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The US Budget deficit 354.6B in fiscal YTD vs 282.8B year earlier
April Budget surplus comes in at 106.5B vs 107.0B estimate
So although tax receipts were higher and 2nd highest EVER, they could not make up for the 5.4% increase in spending.
source
While we are talking about intervention (we are?) ... PBOC eyeing the yuan spread
The widening discount of the offshore yuan (CNH) to the onshore (CNY) is raising the potential for PBOC intervention
US Jobless Claims Soar to Highest Level in More Than Year
The number of Americans filing new claims for jobless benefits unexpectedly rose for the third straight week during the first seven days of March, data showed on Thursday, in a reading that markedly exceeded estimates.
The number of initial jobless claims spiked to 294,000 in the week ended March 7, the Labor Department said. That was more than 274,000 seen in the previous seven-day period. Analysts had expected a mild decrease to 270,000.
The reading marked the highest level since February 2015, but it remained below 300,000 for the 62nd week in a row, which is the longest streak since 1973. Claims set a four-decade low at just four weeks ago.
As for claimants who already receive government support, so-called continuing claims, the figure for the week ending April 30 came in at 2.161 million, compared to the previous week's upwardly revised reading of 2.124 million, which marked the lowest level since November 2000.
Market consensus had bet on a broadly unchanged print of 2.12 million during the reported period.
source
"The RBA has lost the plot" "The RBA has no idea" :""These guys are mad"
What is it the kids say? "Tell us what you really think!
When informed of the decision, one of the RBA's staunchest and most respected media supporters bellowed: "They've lost the plot."
Japan's Abe to delay sales tax hike: Nikkei
Japanese Prime Minister Shinzo Abe has decided to delay a sales tax hike set for next April as it would threaten the nation's efforts to beat prolonged deflation, the Nikkei business daily reported on Saturday.
Abe is expected to announce the delay after further consideration, including talks with fellow Group of Seven leaders at a summit in western Japan on May 26 and 27, the paper reported.
The premier does not intend to dissolve parliament's lower house and call a snap election on the same day as an upper house poll due in July, according to the Nikkei report.
Economists were betting Abe would delay a rise in the tax to 10 percent from 8 percent, given weak consumption, limp wage growth and a stronger yen.
Analysts will focus on Japan's economic growth data for January-March, due out on May 18, to gauge the status of the economy.
The proposed tax has been seen by fiscal hawks as needed to curb bulging public debt and pay for huge social security costs.
Abe will hold a news conference June 1 following the close of the current legislative session. The Nikkei said government and ruling coalition officials see this as a possible opportunity to announce his decision.
China industrial production April yy +6.0% vs +6.5% exp
Chinese industrial production report for April 14 May 2016
Data released earlier this morning and adding to concerns over the Chinese economy.
Industrial Production measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
Aussie $ should open in Asia on the back foot, and the case for further easing from the PBOC will heighten.
Japan Preview: Economy Trudges Back Into Expansion Mode
Preliminary first-quarter economic growth figures from Japan on Wednesday are likely to be broadly disappointing, raising fresh questions over the effectiveness of the Bank of Japan's (BoJ) unprecedented easing program.
The Japanese economy is expected to have expanded just 0.1% in the January-March period, for an annualized growth rate of 0.3%.
However, if analysts' expectations are even slightly too optimistic, the economy might have not grown at all last quarter, or worse, slipped back into recession.
Japan's sluggish economic activity comes amid a dearth of consumer spending, a slump in exports, and lackluster investment growth.
On an annualized basis, Japanese exports fell in the six months to March, led by manufactured goods. Industrial production dropped at the sharpest rate in five years in February before rebounding marginally in March. And household spending has fallen in almost every month over the last two years.
The outlook for the economy doesn't appear to be much better, with the recent strength of the Japanese yen expected to weigh on exporters' margins even further, while increasing the competitiveness of imported goods and services.
Since the start of the year, the yen has appreciated as much as 12% against the US dollar, despite the BoJ adopting extraordinary stimulus measures in January by taking interest rates on some deposits negative.
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April 2016 Eurozone HICP final -0.2% vs -0.2% exp y/y
Final reading for Eurozone inflation
A constant reminder that for all the positive talk about the Eurozone recovery, the ECB's only mandate is far from being fulfilled. The core number continues to creep lower.
US Industrial Production Rose 0.7% in July, Largest Jump Since November 2014
Total industrial production in the US rose 0.7% in July, according to the Federal Reserve Board. This outpaces the 0.4% advance in June (revised from 0.6%) and above the 0.3% analyst were expecting according to a Thomson Reuters survey.
The advance in July was the largest since November 2014.
The manufacturing sector experienced its largest increase in output since July 2015, rising 0.5% in July. Utilities jumped 2.1% on above average summer temperatures, while mining gained 0.7% after declining 0.3% in June. On a year-over-year basis mining is still down 10.2%, while gains of 0.2% in manufacturing and 3.5% in utilities have been experienced.
Capacity utilization for the industrial sector rose to 75.9% in July from 75.4% in June and was above the 75.6% analyst were looking for. On a year-over-year basis capacity utilization rose 0.5%. Breaking down the sectors; Manufacturing climbed 0.7% from a year ago, while mining declined 1.7% and utilities rose 0.7%.
The US dollar got a small boost from the data, but remains down on the day. The ICE US Dollar Index is lower by 75 bps to 94.92. The stock market is set to open the day on a slightly weaker note. The S&P 500 futures are lower by 4.5 points, or 0.21%, to 2,185.
German building permits rise strongly to 182,820 for H1 2016
Strong growth in the German housing sector 18 Aug 2016
That last figure reflects the influx of refugees as the category includes shelters for asylum seekers.
Figures released by the Federal Stats Office.
Demand for property in Germany is being attributed to higher job security and record-low borrowing costs but increased state spending on social housing is also giving the sector an additional boost.
Meanwhile EURUSD is still underpinned at 1.1315 and getting an additional lift now from some EURJPY dip-demand again.