• MTS Economic News_20161031

    31 Oct 2016 | Economic News

 

Dollar on the back foot as FBI's move on Clinton causes a stir

The dollar was on the defensive on Monday as the FBI's new probe into private email use of Democratic presidential candidate Hillary Clinton shook markets' conviction of her victory in the U.S. presidential election.

The dollar's index against a basket of six major currencies .DXY =USD slipped to 98.369, edging down from Tuesday's near nine-month high of 99.119.

The U.S. economy grew at its fastest pace in two years in the third quarter as a surge in exports and a rebound in inventory investment offset a slowdown in consumer spending.


US advance Q3 gross domestic product up 2.9%, vs 2.5% increase expected

Gross domestic product increased at a 2.9 percent annual rate after rising at a 1.4 percent pace in the second quarter, the Commerce Department said on Friday in its first estimate.

That was the strongest growth rate since the third quarter of 2014 and beat economists' expectations for a 2.5 percent expansion pace. Business investment improved last quarter, though spending on equipment remained weak.


Clinton enjoys solid lead in early voting: Reuters/Ipsos poll

The FBI is investigating more emails as part of a probe into Hillary Clinton's use of a private email system, it said on Friday, in a new twist that could damage the Democratic candidate in the 2016 presidential race.

Federal Bureau of Investigation Director James Comey said in a letter to senior lawmakers that the agency would determine whether the additional emails contained classified information, adding that he did not know "how long it will take us to complete this additional work."

The announcement came as Clinton and Republican opponent Donald Trump enter the final stretch of campaigning ahead of the Nov. 8 election.

With 11 days to go before the U.S. presidential election, Democratic nominee Hillary Clinton leads Republican Donald Trump by 15 percentage points among early voters surveyed in the past two weeks, according to the Reuters/Ipsos States of the Nation project.

Though data is not available for all early voting states, Clinton enjoys an edge in swing states such as Ohio and Arizona and in Republican Party strongholds such as Georgia and Texas.


Oil falls as non-OPEC yet to pledge concrete output steps

Oil prices extended declines on Monday after non-OPEC producers made no specific commitment to join OPEC in limiting oil output levels to prop up prices - a stance that suggested they wanted OPEC to solve its differences first.

Officials and experts from OPEC countries and non-OPEC nations including Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia met for consultations in Vienna on Saturday and only agreed to meet again in November before a scheduled regular OPEC meeting on Nov. 30, they said in a statement.

London Brent crude for December delivery LCOc1 was trading down 36 cents, or 0.7 percent, at $49.35 a barrel by 2250 GMT on Sunday after settling down 76 cents on Friday.

NYMEX crude for December delivery CLc1 was down 36 cents, or 0.7 percent, at $48.34 a barrel, after closing down $1.02 on Friday.


Reference:Reuters,CNBC


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