Australia August housing finance data
Home loans +2.9% m/m
- expected +4.7%, prior was -0.3%, revised from +0.3%
Investment lending -0.4% m/m
- prior was -0.3%, revised from +0.5%
Owner-occupied loan value +6.1% m/m
Glencore is the world's biggest miner and trader of zinc
- Announced earlier today it is to cut annual productionby more than a third
- Affects Australian sites, and to result in the loss of 1600 jobs across the world, many in Australia
Kinger Lau, an analyst at Goldman Sachs on the Chinese stockmarket:
- Sees CSI 300 at 4,000 at the end of 2015 (previous forecast of 5,000) ... this forecast would see the index gain 25% by the end of the year
New Zealand Card spending for September
Retail +0.9% m/m
- expected +0.4% m/m, prior was 0.4%
- The y/y retail spend is up 6.1%
Total +0.7% m/m
- prior was 0.1% m/m
Core retail spending (excludes vehicle-related industries) up 1.2% for September (prior was +1.0 percent in August)
It's a sparse day for economic data in the Asian timezone, with items from New Zealand and Australia, nothing from Japan or China (there be Chinese September FDI, no scheduled date or time for sure though)
Forex news for US trading on October 10, 2015:
- Bernanke says slow US productivity is a drag on economy
- Weidmann says he wouldn't paint a too gloomy picture of the global outlook
What did we really learn from the FOMC Minutes. There was some speculation they would show a razon-thin decision about whether to tighten or not. When they didn't there was some dollar selling but the Minutes are edited and Fed members are still talking about hiking.
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This snippet from the FOMC (), a nod to the hawks at the FOMC meeting:
rundown of the whole thing here
Let me just pull out one or two bits ...
This is what 'some other participants' wanted to do. How many is 'some'? Who knows, but it can't have been many given the vote to hike was lost. Anyway, the Wall Street Journal reckons a hike like this would not have been a good idea, 'cause the NFP missed last week... "". The Journal is right, it would have been "viewed" as a mistake. Which is silly, its just one number, and the resemblance of the NFP result to a lottery has been made far too many times in the past for me to repeat it here.
More again from SanFran Fed el presidente John Williams:
- New global economy may have slower growth, lower interest rates than in the past
- Central banks need strategies for dealing in future with recurring near-zero interest rate environment