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U.S. Pending Home Sales Tumble 2.8% In January The material has been provided by InstaForex Company - www.instaforex.com
With inventory constraints continuing to hold back prospective buyers, the National Association of Realtors released a report on Thursday showing a steep drop in U.S. pending home sales in the month of January.NAR said its pending home sales index tumbled by 2.8 percent to 122.8 in January after rising by 0.5 percent to an upwardly revised 126.4 in December.Economists had expected pending home sales to come in unchanged compared to the 0.3 percent dip originally reported for the previous month.A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale."Pending home sales fell in January because there are simply not enough homes to match the demand on the market," said Lawrence Yun, NAR's chief economist. "That said, there has been an increase in permits and requests to build new homes."Yun said eight straight monthly increases in permits for single-family homes is a good sign the supply and demand imbalance in the residential real estate market could be easing, as soon as mid-2021."There will also be a natural seasonal upswing in inventory in spring and summer after few new listings during the winter months," he added. "These trends, along with an anticipated ramp-up in home construction will provide for much-needed supply."The sharp drop in pending home sales in January reflected substantial decreases in pending sales in the West and Northeast, which plunged by 7.8 percent and 7.4 percent, respectively.Pending home sales in the Midwest also fell by 0.9 percent, while pending home sales in the South inched up by 0.1 percent.Data released by the Commerce Department on Wednesday showed a much bigger than expected jump in new home sales in the U.S. in the month of January.The Commerce Department said new home sales spiked by 4.3 percent to an annual rate of 923,000 in January after soaring by 5.5 percent to a revised rate of 885,000 in December.Economists had expected new home sales to surge up by 1.5 percent to a rate of 855,000 from the 842,000 originally reported for the previous month.The material has been provided by InstaForex Company - www.instaforex.com
Portugal's consumer confidence deteriorated in February after strengthening in the previous two months, preliminary data from Statistics Portugal showed Thursday. The consumer confidence index fell to -25.8 from -23.1 in January. The weakening was mainly due to the negative contribution of the perspectives regarding the outlook for the country's economic situation. Expectations on the outlook for spending on major purchases also contributed negatively.The economic sentiment index dropped to -1.8 from -0.9 in the previous month. The manufacturing confidence measure improved to -13.9 from -15.1.The material has been provided by InstaForex Company - www.instaforex.com
The Treasury Department announced the results of this month's auction of $62 billion worth of seven-year notes on Thursday, revealing the sale attracted well below average demand.The seven-year note auction drew a high yield of 1.195 percent and a bid-to-cover ratio of 2.04.Last month, the Treasury also sold $62 billion worth of seven-year notes last month, drawing a high yield of 0.754 percent and a bid-to-cover ratio of 2.30.The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.The ten previous seven-year note auctions had an average bid-to-cover ratio of 2.42.Earlier this week, the Treasury revealed its auctions of $60 billion worth of two-year notes and $61 billion worth of five-year notes also attracted below average demand.The material has been provided by InstaForex Company - www.instaforex.com
Gold prices drifted lower on Thursday, extending losses to a third straight day, as Treasure yields continued to move up north and data showed a drop in jobless claims, surge in new orders and stronger than expected GDP growth.The dollar's weakness somewhat limited gold's downside. The dollar index, which dropped to 89.68, recovered subsequently, and after briefly moving past the flat line to 90.26, retreated to 90.10.Gold futures for April ended down $22.50 or about 1.3% at $1,775.40 an ounce.Silver futures for May ended lower by $0.243 or 0.9% at $27.685 an ounce, while Copper futures for May settled at $4.2635 per pound, down $0.0405 or 0.9% from previous close.The 10-year Treasury note advancing nearly 1.5%, putting pressure on the bullion.In economic news, a report released by the Labor Department showed initial jobless claims tumbled to 730,000, in the week ended February 20th, a decrease of 111,000 from the previous week's revised level of 841,000. Economists had expected jobless claims to drop to 838,000 from the 861,000 originally reported for the previous week.According to a report from the Commerce Department, new orders for U.S. manufactured durable goods spiked by much more than expected in the month of January, soaring 3.4%, after jumping by an upwardly revised 1.2% in December. Economists had expected durable goods orders to surge up by 1.1% compared to the 0.5% increase that had been reported for the previous month.Revised data released by the Commerce Department showed U.S. gross domestic product jumped 4.1% in the fourth quarter, compared to previously reported 0.4% spike.The material has been provided by InstaForex Company - www.instaforex.com
Crude oil futures settled higher on Thursday, moving up for a fourth straight session amid hopes global energy demand will see a significant rise and hit pre-Covid-19 levels by the end of this year.West Texas Intermediate Crude oil futures for April ended higher by $0.31 or about 0.5% at $63.53 a barrel, after hitting a fresh 13-month high of $63.81 a barrel.It is widely expected that global oil demand will reach 100 million barrels per day by the end of the year thanks to the faster momentum in vaccination rollout across the world.Lower crude production in the U.S., and the Federal Reserve's pledge to keep interest rates at near-zero levels for the foreseeable future too contribute to the rise in crude oil prices in recent sessions.A rare winter storm in Texas caused U.S. crude production to drop by more than 10%, or 1 million barrels per day (bpd) last week, the Energy Information Administration said in a report.Oil prices moved higher despite reports that the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, will likely consider increasing crude production by 500,000 barrels per day beginning in April. The OPEC+ meeting is scheduled to take place next week.The material has been provided by InstaForex Company - www.instaforex.com
Japan is scheduled to release a batch of data on Friday, headlining a busy day for Asia-Pacific economic activity. On tap are January figures for industrial production, retail sales, housing starts and construction orders - as well as February figures for Tokyo inflation.In December, industrial production was down 1.0 percent on month and 2.6 percent on year, while retail sales shed 0.8 percent on month and 0.3 percent on year. Housing starts were down an annual 9.0 percent and construction orders fell 1.3 percent on year. Overall Tokyo inflation was down 0.5 percent on year, while core CPI sank an annual 0.9 percent.New Zealand will provide January numbers for imports, exports and trade balance. In December, imports were worth NZ$5.33 billion and exports were at NZ$5.35 billion for a trade surplus of NZ$17 million.Australia will see January data for private sector credit; in December, credit was up 0.3 percent on month and 1.8 percent on year.Singapore will provide January numbers for bank lending, industrial production and producer prices. In December, bank lending was at SGD678.7 billion, while industrial production was up 2.4 percent on month and 14.3 percent on year and producer prices fell 6.9 percent on year.Taiwan will release Q4 figures for current account; in the three months prior, the current account surplus was $28.65 billion.Thailand will see January figures for unemployment; in December, the jobless rate was 1.5 percent.Finally, the markets in Thailand are closed on Friday for Makha Bucha Day and will re-open on Monday. The material has been provided by InstaForex Company - www.instaforex.com
Overall consumer prices in the Tokyo region of Japan - considered a leading indicator for the nationwide trend - were down 0.3 percent on year in February, the Ministry of Internal Affairs and Communications said on Friday.That followed the 0.5 percent decline in January.Core CPI, which excludes volatile food prices, also was down an annual 0.3 percent versus expectations for a fall of 0.4 percent - which would have been unchanged from the previous month.On a seasonally adjusted monthly basis, overall inflation was up 0.1 percent and core CPI was flat. The material has been provided by InstaForex Company - www.instaforex.com
Japan Industrial Production +4.2% On Month, -5.3% On Year In January The material has been provided by InstaForex Company - www.instaforex.com
Japan Retail Sales -0.5% On Month, -2.4% On Year In January The material has been provided by InstaForex Company - www.instaforex.com
Industrial production in Japan was up a seasonally adjusted 4.2 percent on month in January, the Ministry of Economy, Trade and Industry said on Friday.That beat expectations for an increase of 4.0 percent following the 1.0 percent decline in December.On a yearly basis, industrial production dropped 5.3 percent - roughly in line with forecasts after slipping 2.6 percent in the previous month.Upon the release of the data, the METI upgraded its assessment of industrial production, saying that it is now picking up. The material has been provided by InstaForex Company - www.instaforex.com
The value of retail sales in Japan was down a seasonally adjusted 0.5 percent on month in January, the Ministry of Economy, Trade and Industry said on Friday - coming in at 12.097 trillion yen.That beat expectations for a fall of 0.6 percent following the 0.8 percent decline in December.On a yearly basis, retail sales dropped 2.4 percent - again exceeding expectations for a fall of 2.6 percent after the 0.2 percent dip in the previous month.Wholesale sales were up 2.1 percent on month and down 5.3 percent on year at 29.402 trillion yen, while commercial sales rose 0.5 percent on month and sank 4.7 percent on year at 41.499 trillion yen. The material has been provided by InstaForex Company - www.instaforex.com
Australia Private Sector Credit +0.2% On Month, +1.7% On Year In January The material has been provided by InstaForex Company - www.instaforex.com
Industrial output in Japan was up a seasonally adjusted 4.2 percent on month in January, the Ministry of Economy, Trade and Industry said on Friday.That beat expectations for an increase of 4.0 percent following the 1.0 percent decline in December.On a yearly basis, industrial production dropped 5.3 percent - roughly in line with forecasts after slipping 2.6 percent in the previous month.Upon the release of the data, the METI upgraded its assessment of industrial production, saying that it is now picking up.Industries that contributed to the increase included business oriented machinery, electronic parts and electrical machinery - offset by declines among transport equipment and petroleum products.Shipments were up 3.2 percent on month and down 5.1 percent on year, while inventories fell 0.2 percent on month and 10.5 percent on year. The inventory ratio was down 6.3 percent on month and 4.8 percent on year.According to the METI's forecast of industrial production, output is expected to rise 2.1 percent on month in February and then fall 6.1 percent in March.Industries contributing to the increase in February include production machinery, chemicals and electronic parts. Industries contributing to the decline in March include production machinery, electronic parts and business oriented machinery.Also on Friday:.The METI also said that the value of retail sales in Japan was down a seasonally adjusted 0.5 percent on month in January, coming in at 12.097 trillion yen. That beat expectations for a fall of 0.6 percent following the 0.8 percent decline in December.On a yearly basis, retail sales dropped 2.4 percent - again exceeding expectations for a fall of 2.6 percent after the 0.2 percent dip in the previous month.Wholesale sales were up 2.1 percent on month and down 5.3 percent on year at 29.402 trillion yen, while commercial sales rose 0.5 percent on month and sank 4.7 percent on year at 41.499 trillion yen..The Ministry of Internal Affairs and Communications said that overall consumer prices in the Tokyo region of Japan - considered a leading indicator for the nationwide trend - were down 0.3 percent on year in February, following the 0.5 percent decline in January.Core CPI, which excludes volatile food prices, also was down an annual 0.3 percent versus expectations for a fall of 0.4 percent - which would have been unchanged from the previous month.On a seasonally adjusted monthly basis, overall inflation was up 0.1 percent and core CPI was flat. The material has been provided by InstaForex Company - www.instaforex.com