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Japan's consumer prices mired as deflation specter looms
Japan's core consumer prices were stubbornly unchanged in July, dashing hopes for a modest rise as the coronavirus pandemic hit household demand and revived fears of a national plunge back into deflation.
Gold prices see best month in eight years
Gold prices edged higher as the worsening COVID-19 pandemic continues to stifle the global economy.
Gold holds firm above $1,800 per ounce
Gold prices rose on Monday, holding ground above the key $1,800/oz level, as a weaker dollar and worries over surging COVID-19 cases around the globe kept the safe-haven metal underpinned.
Japan's exports to drop sharply, consumer prices to fall on virus crisis
More weak data will reinforce expectations for a sharp contraction in the world’s third-largest economy this quarter due to the fallout from the pandemic, Reuters reported. Exports are expected to have fallen 26.1 percent in May from a year earlier, the steepest drop since September 2009 when they tumbled 30.6 percent, according to the median forecast from the poll of 17 economists. Exports declined 21.9 percent in April. “Although there is some movement to re-open economic activities in the United States and Europe, exports of transport machinery and capital goods fell significantly due to weak auto sales and declines in capital spending,” Yusuke Shimoda, senior economist at Japan Research Institute, said. The poll forecast a 20.4 percent decline in imports in May from a year earlier, following a revised 7.1 percent fall in April. That implied a trade deficit of 1.07 trillion yen ($9.99 billion) in May. The finance ministry will publish the trade balance data at 8:50 a.m. on Wednesday. The nationwide core consumer price index (CPI), which excludes volatile fresh food prices but includes oil costs, likely dipped 0.1 percent in May from a year earlier, according to the poll’s median forecast. It would be second consecutive month that prices have fallen on a year-on-year basis. In April, the core CPI fell 0.2 percent, which was the first year-on-year decline since December 2016. “Consumer spending tumbled as people refrained from going out and their movements were also restricted. Downward pressure on prices has increased,” said Takumi Tsunoda, senior economist at Shinkin Central Bank Research Institute. The government will announce core CPI at 8:30 a.m. on Friday. Analysts in the poll forecast the Bank of Japan would keep its policy interest rate at minus 0.1 percent, and the 10-year Japanese government bond yield target at around 0 percent when it holds a policy meeting on June 15-16.
Oil prices slip despite OPEC+ cuts
Oil slipped on Monday after Saudi Arabia said an extension of output cuts by OPEC+ nations would not include extra voluntary cuts by a trio of Persian Gulf producers.
Venezuela to raise fuel prices in historic policy shift
Venezuela’s President Nicolas Maduro said fuel prices would increase starting in June, a historic policy shift after decades of subsidies that have allowed Venezuelans to essentially fill their tanks for free.
Deflation fears creep back in Japan as pandemic hits prices
Consumer prices in Japan's capital city fell for the first time in three years in April and national factory activity slumped, data showed on Friday, increasing worries the coronavirus pandemic could tip the country back into deflation.
OPEC+ agrees to biggest-ever oil cut to support prices
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.
UK house prices seen flatlining in 2020 after gain in December
UK house prices increased an annual 1.4 percent in December and are expected to be little changed in 2020, according to Nationwide Building Society.
Oil prices steady as US-China trade deal talks seek breakthrough
Oil prices were steady on Tuesday, hanging onto gains from the previous session, after comments from the United States and China kept alive hopes that the world's two largest economies are soon to agree on ending their trade war.
Fuel rationing aimed to help low-income social classes: Iran's govt.
Iran’s government has defended its decision to ration fuel and increase gasoline prices, saying the measure is aimed at supporting low-income families and establishing social justice.
South Korean steelmakers raise prices amid higher material costs
South Korean steelmakers are raising the prices of their steel products to reflect increased costs of raw materials, industry sources said Monday, though the price hikes are likely to be lower than expected.
A first drop in South Korean prices would flag deflation risk
South Korean consumer prices likely dropped for the first time in September, raising the specter of deflation for a nation struggling with falling exports and cooling household demand.
Gold prices rise on fears of economic slowdown
Gold prices rose after weak economic data from Europe raised new fears of a slowdown in global growth and pushed some investors toward assets considered safer.
Nigeria’s food prices may rise even faster on dollar ban
Nigeria’s plan to spend less on food by restricting access to dollars for importers could have the opposite effect by threatening food supplies and pushing up prices.

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