Economy

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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.

Germany's states; Saxony, Brandenburg, Hesse, Bavaria, North Rhine Westphalia and Baden Wuerttemberg all released their monthly inflation rates showing continued deflationary pressures, though there is some inflationary pricing in the core, particularly in Saxony to bring a smile to the ECB.

The ratings agency S&P isued a note saying the major fiscal stimulus in Australia flagged by the Australian federal government.could place the countries AAA rating under pressure

Australia's private sector fell for the first time in three months Flash PMI from the Commonwealth Bank and Markit showed in November. Declines were seen across both manufacturing and service sectors. However marginal increases were recorded in both new orders and employment.  Companies felt input cost inflation accelerate but left selling prices broadly unchanged amid a relatively weak demand environment.

Australia saw weaker than expected full time jobs growth and part time jobs in October, with Unemployment up to 5.3% and However the RBA preferred trend employment numbers were closer to expectations. Participation remains near highest since Dec of 2010.

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