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  1. #361

    Default Economic News

    Germany’s Optimistic Outlook due to Higher Industrial Orders

    The industrial orders in Germany surged surprisingly in October because of domestic and foreign demand from non-euro zone according to the reports on Wednesday. This implies that the country will have a good momentum in the next few months.

    Orders of products that are locally made increased for three consecutive months and supported by the data up by 0.5 percent in October compared last month, according to the Economy Ministry. Despite the fact that bulk orders are lower than average for the month of November.

    It is anticipated for the data to decline by 0.3 percent following an upward revision of 1.2 percent in bookings for the month of September based on the survey from Reuters.

    An economist described the situation to be in a good condition, given that the economy has been robust the past few months while there is a “moderate growth” in October as a good result. Although, he said that growth would not move higher amid higher books of orders and more capacity to utilize.

    The German economy has gained momentum by the third quarter and has been expanding since 2010 but there are still concerns since Germany doesn’t have a new government over two months following a national election.

    Conservatives representative, Chancellor Angela Merkel, lost against the far-right in the September poll. It is presumed that Social Democrats (SPD) will hopefully approve to run again the current ‘grand coalition’ after a failed attempt of alliance with the environmentalist Greens and pro-business Free Democrats.

    Nevertheless, the Economy Ministry said that there is high demand for it along with record-high business confidence and positive growth in the manufacturing sector.

    The orders data increased by 0.5 percent while there is 1.6 surge in contracts beyond the eurozone as it counterbalances the 1.2 drop in the bloc. Domestic contracts rallied by 0.4 percent.

    Interest for both capital and consumer goods surged in October despite the demand for intermediate goods declined a bit. Comparably, there is less volatility in the past two months where it declined by 3.4 percent which is much higher than the level two months ago.

    Andrea ForexMart, Official Representative

  2. #362

    Default Economic News

    U.S. Treasury Needs to Adjust their Cash Management

    The U.S. Treasury Secretary Steven Mnuchin publicized that there will be cash management measures to prevent a U.S. bad debt on Monday.

    A letter to House of Representatives Speaker Paul Ryan says that two retirement funds would not be funded by the Treasury anymore. This includes the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund as mentioned in the letter. Mnuchin said that all funds would fully be compensated when the debt ceiling has been adjusted.

    The U.S. Treasury is trying to assess the limit of money that it can borrow to manage the budget loss which leads to the higher spending of Taxes more than the collection from Washington and Congress has the only power to increase the limit.

    There was a short-term solution of suspending the debt limit until December 8. Nevertheless, the Treasury has the capacity of paying the bills up to January as a precautionary measure according to the department.

    Selected countries require the legislature to consent the periodic increases in the legal limit on the maximum amount of money that allows the federal government to borrow.

    Andrea ForexMart, Official Representative

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