Economy

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Australia posted another much larger than expected trade surplus in September, what is clear the commodity powerhouse is benefiting from the U.S.- China trade war. Australia ships nearly a third of its exports to China, led by iron ore and coal as the Chinese boost construction spending to ward off damage caused by U.S tariffs.

The US Labor Department October jobs report on Friday reported a higher than expected 128k v 85k non farm payroll additions.  The US lost 36,000 manufacturing jobs. Unemployment stayed stayed at 3.5% the lowest since December 1969.

The US Labor Department September jobs report on Friday reported a lower than expected 136k v 145,000   The US lost 2,000 manufacturing jobs. Unemployment stayed fell to 3.5% the lowest since December 1969.

The ISM non-manufacturing index slid to 52.6 in September from 56.4 in August and lower than the 55.0 expected to a three year low. The cost of tariffs has been impacting the supply side and consumer uncertainty.

US MBA mortgage applications for the week ending 27 September jumped 8.1% after slumping =10.1% the prior week. Mortgage rates fell back under 4% fueling the activity.

Americans household wealth hit record highs in the second quarter of 2019. Stock prices are near record highs after the Federal Reserve have cut rates and investors ignore global economy slackness from the trade war and Brexit.

US building permits for August came in at 1419 K v a 1300K estimate and Housing starts were 1364K v a 1250K estimate. Both building permits and housing starts are at their highest since 2007

The US Labor Department August jobs report on Friday came in lower than expected at 130k v 165,000 NFP jobs added. In August the US added 3,000 manufacturing jobs . Unemployment stayed at 3.7% just off the lowest since December 1969. Private payrolls added 96,000 new jobs.

The US manufacturing sector via the regional Chicago ISM Manufacturing PMI contracted under 50 to the lowest since January 2016 in August. Employment index lowest since March 2016. New orders lowest since June 2012

South Korea continues to be hit by the Chinese US trade war with it's 9th consecutive monthly drop in it's exports. In August it's trade surplus plunged to USD 1.72 billion from USD 6.82 billion in the same month a year earlier.

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