China: Needs to balance growth, inflation
Promoting economic growth while managing inflation expectations pose a challenge to economic recovery, Chinese Vice-Premier Wang Qishan said yesterday. The global economic uncertainties and rising trade protectionism could take a toll on China’s economic growth, Wang was quoted saying. A flood of easy money following the government’s efforts to ward off the negative impact of the global economic crisis has fanned concerns about inflation and asset bubbles.(Financial Daily)
Japan: Yen likely to undermine company sentiment
The Bank of Japan’s Tankan survey will probably show a slowing pace of improvement in business confidence, adding to pressure on policy makers to counter gains in the Yen by injecting more cash into the economy. A quarterly index of sentiment at large manufacturers rose 6 points in September, the least since March 2009, according to the median forecast of 19 economists surveyed. (Bloomberg)
US: Treasury said to prepare unveiling of AIG exit, repayment plan
The US Treasury Department may unveil plans as early as this week to return American International Group Inc. to independence and recoup taxpayer funds from the insurer’s bailout, said three people with knowledge of the negotiations. The biggest part of that strategy is for Treasury to begin converting its USD49bn preferred stake into common stock for sales by the first half of next year, said the people, who declined to be identified. The timing of an announcement depends on the pace of negotiations between regulators and the New York-based insurer, the people said. (Bloomberg)
US: Manufacturing probably cooled this month
Manufacturing probably cooled in September and consumer spending stabilized last month, underscoring the Federal Reserve’s forecast of “modest” US growth in coming months, economists said before reports this week. The Institute for Supply Management’s factory index fell to 54.5 from 56.3 in August, according to the median of 63 forecasts in a survey ahead of the report due on 1 October. (Bloomberg)
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