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  • 2016-07-26 10:00


    --June Sales Pace Strongest Since February 2008
    --April and May Rates Both Revised To 572,000, Keeps 2Q Above 1Q

    WASHINGTON (MNI) - The pace of new single-family home sales accelerated to a 592,000 seasonally adjusted annual rate in June, well the 551,000 rate expected and the strongest pace since February 2008, data released by the Commerce Department Tuesday showed.

    New home sales in May was revised up to 572,000 from the previously reported 551,000 rate, while April sales were revised down to a 572,000 level from the previously reported 586,000 level.

  • 2016-07-26 06:52


    SINGAPORE (MNI) - China's iron ore miners have filed an anti-dumping complaint against iron ore imports from Australia and Brazil with the Ministry of Commerce, according to a statement from the Metallurgical Miners' Association of China.

    More than 20 domestic iron ore miners filed the complaint through the industry association and called for support from other miners.

    "Major international mining companies export large amounts of iron ore to China at low prices, which is clearly dumping behavior that has already caused and will continue to cause material damage to the domestic iron ore industry," the statement said.

  • 2016-07-26 04:30


    -UK June BBA Mortgage Approvals 40,103 SA Vs 41,842 May

    LONDON (MNI) - Mortgage approvals, a reliable indicator of future housing market activity, fell in June, with the June 23 referendum on membership of the European Union adding to uncertainty.

    Mortgage approvals fell to 40,103 in June, down from 41,842 in May and the weakest outturn since the 39,238 seen in March last year.

  • 2016-07-25 22:06


    TOKYO (MNI) - The Japanese government has decided to double real fiscal spending estimates (excluding loans and project costs) to Y6 trillion in its latest economic stimulus package due in coming days, the Nikkei newspaper said Tuesday.

    It will also work out plans by year end to upgrade infrastructure for tourism and farming with more efficient investment and create a fund to support the reconstruction of Kumamoto Prefecture in the southwestern region that was hit by major earthquakes in April, the paper said.

    The package is estimated to exceed Y20 trillion as it will include program spending in the budget for the next fiscal year starting in April 2017, the Nikkei said.

    The government is expected to discuss when it will announce the package at a meeting of the Coun

  • 2016-07-25 20:11


    TOKYO (MNI) - The Service Producer Price Index with a 2010 base year from the Bank of Japan released Tuesday:

    * Japan's service producer prices +0.2% on year in June for the 36th straight rise after +0.2% in May. A tight labor supply pushed up prices for accommodations and temporary employment agency fees; ocean freight costs posted a larger drop and advertising fees showed a slower rise overall (newspaper ad prices down but Internet ad prices up).

    * Business service prices have been on a modest uptrend in a range of +0.2% to +0.6% in the past year. The pace of increase remains modest, reflecting slow global and domestic demand.

    * The SPPI unchanged on month in June vs.

  • 2016-07-25 14:00


    --UK's Exit from EU Threatens US Financial Stability
    --Interest Rate Risk Remains Top Threat to Stability

    WASHINGTON (MNI) - The uncertainty generated by the UK's vote to leave the European Union have pushed risks to the stability of the financial system higher, though the risks remain moderate, the Treasury Department's Office of Financial Research said Monday.

    "The result of the UK referendum surprised financial markets and was a negative shock to investor confidence," OFR Director Richard Berner said. "It introduces months or years of uncertainty about the rules governing the UK's investment, financing, and trade relations with Europe and the rest of the world."

    Caught off-guard, investors sold off risky assets sharply in response to the vote.

  • 2016-07-25 11:11


    --Senators Warren, Sanders To Headline Monday Night
    --Clinton To Win Nomination Tuesday, Speak Thursday
    --Clinton's Fiscal Agenda Doesn't Attack Budget Deficits

    WASHINGTON (MNI) - As the Democratic National Convention opens Monday in Philadelphia, Hillary Clinton is poised to officially secure the Democratic presidential nomination Tuesday and then address the convention Thursday evening.

    She will try to bring together a party that has been divided into centrist and sharply left-of-center factions.

  • 2016-07-25 09:41


    - Sees Benchmark Allotment At -E315 billion Based on Jul 25 Forecast

    FRANKFURT (MNI) - The European Central Bank called for bids Monday for a seven-day refinancing operation at a fixed rate of 0.00%.

    It said that based on its liquidity forecast, the benchmark allotment amounts to -E315 billion. The central bank also said that the average autonomous factors for the period between Jul 27 and Aug 2 are estimated at E788.8 billion.

    Bids for the new refinancing operation are due by 0830 GMT Tuesday.

    --MNI London Bureau; tel: +44 207-862-7435; email: michael.chrysostomou@mni-news.com

    [TOPICS: M$X$$$,M$$EC$,MN$MM$]

  • 2016-07-25 06:28


    -UK CBI Jul Quarterly Average Expected New Orders 0 Vs +14 Apr -July Quarter Optimism Falls To -47 From -5 In April

    LONDON (MNI) - UK industrialists were more pessimistic about their business prospects in July, with manufacturing output and orders expected to slow over the coming quarter, a CBI survey shows.

    July's Quarterly Industrial Trends survey showed the business optimism balance fell sharply to -47% from -5% in April, edging the long run average further down to -7%. Optimism has remained in negative territory since last October but July's outturn is the lowest since January 2009 where confidence hit -64% during the early months of the financial crisis.

  • 2016-07-25 01:33


    --Adds BOJ Real Trade Indexes at Bottom

    TOKYO (MNI) - Trade statistics from the Ministry of Finance released Monday.

    * Japan June exports -7.4% on year (the median forecast: -11.6%), the ninth straight drop after -11.3% in May, led by lower shipments of automobiles, steel and organic compounds (cosmetics).

    * Both the government and the Bank of Japan expect exports to remain flat for now in light of slower global growth and the yen's rise.

    * Economists forecast Japan's economy will show flat growth in the April-June quarter after sharp fluctuations at an annualized pace of +1.9% in Q1 and -1.8% in Q4 of 2015.

    * Imports -18.8% on year (the median forecast: -19.7%), the 18th straight fall after -13.8% in May due mainly to continued year-on-year drops in oil and g