Singapore: Economy probably slowed as manufacturing weakened
Singapore’s economy probably cooled after a record first-half expansion as manufacturing growth eased, reducing pressure on the central bank to allow a faster pace of currency appreciation. GDP growth slowed to 10.8% in the three months ended Sept. 30 from a year earlier, from 18.8% in the second quarter. The economy shrank an annualized 15.7% from the previous three months, after expanding 24% in the April-to-June period. (Bloomberg)
Thailand: Sets debt tax to curb inflows, tame baht
The Thai government agreed to impose a 15% withholding tax on interest and capital gains earned by foreign investors on Thai bonds, the latest bid by an emerging economy to tame its surging currency. From export-dependent Thailand to fast-growing China and Brazil, governments are moving to rein in their currencies as investors, turning their backs on low interest rates in the developed world, pour money into higher-yielding market. (Financial Daily)
India: Industrial production growth slows to 5.6%
India’s industrial production growth slowed to a 15-month low in August, adding to evidence that inflation and the impact of five interest-rate increases this year are prompting companies to curb output. Factory, utilities and mines output rose 5.6% from a year earlier after a revised 15.2% increase in July, the statistics office said in New Delhi. (Bloomberg)
UK: Inflation exceeds 3% limit for seventh month
UK inflation exceeded the government’s 3% limit for a seventh month in September as higher clothing and food costs kept up price pressures in the economy. Consumer prices rose 3.1% from a year earlier, the Office for National Statistics said in London. Clothing and footwear costs jumped a record 6.4% on the month, led by women’s coats and other outerwear. (Bloomberg)
UK: BOE musn’t tighten monetary policy early, Miles Says
Bank of England policy maker David Miles said officials must not withdraw stimulus too soon, signaling that they may have to ignore an inflation rate that still exceeds the government’s 3% limit. “The bank faces the risk of tightening monetary policy too soon,” Miles said. “This risk is one that I would consider small if it were clear that the economy was on a typical upswing of the sort of cycle we used to think normal. But I do not see many of the signs that are usual in a normal upswing.” (Bloomberg)
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