Japan: BOJ under pressure to boost economy as yen threatens expansion
Prime Minister Naoto Kan’s government is stepping up pressure on the Bank of Japan to spur growth as it tries to jump start a slowing economy under threat by a currency at a 15-year high. The ruling Democratic Party of Japan called on the central bank to “speedily take further steps” in a stimulus package proposal presented to Kan in Tokyo yesterday. (Bloomberg)
Japan: Consumer prices fall in July as economic growth slows . Prices excluding fresh food slid 1.1% YoY. (Source: Bloomberg)
Japan: Unemployment rate unexpectedly falls to 5.2% in July . The median forecast of 24 economists surveyed by Bloomberg News was 5.3%. (Source: Bloomberg)
E.U: Loans to households and companies grew in July . Loans to the private sector rose 0.9% YoY after growing an annual 0.5% YoY in June. That's the strongest increase since June 2009. M3 money supply, which the ECB uses as a gauge of future inflation, increased an annual 0.2% YoY in July, the same rate recorded in the previous month. (Source: Bloomberg)
China: Direct investment in the U.S. plunged in 1H10 even as its overall foreign acquisitions rose to a record, underscoring the nation's efforts to diversify its portfolio, according to the Heritage Foundation. China's non-bond investments in the U.S. slumped 47% YoY to USD 1.6b, while those in the rest of the world surged 34% to USD 29b. (Source: Bloomberg)
Singapore: Factory output in July rises at slowest pace in eight months as pharmaceutical companies reduced output after a ramp-up earlier this year. Manufacturing climbed 9.9% YoY, after a revised 29.5% YoY gain in June. (Source: Bloomberg)
Philippines: Bangko Sentral ng Pilipinas kept key rate at 4% to support recovery . The Philippine central bank kept its benchmark interest rate at a record low as easing inflation gives it room to support the nation's economic recovery. That's the lowest level since central bank data started in 1990. (Source: Bloomberg)
Philippines: Economic growth unexpectedly accelerated in 2Q10 to the fastest pace in three years as consumer and government spending increased. GDP increased 7.9% YoY compared with a revised 7.8% YoY gain in the three months through March. (Source: Bloomberg)
Australia: Business investment unexpectedly fell 4% in 2Q10 , a sign companies are delaying spending plans on renewed concern about the global economy and doubts over a local mining tax. Capital spending dropped 4% QoQ from the previous three months, when it declined a revised 1% QoQ. (Source: Bloomberg)
EU: Confidence drops to 6-year low, survey shows
European’s confidence in the European Union dropped to a 6-year low as the 27-nation bloc battled the Greeceled debt crisis, according to the latest Eurobarometer survey. 49% of respondents said their nation’s membership in the EU was “a good thing”, according to the poll of more than 26,000 people released by the EU executive arm in Brussels. (Bloomberg)
EU: Loan growth accelerates as economy recovers
Loans to households and companies in Europe grew at the fastest pace in 13 months in July after the economic recovery gathered steam. Loans to the private sector rose 0.9% from a year earlier after growing an annual 0.5% in June. M3 money supply, a gauge of future inflation, increased an annual 0.2% in July, the same rate recorded in the previous month. (Bloomberg)
US: Jobless claims decrease more than forecast
Applications for jobless benefits fell more than forecast last week, easing concern American employers are again slashing payrolls as the economy slows. Claims dropped by 31,000, the first decline in a month, to 473,000 in the week ended 21 Aug. The total number of people receiving government payments exceeded 10m for the first time in 4 months, reflecting an increase in those getting extended benefits. (Bloomberg)
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