According to the recent report by the Australian Department of Industry, the country is forecast to earn around 136 billion Australian dollars from the ore exports this year.
China’s manufacturing sector surge speeds down in June
In June, surge in China's manufacturing sector speeded down a bit due to the fact that the country’s companies faced soaring input costs as well as a dive in export orders in the face of a worsening trade clash with America, according to a private poll on Monday.
As a matter of fact, in June, the Caixin/Markit Manufacturing Purchasing Managers' index inched down to 51.0 versus May’s reading of 51.1, which is quite in line with experts’ estimates.
It had been staying above the 50-point threshold separating surge from contraction for up to 13 months.
In June, a sub-index for output tacked on to 52.1, which is a four-month maximum, although new order surge speeded down and businesses made up their mind to sell down their existing inventories instead of having them restocked.
The poll disclosed that fresh export orders had been shrinking for the third straight month, demonstrating the greatest tumble for two years, although there wasn’t a considerable slump for the last two months.
This Asian country faces worsening trade tensions with America, which is its number one export market. It undoubtedly contributed to uncertainty regarding the manufacturing sector when domestic demand speeds down.
May’s economic data demonstrated that the Chinese economy is finally speeding down, with weaker credit surge as well as a tighter liquidity environment affecting investment in local government building projects that have assisted in spurring the industrial sector.
This week China and America are set to put fresh duties on each other's imports. Moreover, both sides threaten to proceed with rolling out new measures if the other opponent refuses to back down.
Market participants have punished China’s equities as well as the Yuan since the trade clashes grew for the last month. The Chinese Yuan took a battering versus the evergreen buck in June.
The US dollar is heading for the best week in three. The market sentiment is mixed as optimism about the global economic recovery was outshined by increasing tensions between the West and China.
Rising yields, potential US tax hikes, and inflation fears worry investors. As a result, the market sentiment is risk-off. Stocks are falling, while the USD and the JPY are edging higher.
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