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US New Home Sales Rise To A 9-Year High

Daily Analysis - 24/08/2016

New Home Sales Beat Forecasts, Rising 12.40% in July

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New home sales data released by the US Commerce department showed that sales of new single-family homes increased 12.40% in July to reach a 9-year high. The annual rate was 654k, beating estimates of 575k. Compared to a year ago, new home sales in the US rose 31.30%. The data highlighted that the US housing market continued to remain robust despite some headwinds to the US economy.

Japan Manufacturing Sector Remains in Contraction


Manufacturing in Japan continued to remain in contraction in August, flash estimates from the Nikkei showed on Tuesday. In August, Japan's manufacturing PMI increased to 49.6, slightly better than July's 49.3 although staying below the 50-index level, signaling a contraction in the sector. On an individual level, the output index moved above 50 for the first time since February as new orders, new export orders and stocks of purchases and finished goods contracted at a slower than expected rate.

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Germany Flash Composite Index Slips in August


Flash PMI survey data from Germany, released by Markit on Tuesday showed that private sector activity posted an expansion in August, extending gains in the index from the previous month. The flash composite output index however, fell to 54.4 in August, down from 55.3 in July. Despite the slight moderation in the pace of growth, the private sector continues to remain in expansionary mode. Services saw a slowdown - falling to 53.3 in August, compared to July’s 54.4.

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Eurozone Flash PMI in August Rises To 7-Month High


Euro area economics continued to expand at a steady pace with flash estimates showing the Eurozone PMI rising to a 7-month high at 53.3 in August. This followed July's reading of 53.2. Broad economic activity showed that the Brexit uncertainty did not derail the economic recovery in the region. However, inflation remained flat with the pace of hiring in the manufacturing sector slowing down as well.

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US Manufacturing PMI Rises Slowly


Flash manufacturing PMI data released by Markit on Tuesday showed that economic activity in the US remained on firm footing although manufacturing was seen growing at a slower pace. Employment in the manufacturing sector was also seen to be expanding at the slowest pace in four years.

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