Economy

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US existing home sales rose to 5.54M v 5.43M expected and the prior 5.35M, up +3.6%% v +1.5% expected. Mortgage data has been volatile but stronger in late 2019 flowing onto housing as the stockmarket hit all time highs.

US MBA mortgage applications for the week ending 17 January 2020 were down 1.2% after last week's huge 30.2% pump. Mortgage rates were steady under  4% fueling the activity.

The US Labor Department December jobs report on Friday reported lower than expected 145k v 160k non farm payroll additions.  The US lost 12,000 manufacturing jobs. Unemployment stayed stayed at 3.5% the lowest since December 1969.

The US trade deficit in Novemeber was $43.1B down from prior month's $46.9 billion. The China and US trade deficit fell to to -$26.37B. Since then the ongoing trade war has been broken into phases, phase one is due to be ratified next week.

The Asian Development Bank (ADB) on Tuesday cuts its growth forecast for China and India for 2019 and 2020. The ADB sees a weaker outlook in China, India and the surrounding region in Asia.

Heading into the UK General elections and with the Brexit uncertainty goods and services from the UK hit a record high in October. However UK imports jumped 6.2% in October causing the UK trade deficit to be the largest in 6 Months.

China's annual consumer inflation rose to 4.5 percent in November 2019 from 3.8 percent the previous month and above market expectations of 4.2 percent to the highest inflation rate since January 2012 as persistently high pork prices keep pressuring inflation.

The US Labor Department November jobs report on Friday reported a much higher than expected 266k v 180k non farm payroll additions.  The US added 54,000 manufacturing jobs. Unemployment stayed stayed at 3.5% the lowest since December 1969.

The Sino US trade war maybe biting Australia after all. October's trade surplus fell a third seasonally adjusted as gold and ore exports slumped. In September had Australia posted another much larger than expected trade surplus. Australia ships nearly a third of its exports to China, led by iron ore and coal.

Japan's preliminary industrial production for November came in at -4.2% m/m, much lower than an already anemic expected -2.0%.In May the Nikkei Japan Manufacturing PMIĀ® business outlook turned pessimistic for the first time in six-and-a-half years.

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