Indonesia: Inflation slows, easing pressure on rates
Indonesia’s inflation slowed in September for the first time in six months, easing pressure on policy makers to raise interest rates when they meet next week. Consumer prices rose 5.8% last month from a year earlier, the Central Bureau of Statistics said in Jakarta. That compares with a 6.44 %gain in August reported earlier. The median forecast in a Bloomberg News survey of 17 economists was for a 5.94% increase. (Bloomberg)
Thailand: Inflation slows as subsidies cap price increases
Thailand’s inflation slowed in September as oil costs eased and government subsidies helped contain price pressures. An index of consumer prices rose 3% last month from a year earlier after climbing 3.3% in August, the Commerce Ministry said in Nonthaburi province outside Bangkok. The median estimate of 14 economists in a Bloomberg survey was for a 3.3% increase. (Bloomberg)
Japan: Deflation eases, jobless down; recovery intact
Japan’s deflation moderated and the unemployment rate fell, indicating the nation’s recovery remains intact as policy makers consider stimulus measures to protect the economy from a strengthening yen. Consumer prices excluding fresh food slid 1% in August from a year earlier after falling 1.1% in July, the statistics bureau said. The jobless rate dropped to 5.1% from 5.2%, while the number of people no longer in the labor force increased, it said. (Bloomberg)
China: Supports stable Euro, strong EU ties, Wen says
China supports a stable euro and won’t reduce its holdings of European bonds, underlining its strengthening ties with the European Union, Premier Wen Jiabao told Greek lawmakers in Athens. “From the outbreak of the sovereign debt crisis in certain European countries at the start of this year, I have repeatedly voiced China’s support of measures adopted by the European Union and International Monetary Fund,” said Wen, who began a tour of European capitals. “China supports a steady euro and it will not be reducing its European bond holdings.” (Bloomberg)
China: GDP to rise 9.5pc in 2010
China’s gross domestic product (GDP) is forecast to rise 9.5% in 2010, accelerating from 9.1% in 2009, state television reported on Sunday. The forecast represents the government’s official view of the country’s economic outlook. China’s economy rose 11.9% in the first quarter and 10.3% in the second quarter of this year. (BT)
US: September auto sales show stop-start recovery
US auto sales slipped 4% in September from August, showing how the market for new cars and trucks remains stuck in a slow-motion recovery nearly two full years after hitting bottom. The results pointed to a continuing but slow recovery with consumers still too concerned about housing prices and employment prospects to begin buying vehicles at anything near the historical rate for the US market. (StarBiz)
US: Manufacturing points to ‘modest’ growth
US manufacturing expanded at a slower pace, while consumer spending increased, underlining the Federal Reserve’s forecast for a “modest” pace of economic growth in coming months. The Institute for Supply Management’s factory index dropped to 54.4 in September from 56.3 the prior month, the Tempe, Arizonabased group said. Readings greater than 50 signal growth. Consumer purchases increased 0.4% in August for a second month, more than forecast by economists. (Bloomberg)
US: Fed bond buying’s unintended consequences may mean higher rates
A second round of bond purchases by the Federal Reserve may have the unintended consequences of pushing borrowing costs higher, say a growing number of US government securities dealers, strategists and economists. Yields on 10-year Treasury notes, a benchmark for everything from home mortgages to corporate bonds, rose last month for the first time since March even as the central bank hinted that it may conduct more so-called quantitative easing to bolster the economy. The median forecast of more than 60 estimates in a survey by Bloomberg News is for yields to keep rising the rest of this year and through 2011. (Bloomberg)
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