There were no major data releases from Australia yesterday, however, from China, Trade Balance data was published. China’s exports jumped the most in a year and declines in imports narrowed, adding to evidence of stabilization in the world’s second-biggest economy. Overseas shipments rose 11.5% in dollar terms in March from a year earlier, compared with a 25 percent slump in February, when factories and offices were closed for a week-long holiday. Imports extended declines to 17 months with a 7.6% drop, data showed Wednesday. The trade surplus decreased to $29.9 billion, the least in a year.
In the US session,
Retail Sales and
PPI figures were released. Sales at U.S. retailers unexpectedly fell in March, raising concern consumer spending is losing momentum.
The 0.3% drop in purchases followed little change the prior month, Commerce Department figures showed Wednesday in Washington. The median forecast of 81 economists surveyed by Bloomberg called for a 0.1% gain. The decrease was led by the biggest drop in demand for autos in a year, and cutbacks at clothing stores, internet merchants and restaurants.
The Producer Price Index for final demand fell 0.1% in March, seasonally adjusted, missing forecasts on 0.1% rise, the U.S. Bureau of Labor Statistics reported. Final demand prices decreased 0.2% in February and advanced 0.1% in January. On an unadjusted basis, the final demand index moved down 0.1% for the 12 months ended in March. The decrease in the final demand index in March can be traced to prices for final demand services, which declined 0.2%. In contrast, prices for final demand goods rose 0.2%.
Focus of tomorrow's session will be on Australian job figures. Analysts forecast that number of employed should increase by 18,600, while unemployment rate should rise to 5.9%. In the US session Unemployment Claims and CPI data will be released. CPI should go incline by 0.2%, while Unemployment Claims should edge up to 270,000.
Figures to watch:
Employment Change/Unemployment Rate (Thursday 3:30)
CPI (Thursday 14:30)
Unemployment Claims (Thursday 14:30)
