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Oil Prices Slide On EIA Inventory Build

US Oil Inventory Report Shows Build-Up Of 2.5 Million

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Oil prices came under pressure yesterday after the weekly Energy Information Administration's report on oil inventories showed that US crude supplies were up 2.5 million barrels for the week ending August 19. This was significantly higher than expectations, and NYMEX Crude oil futures for October delivery fell over -2.00% on the following day.

Japan Leading Index Revised Higher


The leading index indicator for Japan which measures the future outlook for economic activity was revised higher for June. Official data from Japan's cabinet office showed that the index rose to 99.2 in June compared to 98.4 as previously reported. June's level of the indicator was the highest since November last year when it peaked at 100.3. The co-incident index which reflects the current economy’s activity increased a few points to 111.1 in June compared to 109.2 in the prior month.

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German Q2 GDP Growth Eases


Economic growth in Germany, the Euro area's largest economy saw a deceleration. Data from statistics agency Destatis showed on Wednesday that the gross domestic product increased at a quarterly pace of 0.40% in the second quarter. This was slower than the first quarter's GDP growth of 0.70%. On an annualized basis, German GDP advanced 1.80% - slightly lower than first quarter's. Positive contributions to the GDP came mostly from the balance of exports and imports. Exports jumped 1.20% while imports fell 0.10%.

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UK Mortgage Approvals Seen 6% Higher Than A Year Ago


The British Bankers Association (BBA) released the mortgage approvals report which showed that gross mortgage borrowing rose to £12.6 billion in July 2016, this was about 6% higher compared to a year ago. The net mortgage borrowing increased 3% compared to a year ago. The BBA's data reflects the first month after the UK's vote to leave the EU. The association said that the data did not suggest that borrowing patterns were significantly affected after the Brexit vote. Borrowing among businesses also remained in an upward trend.

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US Existing Home Sales Fall More Than Expected In July


Existing home sales in the US, which measures the sales of previously owned homes slowed down unexpectedly last month. Official data illustrated the metric falling to a seasonally adjusted 5.39 million in July. This was about a -3.20% decline on a month over month basis. On a yearly basis, new home sales were -1.60% lower. July's soft numbers were due to tight inventory which fueled rapid price growth compared to incomes and rents.

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