Symposium in Jackson Hole, I would be hard-pressed to describe broad financial conditions as restrictive," Warsh said. "This view was widely shared by the Committee. So, we removed a dose of accommodation."The updated Summary of Economic Projections suggested a further rate increase is possible for 2026, followed by no adjustment in 2027 before the rate is reduced in 2028. However, nearly half of the participants said one more increase may be needed in 2027, so the median forecast could shift at the next update.As he did in June, Warsh said that he did not submit forecasts for SEP, repeating his preference for not providing forward guidance or focusing on a small set of data points."I will just reiterate, trends matter," Warsh said. "Data-points are noisy. Data-point dependence is a dangerous preoccupation. It is not something that concerns me."

International5d ago

FOMC Raises Fed Funds Rate Range by 25 Basis Points in 12-0 Vote

The Federal Open Market Committee raised the target range for its federal funds rate to 3.75% to 4.00% Wednesday on a 12-0 vote, while projections suggest another rate hike is possible this year."Inflation remains elevated," the FOMC said in its statement. "Today's policy action will support a timelier return to the Committee's 2% goal. The Committee will deliver price stability."Median expectations in the Summary of Economic Projections now show a further rate hike this year, as the median expectation was adjusted up to 4.1% from 3.8% in the previous update in June, reflecting both Wednesday's action and expectations for a further increase.This is expected to be followed by no rate change in 2027, keeping the median at 4.1% before dipping to 3.9% in 2028, ahead of the previously expected 3.4%, and then falling further to 3.6% in 2029.The SEP shows an upward revision to inflation expectations for 2026, with PCE inflation not expected to decline to the 2% goal until 2029.The unemployment rate is expected to end 2026 at 4.1% and remain there for the next few years, while GDP growth is seen at 2.3% at the end of 2026 before slipping to 2.4% in 2027, 2.2% in 2028 and 2.1% in 2029.

International5d ago

FOMC SEP Show Median End-of-2028 Fed Funds Rate Expectation of 3.9% vs 3.4% Previous

International5d ago

FOMC SEP Show Median End-of-2027 Fed Funds Rate Expectation of 4.1% vs 3.6% Previous

International5d ago

FOMC SEP Show Median End-of-2026 Fed Funds Rate Expectation of 4.1% vs 3.8% Previous

International5d ago

FOMC Raises Federal Funds Target Range by 25 Basis Points

International5d ago

Daily Roundup of Key US Economic Data for Sept. 16

Retail sales rose by 1.2% in August and were up 1.4% excluding a 0.6% gain in auto sales, both well above expectations.A 3.1% jump in gasoline station sales, a 2.6% rebound in nonstore retail sales and a 1.2% gain in food services and drinking place sales were the key factors, partially offset by sales declines for building materials and at department stores.Control group retail sales, which exclude autos, gas, building materials, and food services, rose by 1.4% after a 0.4% drop in July.Import prices rose by 0.7% in August after a 0.3% decline and were up 0.8% excluding a 0.1% gain in petroleum prices.Export prices rose by 0.6% in August and were up 0.7% excluding a 0.5% gain in agricultural prices.The New York Federal Reserve's monthly business leaders index, a measure of services conditions, fell to minus 8.7 in September from 0.5 in August, indicating a return to contraction. Other services data will be released over the coming weeks.The National Association of Home Builders Housing Market Index fell to 32 in September from 35 in August and was unchanged from a reading of 32 a year ago.NAHB said that high mortgage rates, labor shortages and increasing costs continue to negatively impact builder sentiment.Business inventories rose by 0.8% in July after a 0.1% gain in June. Business sales rose by 0.3% after a 1% decline, with increases at the factory and wholesale levels but a decline at the retail level.The Mortgage Bankers Association reported a 4.1% decline in mortgage applications in the week ended Sept. 11 after a 2.7% drop in the previous week. Refinancing activity and new home applications fell due to an increase in mortgage rates to their highest level since May 2025.Total crude oil inventories fell by 1.0 million barrels in the week ended Sept. 11, with commercial oil inventories down 600,000 barrels and stocks in the US Strategic Petroleum Reserve down 400,000 million barrels. Gasoline inventories and distillate inventories both increased last week.The Q3 GDP nowcast estimate from the Atlanta Fed is for a 5.1% gain, up from the previous estimate of a 4.4% gain.

International5d ago

Canada's New Policies May Revive Its Manufacturing Competitiveness, National Bank Says

Canada's recent policy shift, including tax reforms and regulatory, energy and defense measures, is creating a more supportive environment for the country's reindustrialization, National Bank of Canada siad in a Wednesday note.A stronger manufacturing base could bolster supply-chain and national security, reinforce Canada's role as a "middle power," and leverage its relatively clean electricity and higher environmental and labor standards, the bank wrote.Canada's manufacturing sector has lost considerable competitiveness, with its share of gross domestic product falling to just 8%, it added. The issue isn't only weaker output, but also the sector's composition, with low value-added industries accounting for more than two thirds of production, versus roughly half in other G7 economies.A growing productivity and investment gap has further eroded competitiveness, said the bank. Since 2000, manufacturing wages in Canada have grown faster than in the United States, while productivity growth has been less than a third as strong.

$CXY

International5d ago

Atlanta Fed US Q3 GDP Nowcast Estimate 5.1% Gain Vs. Previous 4.4% Gain

International5d ago

Update: EU Considers Canada for First Associate Membership, von der Leyen Says

(Updates with Carney comments in 5th and 6th paragraphs.)The European Union is opening the door for Canada to become its first "associate member," said European Commission President Ursula von der Leyen on Wednesday, as the two sides seek closer ties amid worsening relations with the United States.The EU and Canada would strengthen their ties in areas such as Artificial Intelligence, critical minerals and energy, as well as a broader technology alliance, closer defense-industrial ties and joint Arctic projects, said von der Leyen in her annual State of the EU address to the European Parliament in Strasbourg."I would like to work with you on opening the door for Canada to be the first associate member of the EU," she said in her parliamentary address, attended by Canadian Prime Minister Mark Carney."We want to bring the relationship with Canada to the highest level possible," said von der Leyen in Wednesday's speech at the European Parliament.After the speech, Carney met with von der Leyen in Strasbourg, according to a press release issued by the prime minister's communications office.Carney "welcomed the President's proposal for Canada and the EU to move beyond the Canada-EU Comprehensive Economic and Trade Agreement (CETA) to a far stronger, more ambitious alliance in the future," said the prime minister's press release.On Tuesday, Carney said Canada was working on a "unique" alliance with the EU. Canada is seeking to attract CA$1 trillion in investments over the next five years as it aims to reduce its reliance on the US for its trade amid increasingly strained relations with President Donald Trump.EC President von der Leyen was explicit on Wednesday that the initiative wasn't aimed at countering the US."This is a partnership not against anyone else," added von der Leyen.

$CXY

International5d ago

July US Business Inventories Rise, Business Sales Down

Business inventories rose 0.8% in July, as expected in a survey compiled by Bloomberg and following a 0.1% increase in the previous month.Retail inventories were up 0.8%, revised up from a 0.7% gain in the advance estimate, while wholesale inventories rose by 1.3% and factory inventories increased by 0.4%.Business sales were up 0.3% in July, but with retail trade sales down 0.7% after revision. Wholesale sales and factory shipments both increased by 0.8% in the month.

International5d ago

July US Business Inventories Rise 0.8% Vs 0.8% Gain Expected, Prior 0.1% Increase

International5d ago

NAHB September US Housing Index Declines More Than Expected to 12-Month Low

The National Association of Home Builders' monthly housing market index fell to a reading of 32 in September from 35 in August, compared with expectations for a smaller decrease to 34 in a survey compiled by Bloomberg as of 6:00 am ET.The index was unchanged from a year earlier.The readings for single-family sales and the six-month outlook decreased, while the buyer traffic reading remained the same as in the previous month."Buyer traffic has weakened across much of the country, largely because of rising mortgage rates," NAHB Chairman Bill Owens said, adding that builders face several challenges including an increase in material costs, higher gasoline prices and continuous labor shortages."The HMI shows builder confidence at its lowest level since September 2025, as tight lending conditions and elevated land, labor and construction costs persist," NAHB Chief Economist Robert Dietz said.

International5d ago

NAHB September US Housing Market Index 32 Vs. 34 Expected; 35 Prior

International5d ago

Canada's Building Permits Fall Much More Than Expected in July, Led by Non-Residential Sector

Canada's building permits fell 17.3% monthly to CA$12.2 billion in July, reversing June's gain, led by a CA$1.9 billion drop in non-residential permits, while residential permits fell by CA$701.2 million, according to the country's statistical agency on Wednesday.July's drop was much higher than the 4.8% monthly consensus decline provided by Bloomberg in a survey.In real terms, the total value of permits fell 17.5% month over month and 2.2% year over year, Statistics Canada wrote in a statement.Within the non-residential sector, institutional permits led the decline, falling CA$1.5 billion to CA$1.7 billion, while industrial permits dropped CA$443.3 million to CA$795.5 million. Commercial permits edged up CA$41 million to CA$2.5 billion, added StatsCan.Residential construction intentions fell CA$701.2 million to CA$7.2 billion in July, driven by a CA$531.8 million decline in multi-unit projects to CA$4.7 billion. Single-family intentions fell CA$169.4 million to CA$2.5 billion.The data refers to the value of permits issued for residential (single-family and multi-family dwellings) and non-residential (industrial, commercial and institutional) construction. It's calculated from a survey of municipalities that issue permits and is seasonally adjusted as the construction industry is sensitive to seasonal changes. It's a leading indicator of Canada's construction industry.

$CXY

International5d ago

August US Import Prices, Export Prices Both Rebound from July Declines

US import prices rose by 0.7% in August, above the 0.5% increase expected in a survey compiled by Bloomberg as of 6:00 am ET and following a 0.3% decrease in July.Excluding a 0.1% gain in petroleum prices, import prices increased by 0.8% in August after a 0.3% July increase. A 0.3% increase was expected for August.Excluding all fuels, import prices were up 0.8% in August.Export prices rebounded by 0.6% in August, as expected and following a 1.4% decline in July. Export prices were up 0.7% excluding a 0.5% rise in agricultural commodity prices.

International5d ago

August US Retail Sales Rise More Than Expected, Ex-Auto Sales Accelerate

US retail sales were up 1.2% in August, a larger gain than the 0.8% increase expected in a survey compiled by Bloomberg and following the previous month's revised 0.5% decrease.Excluding a 0.6% increase in motor vehicle sales, retail sales were up 1.4% compared with an expected 0.6% increase. That followed a 0.2% decline in July.Removing both motor vehicles and a 3.1% rebound in gasoline station sales, retail sales were up 1.2% in August after a 0.3% decline in July.Sales at nonstore retailers rose by 2.6% after a 1.7% decline while food services and drinking place sales rose 1.2% after a 0.5% gain in the previous month.There were also notable sales increases for electronics and appliance stores, clothing and clothing accessories stores, and sporting goods, while building material sales declined.Control group sales, which exclude food services, autos, gasoline and building materials, rose by 1.4% after a 0.4% decline.The monthly retail sales report from the US Commerce Department measures spending on retail products and food, the largest portion of economic growth. The report covers spending on goods with a services report released later each month.Investors watch the control group that excludes food services, autos, gasoline and building materials because it feeds directly into the GDP report measuring economic growth.If the data shows a strong US economy, that's generally bullish for stocks and bearish for bonds.

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International5d ago