Asia

Singapore July Exports Dip. Singapore’s non-oil domestic exports fell slightly in July, roughly in line with expectations, but some indicators continued to point to a recovery in the  city-state’s manufacturing sector. The wealthy South-East Asian city-state said shipments from locally-based manufacturers excluding oil products fell 0.7% month-on-month in July after seasonal adjustments, reversing from June’s 3.3% gain. But no-noil retained imports (NORI) of intermediate goods – a leading indicator of future exports – rose to S$5.2bil in July 2013 from S$5bil in the previous month after seasonal adjustments. Singapore’s total trade rose by 5.8% in July 2013, turning around from the 6.2% decrease in the previous month, trade agency International Enterprises Singapore said. (Reuters)

China’s July Home Prices Rise As Nation Seeks Long-Term Measures. China’s new home prices rose for a third month in all but one city in July, led by gains in the biggest metropolitan centers on anticipation the government will focus on a longer-term housing plan than immediate curbs. Prices climbed in 69 of the 70 cities the government tracked last month from a year earlier, the National Bureau of Statistics said in a statement yesterday, matching the data for May and June. The southern business center of Guangzhou posted the biggest advance, rising 17 % from a year earlier, while those in Beijing and Shanghai both increased 14 %. All three cities had their biggest gains since the government changed its methodology for the data in January 2011. (Bloomberg)

China To Ease Foreign Investment Rules For New Free Trade Zones. China plans to suspend some laws on foreign investment in proposed new free trade zones including Shanghai as part of Premier Li Keqiang’s drive to open up the economy to sustain growth. The changes will provide “innovative” ways of opening up the economy, remove unnecessary administration and help transform the state’s role in the economy, according to a State Council statement after an Aug. 16 meeting led by Li. (Bloomberg)

USA

US Consumer Sentiment Much Lighter Than Expected In August. U.S. consumers, bracing for higher interest rates and slightly slower economic growth, were a bit less optimistic in August as sentiment retreated from last month's six-year high, a survey released on Friday showed. The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment slipped to 80.0 from 85.1 in July, the highest since July 2007. August's result was well below the 85.5 reading expected by economists. (Reuters)

US New Home Construction Rises, Buoyed By Apartment Boom. The rate of new US homebuilding rose in July, spurred on by a rise in the  construction of new apartments. The Commerce Department said new-home construction climbed by 5.9% from the prior month. The annual rate was 896,000 new homes, below a recent peak of just over 1 million in March. The rate of new single-family houses being built dropped by 2.2% - a sign that builders could be worried about rising mortgage rates. Permits to build new homes rose 2.7% but missed analysts' expectations. (BBC)

Europe

U.K. Growth Forecasts Raised By Cbi As Recovery Builds Momentum. The Confederation of British Industry raised its forecasts for U.K. economic growth this year and next as business and consumer confidence strengthens and credit conditions improve. The business lobby’s quarterly forecasts see the economy expanding 1.2 % this year and 2.3 % in 2014. That’s up from 1 % and 2 % projected in May. The London-based group also said  today that unemployment -- which the Bank of England has set as the key indicator for its guidance on policy -- will fall to 7.6 % next year after staying at its current 7.8 % in 2013. (Bloomberg)

Gilts Fall Fourth Week As Growth Signs Fuel Bets On Higher Rates. U.K. government bonds fell for a fourth week as signs the economy is gathering momentum fueled speculation the Bank of England will raise interest rates sooner than policy makers forecast. Benchmark 10-year yields climbed to the highest level since August 2011 as investors boosted wagers the central bank will increase its key rate before 2016, when policy makers anticipate unemployment will have fallen enough to justify higher borrowing costs. The pound strengthened for a second week against the dollar and euro. Sterling has been the best-performing major currency during the past six months. (Bloomberg)

Currencies

Dollar Regains Footing, Ekes Out Weekly Rise. The U.S. dollar regained its footing versus major rivals Friday, eking out a small weekly rise as traders continue to weigh the implications of any move by the Federal Reserve to slow the flow of monetary stimulus. The ICE dollar index, which tracks the unit against six major rivals, rose to 81.236 in recent action, up slightly from 81.163 late Thursday in North America. The index is up 0.2% for the week after suffering a big drop on Thursday. Among major pairs, the dollar had a seesaw session versus the Japanese yen, rising to ¥97.51 compared with ¥97.39 late Thursday. The dollar is set for a 1.4% weekly rise versus the Japanese currency. The euro on Friday slipped to $1.3334 from late Thursday’s $1.3345. The euro is virtually flat on the week. Meanwhile, the British pound slipped to $1.5624, compared with late Thursday’s $1.5638. The Australian dollar bought 91.90 U.S. cents compared with 91.37 U.S. cents on Thursday. The Aussie was saw a 0.6% weekly gain versus its U.S. counterpart. (Market Watch)

Commodities

Brent Steadies Under $110, Set For Weekly Rise On Egypt Unrest. Brent crude steadied under $110 a barrel on Friday and remained on track for a weekly rise as unrest in Egypt stoked supply fears, but worries the Federal Reserve could soon trim its commodityfriendly stimulus curbed gains. Brent crude futures for October delivery were up 7 cents at $109.67 a barrel by 0359 GMT, nicely positioned for a weekly rise of over 1 %. U.S. crude oil futures for September climbed 12 cents to $107.45. (Reuters)

Gold Posts 5 Pct Weekly Gain On Economic Uncertainty. Gold rose nearly 1% to a two-month high on Friday, and bullion posted its biggest weekly gain in five weeks as disappointing U.S. data dimmed hopes for a swift economic recovery. Spot gold was up 0.9 % at $1,377.60 an ounce by 3:01 p.m. EDT (1901 GMT), having set a two-month high of $1,379.60. Silver last traded up 1.5 % at $23.31 after earlier rising to a three-month high of $23.40 an ounce. Platinum edged up 0.2% to $1,524.49 an ounce while palladium was up 0.3 % at $761.47 an ounce. (Reuters)