MTECHTIPS;-Crude oil dips in Asia as weekly supply gauges ahead,Japan
MTECHTIPS;-Crude oil dips in Asia as weekly supply gauges ahead, Japan GDP noted
MTECHTIPS-Crude oil prices fell slightly in Asia on Monday with investors cautious on demand ahead of weekly supply gauges from he U.S., though demand hopes picked up with better than expected second quarter GDP from Japan. The U.S. West Texas Intermediate crude September contract eased 0.04% to $48.80 a barrel. Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery dipped 0.15% to $52.02 a barrel. In China, fixed-asset investment rose 8.3%, compared with a 8.6% gain seen in July on year along with industrial production which gained 6.4%, missing a 7.2% gain seen and retail sales increased 10.4%, compared to a 10.8% gain seen. Japan’s second quarter surged an unexpected 4..0% on year as investment in plant and equipment lifted sentiment for the sixth straight quarter of expansion, official data released on Monday showed for the fastest pace of growth since January-March 2015. The figure beat a 2.5% gain expected on year and saw the quarter pace at 1.0, well above the 0.6% seen. Japan, second quarter GDP was expected to rise a provisional 2.5% on year and at a 0.6% pace on quarter. Ahead this week, the Fed’s latest meeting will be in focus as investors look for more hints on the timing of the next U.S. rate hike. A report on U.S. retail sales will also be closely watched. Elsewhere, UK data on inflation and employment will be in the spotlight amid ongoing concerns over the economic fallout from Brexit.
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