The seasonally adjusted unemployment rate in Japan edged lower to 2.3 percent in June from 2.4 percent a month earlier, ending slightly below market estimates of 2.4 percent. June’s unemployment rate was the lowest in the four-month period, with 60,000 unemployed personnel finding jobs, while the number of employed expanded by 70,000 to 67.01 million.
Gold prices are advancing amid a slump in global equities and on the back of expectations that the US Federal Reserve (the Fed) will cut interest rates at least twice this year, beginning in July. The price of the precious metal rose to a more than 13-month high on Friday, June 7, after unexpectedly weak US jobs data raised hopes that it would provide the necessary trigger for the Fed to ease rates.
The ongoing US-China trade conflict took an ugly turn in May after the United States imposed sanctions on the world’s biggest supplier of telecom equipment and smartphones, China’s Huawei Technologies, cutting the company off from all of its trading partners in the US and barring US companies from supplying components without government approval.
China’s factory orders fell for the second month in a row, with the Caixin/Markit Purchasing Managers Index (PMI) indicating further contraction in the country’s manufacturing activity in January.
Over the last few months, market experts have been sounding the death knell for the United States’ dominance in world trade and the effectiveness of the dollar as the reserve currency, which has historically enjoyed strong investor confidence.
US tariffs are starting to take a toll on the Chinese economy, with the September manufacturing PMI stalling at 50.0 after expanding for 15 months in a row
China’s economy expanded at an annualised rate of 6.7 percent in the second quarter of this year, in line with broad market consensus. Compared to the first three months of the year, GDP (gross domestic product)
The seasonally adjusted US Producer Price Index (PPI) advanced 0.3 percent in June after registering a 0.5-percent rise the previous month, according to information published by the US Bureau of Labor Statistics.
The looming trade war between the United States and China, the world’s two largest economies, just turned official with the US imposing 25-percent duties on $34 billion worth of Chinese goods from Friday, July 6.
WTI (West Texas Intermediate) crude-oil futures slipped after failing to breach the more than four-year highs of $66.66 per barrel set in January of this year.