New Zealand home sales fall 4% year on year: REINZ

Real estate Institute of New Zealand

The real estate Institute of New Zealand is reporting that home sales fell -4% year on year.  However the adjusted median home price was 

  • +1.1% in October and 
  • +7.6% year on year.
  • The medium house price year on year rose from NZ$ 561,500 to NZ$ 607,500

The decline in volume year on year was due to a number of people aiming to sell their homes before the foreign buyer ban came into effect at the end of October 2018. As a result the numbers a year ago were skewed to the upside.

According to Bindi Norwell of the REINZ, there were 7800 fewer listings for the 1st 10 months of 2019.  

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U.S. charges New York company with illegal Chinese equipment sales

© Reuters. U.S. Attorney Richard P. Donoghue announces the filing of criminal charges accusing a New York company of exposing the U.S. government and private customers to security risks by illegally importing and selling surveillance and security equipment from Chin © Reuters. U.S. Attorney Richard P. Donoghue announces the filing of criminal charges accusing a New York company of exposing the U.S. government and private customers to security risks by illegally importing and selling surveillance and security equipment from Chin

By Brendan Pierson and Jonathan Stempel

NEW YORK (Reuters) – Federal prosecutors have filed criminal charges accusing a New York company of exposing the U.S. government and private customers to security risks by illegally importing and selling surveillance and security equipment from China.

The charges against Aventura Technologies Inc, which is based in Commack, New York, and seven current and former employees were made public on Thursday in the federal court in Brooklyn. Six of the people have been arrested, including Jack Cabasso, the man accused of leading the scheme.

Cabasso was ordered jailed without bail following a brief court appearance, while the other five, including Cabasso’s wife, Frances Cabasso, were released. Aventura and lawyers for the Cabassos could not immediately be reached for comment.

Prosecutors said the defendants falsely told customers that Aventura’s products were made in the United States rather than imported, mainly from China, in a scheme that ran from 2006 until this month. Some of those products carried known cybersecurity risks, according to prosecutors.

The company’s largest customers are U.S. government agencies including the Army, Navy and Air Force, though it also sold to private companies, making about $ 88 million since 2010, prosecutors said.

Founded in 1999, Aventura describes itself on its website as a “true ‘single-source’ manufacturer” providing security hardware, software and peripheral products to government, military and enterprise customers.

According to the complaint, Aventura sometimes sold Chinese imports with false “Made in the U.S.A.” labels already affixed or displayed on packaging.

U.S. Attorney Richard Donoghue said the government began investigating the alleged scheme after a member of an Air Force security unit saw an image of a Chinese security service badge in software for one device.

Prosecutors said Aventura reported having sold $ 20.7 million of security equipment to the U.S. government through the end of 2018 via U.S. General Services Administration contracts.

They also accused Aventura of misrepresenting itself as a “woman-owned small business” in order to win government contracts set aside for such businesses, falsely listing Cabasso’s wife, Frances, as the company’s owner and chief executive.

The complaint included communications that, according to prosecutors, show the defendants knew about the illegal imports.

It quoted an instant message from the defendant Eduard Matulik, a director of international sales, to a colleague saying ‘im going to china because I need to know what we are selling and have to source a bunch of stuff,” and that “jack doesn’t have time and we don’t know what we are selling anymore.”

Prosecutors said in court papers that Jack Cabasso should not be released on bail because his wealth, foreign connections and “lengthy criminal history,” including a conviction for tampering with a jury in an earlier fraud case against him, point to a high risk that he will flee the country.

They said they had seized $ 3 million and a luxury yacht from him, but believed he has other assets offshore.

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Japan Sept. household spending seen jumping ahead of sales tax hike: Reuters poll

TOKYO (Reuters) – Japan’s household spending likely rose at the fastest pace in nearly 20 years in September, a Reuters poll found on Friday, as shoppers rushed to buy goods ahead of a sales tax hike in October.

Household spending was seen rising 7.8% in September from a year earlier, the poll of 14 economists showed, the fastest pace since comparable data from 2001.

Spending had spiked 7.2% in March 2014, a month ahead of the previous sales tax increase, but then fell sharply and did not return to growth for more than a year.

“Retail sales data has shown there was rush demand for luxury goods, electrical appliances, cosmetics and alcohol,” said Takeshi Minami, chief economist at Norinchukin Research Institute.

“The focus will be on when subsequent falls in household spending after the tax hike will wane.”

Japan rolled out a twice-delayed increase in the sales tax to 10% from 8% on Oct. 1, a move seen as critical for fixing the country’s tattered finances but that could tip the economy into recession by dampening consumer sentiment.

Retail sales grew at the strongest pace in 5-1/2 years in September as consumers rushed to buy big-ticket items to beat the tax hike.

The government will announce household spending data at 8:30 a.m. Japan time on Nov. 8 (2330 GMT, Nov. 7).

The Bank of Japan kept monetary policy steady on Thursday as expected but gave the strongest signal to date that it may cut interest rates in the near future, underscoring its concern that overseas risks could derail a fragile economic recovery.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Tokyo inflation remains stagnant after Japan’s October sales tax hike

By Yoshiyasu Shida and Leika Kihara

TOKYO (Reuters) – Core consumer prices in Tokyo, a leading indicator of nationwide inflation, rose 0.5% in October from a year earlier, data showed on Tuesday, staying distant from the Bank of Japan’s elusive 2% target and keeping it under pressure to ramp up stimulus.

The data offered the first clue on how a sales tax hike that kicked off in October could affect price growth, which remains subdued despite years of heavy money printing by the Bank of Japan.

The rise in the core consumer price index (CPI) in the Japanese capital, which includes oil products but excludes fresh food prices, was slower than a median market estimate for a 0.7 percent gain.

Japan’s government proceeded with a twice-delayed increase in the sales tax rate to 10% from 8% in October as part of efforts to rein in the country’s huge public debt.

In forecasts made in July, the BOJ expects nationwide core consumer inflation to hit 1.0% in the current fiscal year ending in March 2020, including the effect of the higher tax.

The central bank is likely to trim the inflation forecast at a rate review on Thursday. But it is leaning toward keeping monetary policy steady as stable markets, a truce in U.S.-China trade talks and robust domestic demand give it room to save its dwindling ammunition, sources have told Reuters.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Economy News

UK September retail sales 0.0% vs -0.2% m/m expected

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CAD traders – preview of retail sales data due Friday

Due at 1230GMT, Canadian retail sales data for July

  • expected +0.6% m/m, up from June at flat, +0.0% m/m
  • expected +0.3% y/y, from +0.96% y/y in July

Brief comment from Scotia:

  • sales are expected higher for the month
  • Two expected drivers include higher gasoline prices that were up by about 3-4% m/m, and higher auto sales 

RBC:

  • Coupled with still solid-looking labour markets, signs of rising wage growth, and still-strong consumer sentiment, that suggests retail sales could look a little better over the second half of the year than they did over the first.

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US retail sales data for August due Friday 13 September 2019 – preview

Coming up at 1230GMT

A couple of in brief previews

Westpac:

  • The first half of 2019 witnessed a strong run higher in retail sales … ahead however, momentum is set to moderate
  • Employment growth is currently slowing, and wages growth has stabilised
  • President Trump’s actions have also shocked confidence
  • These factors are set to take spending growth from above trend to below over the coming year

ANZ:

  • for further expansion in retail sales to be sustainable, wages need to grow

Scotia:

  • expected to be little changed with downside risk 
  • headline sales will need a boost from core sales ex-autos and gasoline which may also prove to be challenging
  •  watch the risk of distorted seasonal effects given a) August had five weekends, and b) the Labor Day weekend overlapped with the end of August

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Eurozone July retail sales -0.6% vs -0.6% m/m expected

Latest data released by Eurostat – 4 September 2019

  • Prior +1.1%; revised to +1.2%
  • Retail sales +2.2% vs +2.0% y/y expected
  • Prior +2.6%; revised to +2.8%
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The monthly drop here is largely affected by the steep decline in German consumption activity, which owed to a notable drop in clothing sales. If anything else, it still suggests that domestic demand in the euro area isn’t exactly as robust as one would think.

That should help to put a lid on any major optimism surrounding a turnaround in growth estimates for Q3 in the region.

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Australia August vehicle purchases data out: New vehicle sales down 10.1%

We had an early inkling of this yesterday with preliminary data:

The official monthly VFACTS report is out now showing:

New vehicle sales in Australia -10.1% in August y/y

  • Lower credit availability cited 

Sales have been down for 17 consecutive months

Meanwhile, AUD holding near its session high following the GDP data:

We had an early inkling of this yesterday with preliminary data:

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Best Buy misses quarterly same-store sales estimates

(Reuters) – Best Buy Co Inc (N:) reported a smaller-than-expected rise in quarterly same-store sales on Thursday, as the biggest U.S. consumer electronics retailer sold fewer video game consoles and other entertainment products.

Best Buy’s overall same-store sales 1.6% in the second quarter ended Aug. 3. Analysts on average had expected a 2.15% increase, according to IBES data from Refinitiv.

Revenue rose to $ 9.54 billion from $ 9.38 billion, a touch below expectations of $ 9.56 billion.

The company also narrowed its full year sales forecast to a range of $ 43.1 billion to $ 43.6 billion, from a $ 42.9 billion to $ 43.9 billion range, citing planned further increases in U.S. tariffs on Chinese goods.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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