Thai Third-Quarter GDP Misses Estimates, 2019 Forecast Cut By Bloomberg



(Bloomberg) — Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.

Thailand’s economy grew more slowly than expected in the third quarter and the government lowered its forecast for full-year growth as the country deals with the impact of the U.S.-China trade war and a strong currency.

Gross domestic product rose 2.4% from a year ago, the National Economic and Social Development Council said Monday, below the median estimate of 2.7% in a Bloomberg survey of economists. The council cut its 2019 GDP forecast to 2.6% — from an earlier view of 2.7%-3.2% — and said growth should accelerate to 2.7%-3.7% next year.

Thailand’s trade-reliant economy has been hit by slumping exports, a surging currency and mixed performance in the tourism sector. The central bank earlier this month cut its benchmark interest rate to a record low and announced measures to slow gains in the baht, which has been the strongest performer in emerging markets over the past year, rising about 9%.

The council’s secretary general, Thosaporn Sirisumphand, called for more stimulus to supplement a $10 billion package the government approved in August. The global slowdown, drought and volatility remain key challenges for the economy, he said.

“We need to use all tools that we have as there are still a lot of risks that we can’t control,” Thosaporn told reporters in Bangkok. “We can’t be complacent.”

Exports, Currency

While the economy appeared to bottom out in the second quarter — when it grew 2.3%, its slowest pace in nearly five years — the rebound has been more muted than expected, Thosaporn said.

“Baht strength hurt exports and private investment in the third quarter,” he said. “We think the baht strength may continue.”

The baht was at 30.245 per dollar as of 10:35 a.m. in Bangkok, little changed from before the data release.

“The worst is probably now over for the economy, but a strong rebound is unlikely,” Gareth Leather, an economist at Capital Economics, wrote in a research note. “Exports will continue to struggle if, as we expect, global growth slows further. A high level of household debt will also constrain private consumption growth.”

The NESDC said exports now are expected to shrink by 2% this year, compared to the 1.2% contraction it forecast in August. The economy should pick up in the final quarter of the year and accelerate into 2020, driven by government stimulus measures, gradual recovery in exports and an improvement in tourism, the council said.

(Adds quotes from NESDC head in fifth and seventh paragraphs, analyst quote in ninth paragraph.)

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.



Russia facing 2019 spending shortfall of 200-300 bln rubles: Ifax By Reuters


Russia facing 2019 spending shortfall of 200-300 bln rubles: Ifax

MOSCOW (Reuters) – The Russian budget is facing a spending shortfall of up to 300 billion rubles ($4.7 billion) this year, but it will only have a small effect on inflation, Deputy Finance Minister Vladimir Kolychev said on Wednesday, according to Interfax news agency.

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.



Cigna raises 2019 forecast as Express Scripts buyout pays off


(Reuters) – Cigna Corp (CI.N) raised its full-year earnings target on Thursday, after reporting a better-than-expected quarterly profit, boosted by its acquisition of pharmacy benefits manager Express Scripts last year.

FILE PHOTO: A screen displays the logo fro Cigna Corp. on the floor at the New York Stock Exchange (NYSE) in New York, U.S., July 16, 2019. REUTERS/Brendan McDermid

The company’s foray into pharmacy benefits management (PBM) places it in direct competition with CVS Health Corp (CVS.N) and UnitedHealth Group Inc (UNH.N), which also have similar units for negotiating deals on prescription drugs.

Yet, Cigna is confident of growing revenue from its health services unit that houses the new PBM business. It expects earnings to rise at a long-term rate of 10% to 13% in 2020 and beyond.

Chief Executive Officer David Cordani said given some negative accounting elements, such as the return of the health insurance tax, 2020 growth would be calculated from a base of $16.40 per share, implying adjusted earnings of $18.04 to $18.53 next year.

Analysts had forecast earnings of $18.71 per share for 2020.

Stephens analyst Scott Fidel said the higher Street estimate is, however, not an “apples to apples” comparison with Cigna’s forecast as it has not included share repurchases and some other potential accounting benefits in its outlook.

“This is something that we deal with every year with how Cigna guides versus how the Street models, but the company has ultimately ended up exceeding its preliminary guidance framework on a highly consistent basis year after year.”

Bernstein analyst Lance Wilkes called Cigna’s 2020 forecast “probably in line with consensus”, if share repurchases and other items were included in estimates.

For 2021, the insurer reiterated its earnings per share target of between $20 to $21.

In the reported quarter, Cigna’s $52 billion acquisition of Express Scripts helped amplify health services sales to $24.88 billion from $1.11 billion last year.

“Today’s PBM results will… lead to greater confidence in the company’s ability to deliver on full-year PBM guidance,” said Barclays analyst Steve Valiquette.

As Cigna added more customers and raised premiums, revenue from its U.S. health insurance business rose nearly 12% to $9.15 billion.

Cigna raised its forecast for 2019 adjusted income from operations to between $16.80 and $17 per share, from $16.60 to $16.90.

The company’s medical care ratio, which compares the amount it spent on medical claims with income from premiums, increased to 80.5%, but beat estimates of 80.86%.

Excluding items, Cigna earned $4.54 per share, beating estimates of $4.36, according to IBES data from Refinitiv.

Total revenue more than tripled to $38.56 billion.

Reporting by Saumya Sibi Joseph and Tamara Mathias in Bengaluru and Caroline Humer in New York; Editing by Shinjini Ganguli



Source link

Nigeria Will Stay Clear of International Debt Markets in 2019 By Bloomberg



(Bloomberg) — Nigeria won’t tap international debt markets for the remainder of the year, the country’s debt management office said, even as it struggles to plug a widening budget deficit.

The government will not sell international debt this year because the implementation of the 2019 budget is drawing to a close, Patience Oniha, the head of the debt management office, said in comments via email.

Nigeria issued a record $10.7 billion of international bonds in 2018, and some investors were betting Africa’s top oil producer would sell more paper in 2019 to cover the shortfall, projected at 2.5 trillion naira ($6.9 billion). Bank of America Merrill Lynch (NYSE:) strategist Rukayat Yusuf said in a Sept. 9 research note she expected the government to issue at least $2.6 billion in Eurobonds in the last quarter of the year.

Oniha said the government will stick to its new domestic borrowing plan to raise 802.8 billion naira in 2019. It had proposed the same amount for external borrowing in 2019, which at the official exchange rate of 305 naira per dollar is equivalent to $2.6 billion, according to the finance ministry.

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.





Source link

2019 May Be the Year of Regulatory Response to Crypto: Ex-CFTC Chairman By Cointelegraph


2019 May Be the Year of Regulatory Response to Crypto: Ex-CFTC Chairman

Former Commodity Futures Trading Commission (CFTC) chairman Christopher Giancarlo, who had parted ways with the regulator this summer, has stated that he expects 2019 to be the year when regulators may start considering some response to cryptocurrencies.

Giancarlo voiced his opinion during an interview with industry news outlet The Block published on Oct. 9, stating:

Continue Reading on Coin Telegraph

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.



World Bank says 2019 Asia-Pacific growth to slow to 5.8% on trade tensions By Reuters



BANGKOK (Reuters) – Asia Pacific growth is expected to slow to 5.8% in 2019, down from 6.3% in 2018, due to uncertainty around the ongoing U.S.-China trade tensions, a World Bank report said on Thursday.

The report highlights the weakening global demand and heightened uncertainty that led to a decline in exports and investment growth, and points out that increasing trade tensions pose a long-term threat to regional growth.

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.



World Bank raises Poland’s 2019 GDP growth forecast to 4.3% By Reuters



WARSAW (Reuters) – The World Bank on Wednesday raised its forecast for Poland’s GDP growth in 2019 to 4.3% from the 4.0% expected in April, citing rising domestic consumption and a rebound in investment.

The bank has maintained its growth projections for Poland’s economy in 2020 and 2021 at 3.6% and 3.3%, respectively.

“While Poland’s growth is one of the fastest in Europe and Central Asia, overall growth dynamics in the region are being adversely affected by the downturn in Turkey and Russia,” the bank said in a statement.

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.



Weekly Crypto Trading Overview (September 27- October 4, 2019) By Cryptovest


CV Market Watch™: Weekly Crypto Trading Overview (September 27- October 4, 2019)

(BTC) bounced off the $7,800 lows and managed to keep above $8,000 in the past week, with a run-up to above $8,300. Still, there are indications of potentially subdued sentiment.

Bitcoin (BTC) traded at $8,186.56, after a brief Thursday crash under $8,300. BTC only briefly returned to lows at $7,830.76 before recovering. For the past week, the peak was at $8,497.69, showing that intraday volatility was still high.

The share of Tether (USDT) reached 66.92% of all BTC pairings, remaining relatively flat. Stablecoin inflows diminished in the past months, coinciding with either price slides or stagnation. The BTC market cap dominance fell to 67.4%.

Ethereum (ETH) stabilized in the past week, gaining 5.46% to $175.24. The slowdown in USDT movement through the Ethereum network slowed down activity. ETH got a slight…

This article appeared first on Cryptovest

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.



Russia seen cutting rate further in 2019 as inflation slows: Reuters poll By Reuters


Russia seen cutting rate further in 2019 as inflation slows: Reuters poll

By Andrey Ostroukh

MOSCOW (Reuters) – Russia is expected to cut interest rates further this year amid slowing inflation and sluggish economic growth, a monthly Reuters poll showed on Monday.

The central bank is seen cutting its key interest rate to 6.75% in the fourth quarter of 2019, according to a consensus forecast of 20 analysts and economist polled in late September.

The previous poll published in late August predicted that the central bank would lower the key rate to 6.75% only in the first quarter of 2020.

Expectations for a rate cut have been underpinned by the central bank itself, who trimmed the key rate to 7.00% this month due to slowing inflation, its key area of responsibility.

The next rate-setting meetings this year are scheduled for Oct. 25 and Dec. 13.

The latest poll showed that inflation in Russia is seen at 4.2% in 2019, below the previous estimate of 4.3% last month. The central bank aims at keeping inflation near its 4% target.

Economic growth forecasts for this year have not changed from a month earlier. Experts predicted that the Russian oil-dependent economy would expand by 1.0% in 2019, down from 2.3% in 2018.

Most of the forecasts in the Reuters poll are based on at least 10 individual projections.

The rouble outlook has not changed much from a month ago. In the 12 months from now, the rouble is expected to trade at 65.60 to the dollar and 74.40 to the euro. The previous poll foresaw exchange rates of 66.00 and 76.00, respectively.

On Monday, the rouble’s official exchange rates, set by the central bank, were 64.42 per dollar and 70.32 per euro, with the Russian currency heading toward three-week lows versus the dollar as fears over a widening of the China-U.S trade war kept investors in safe harbors.

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.



Euro Hovers Above 2019 Lows; Pound Falls as BoE Hawk Softens By Investing.com


© Reuters.

Investing.com — The euro was hovering just above its new low for 2019 against the dollar in early trading on Friday, as concerns over growth and inflation kept the single currency on the defensive, as did a fresh wave of fear about a disorderly Brexit at the end of next month.

Meanwhile, the British pound fell around half a cent against the dollar and a little less against the euro after Michael Saunders, the chief hawk on the Bank of England’s Monetary Policy Council, said persistently high economic uncertainty warranted lower interest rates. He added the caveat that a no-deal Brexit may make this impossible.

The falls in the euro and sterling this week has driven the dollar index to its highest in three weeks. At 3:45 AM ET (0745 GMT), it was at 98.917, down a shade from an overnight high of 98.958.

The euro fell as low as $1.0905 overnight during Asian hours and is now down 4.6% against the dollar year-to-date, the worst performing of all major currencies. By 3:45 AM, it was at $1.0922, little changed from late Thursday levels.

Analysts at Landesbank Hessen-Thueringen said in a note Friday that if the recent double-bottom formation at $1.0925 is convincingly broken, then the euro could settle into a trading range between $1.0870-$1.0970.

Fresh data Friday morning underlined the continuing disinflationary pressure coming from the depreciation of the yuan and from falling oil prices. German import prices, an advance indicator of broader inflationary trends, fell 0.6% in August, much more than the 0.3% forecast, taking the year-on-year drop to 2.7% from 2.1% in July. French consumer inflation data also came in below expectations.

The numbers come barely a day after Sabine Lautenschlaeger resigned her board position at the European Central Bank, a move that some said was motivated by opposition to President Mario Draghi’s decision to restart quantitative easing in November. Lautenschlaeger herself hasn’t been that explicit about the reasons for her departure. In addition, the ECB’s chief economist Philip Lane hinted that the bank still has space for further monetary easing when its new President Christine Lagarde takes over in November.

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.





Source link