• MTS Economic News_20171123

    23 Nov 2017 | Economic News


• The dollar touched a two-month low against the yen on Thursday, having tumbled after the minutes of the Federal Reserve’s latest meeting showed some policymakers were concerned about persistently low inflation in a blow to rate hawks.

The dollar eased to as low as 111.07 yen JPY=e, its weakest level since Sept. 18. The dollar later came off that low and last fetched 111.29 yen, up 0.1 percent on the day.

Against a basket of six major currencies, the dollar touched a one-month low of 93.160 earlier on Thursday. The dollar index later pared its losses and last stood at 93.216 .DXY.

• When Theresa May visits Brussels on Friday, EU negotiators will be listening intently for signs the British prime minister is preparing to risk a domestic backlash and raise her offer to secure a Brexit deal in December.

• British car production rose by an annual 3.5 percent in October as an increase in demand from abroad outweighed a decline in output for domestic buyers, an industry body said on Thursday.

Factories churned out 157,056 cars last month, with exports rising 5 percent as domestic demand fell 2.9 percent, according to data from the Society of Motor Manufacturers and Traders (SMMT).

• Rebounding exports and rising business investments were the main drivers of growth for the German economy in the third quarter, detailed data showed on Thursday, confirming a preliminary reading of 0.8 percent expansion.

The Federal Statistics Office said exports rose by 1.7 percent on the quarter and imports rose 0.9 percent, which resulted in net trade contributing half of the quarterly growth reading.

Business investments in machinery and equipment were up by 1.5 percent, contributing 0.1 percent to growth. Household spending fell by 0.1 percent and state expenditure was flat.

• It is strategically important for China’s economy that the country enhances protection of intellectual property rights, the state news agency Xinhua quoted Premier Li Keqiang as saying, as the cabinet promised to improve regulations.

• Oil prices eased on Thursday, with U.S. crude dipping away from two-year highs reached the day before, but the shutdown of the Keystone pipeline and a drawdown in fuel inventories continued to bolster markets despite worries over rising output.

U.S. West Texas Intermediate (WTI) crude futures were at $57.89 a barrel at 0437 GMT, down 13 cents, or 0.2 percent, from their last settlement, but still close to 2015-highs of $58.15 a barrel reached on Wednesday.

Brent crude futures LCOc1, the international benchmark for oil prices, were at $63.17 per barrel, 15 cents, or 0.2 percent, below their last close.

WTI has been buoyed by the shutdown of the 590,000 barrel-per-day (bpd) Keystone pipeline, one of the largest crude pipelines from Canada to the United States, as well as by another drawdown in commercial fuel inventories that came despite record U.S. oil production.

Reference: Reuters, CNBC


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