China: Four biggest state banks will not issue any new loans to property developers for the remainder of the year, the state-run China Real Estate Business reported, citing unidentified executives at the banks. Industrial & Commercial Bank of China Ltd., China Construction Bank Corp, Bank of China Ltd. and Agricultural Bank of China Ltd., had met their allotted loan targets for the year, according to a copy of a report email to Bloomberg News by the newspaper. Approvals of new loans had ceased since the end of October, the newspaper said. (Source: Bloomberg)
Singapore: Retail sales excluding vehicles ease
Singapore’s retail sales excluding motor vehicles rose at a slower pace in September after the economy contracted last quarter. The index measuring purchases excluding automobiles climbed 5.3% y-o-y after gaining a revised 6.4% in August. Including vehicles, which are sold subject to government caps, total retail sales rose 0.3%, less than the median forecast for a 1.5% increase. Adjusted for seasonal factors, overall retail sales fell 2.4% m-o-m. (Bloomberg)
Japan: Economy grew 3.9% in third quarter
Japan’s economy grew more than forecast in the third quarter as consumer spending increased, shielding the expansion from a stronger yen and export slowdown likely to have a greater impact this quarter. GDP beat estimates of a 2.5% increase by rising an annualized 3.9% in the quarter ended 30 Sept, following a revised 1.8% expansion in the previous quarter. In nominal terms, the economy grew 2.9%. Consumption, accounting for about 60% of GDP, led the gain as households stepped up purchases of fuel-efficient cars ahead of the expiration of a subsidy program and as smokers stocked up before an 1 Oct tobacco-tax rise. (Bloomberg)
India: Inflation slowed to nine-month low in October
India’s inflation slowed in October to the lowest level in nine months, reducing pressure on the central bank to extend Asia’s fastest round of interest-rate increases this year. The benchmark wholesale-price index rose 8.58% y-o-y after an 8.62% increase in September. Median forecast was for a 8.5% gain. The central bank, who raised rates on Nov 2 for the sixth time this year, said they may refrain from boosting them for three months, partly to ward off the risk of inflation-stoking capital inflows from overseas. India’s central bank is aiming to cool inflation to 6% by 31 March. (Bloomberg)
EU: Greece’s budget deficit largest in EU
Greece had the euro region’s largest budget deficit and public debt last year after a revision by European Union authorities who said their concerns about the country’s economic statistics were now resolved. Greece’s budget shortfall last year was revised to 15.4% of GDP from 13.6%, surpassing Ireland’s 14.4% shortfall. The debt was revised to 126.8% of GDP, overtaking Italy at 116%. The Greek Finance Ministry said that after the revisions the budget deficit would be 9.4% of GDP this year and debt will reach 144% of GDP. (Bloomberg)
E.U: Exports increased for second month in September . Exports from the economy of the 16 nations that use the euro rose a seasonally adjusted 0.6% MoM from August. Imports fell 2.5% MoM and there was a trade surplus of EUR 2.4b (USD 3.3b) after a trade gap of EUR 1.7b the previous month. (Source: Bloomberg)
U.S: Manufacturing growth in New York region contracts in November . The Federal Reserve Bank of New York's general economic index fell to minus 11.1 from 15.7 in October. Readings less than zero signal contractions in the so-called Empire State Index, which covers New York, northern New Jersey and southern Connecticut. (Source: Bloomberg)
US: Retail sales increased 1.2% in October
Sales at US retailers climbed in October by the most in seven months, brightening the outlook for holiday shopping even as unemployment holds near 10%. Purchases rose 1.2%, exceeding the highest forecast among economists. Sales excluding automobiles advanced 0.4%. Excluding autos, gasoline and building materials, sales improved 0.2% after a 0.4% gain the prior month. Meanwhile, another report showed manufacturing in the New York region unexpectedly shrank in November as orders dropped. (Bloomberg)
US: Inventories increase 0.9% in September
Inventories in the US rose more than forecast in September as companies stocked shelves ahead of the holiday season. The 0.9% increase matched the rise in August that was larger than previously estimated. Sales rose 0.5%, led by retailers. Companies had enough goods on hand to supply 1.27 month’s worth of sales at September’s pace, the same as in August. Retailers’ inventories increased 0.8%, factory inventories rose 0.7% and wholesale stockpiles increased 1.5%. (Bloomberg)
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