There were no major data releases from Australia yesterday, but from China CPI and PPI figures were published. China’s consumer inflation rate accelerated to 1.9 percent in October from a year earlier, beating market expectations, the National Bureau of Statistics (NBS) said on Thursday. The consumer price index (CPI) had been expected to rise 1.8 percent on-year compared with an increase of 1.6 percent in September. Producer prices rose 6.9 percent on-year, unchanged from previous month’s increase. Analysts had predicted the PPI would rise 6.6 percent. China’s economy recorded better-than-expected growth of nearly 6.9 percent through the first nine months of this year, buoyed largely by a recovery in its manufacturing and industrial sectors thanks to strong government infrastructure spending, a resilient property market and unexpected strength in exports.
In the US session Unemployment Claims data was published. In the week ending November 4, the advance figure for seasonally adjusted initial claims was 239,000, an increase of 10,000 from the previous week's unrevised level of 229,000. The 4-week moving average was 231,250, a decrease of 1,250 from the previous week's unrevised average of 232,500. This is the lowest level for this average since March 31, 1973 when it was 227,750. Claims taking procedures continue to be severely disrupted in the Virgin Islands. The ability to take claims has improved in Puerto Rico and they are now processing backlogged claims.
There will be no major data releases both from Australia and USA tomorrow, so we expect another steadier session.
