Wednesday, November 24, 2010

20101124 1002 Global Economics News.

South Korea: Prepares market-stability measures after shelling
South Korea began a 24-hour market watch as officials prepared measures to address any financial turmoil in the aftermath of what the government said was North Korean shelling of a border island. The Bank of Korea held an unscheduled meeting in Seoul, and deputies from the BOK and government will gather to discuss the market impact and potential countermeasures, the finance ministry said in a statement. Regulators will take preemptive steps if needed, the Financial Services Commission and Financial Supervisory Service said. (Bloomberg)

Ireland: Said to need EUR85bn for rescue
EU officials estimate that a rescue package for Ireland may amount to about EUR85bn (USD114bn), according to two officials familiar with the talks. The European Commission cited the figure as a preliminary estimate on a conference call of euro-region finance ministers on 21 November, said the people, who spoke on condition of anonymity because the talks were private. Of the total, EUR35bn would be earmarked for banks and EUR50bn to help finance the Irish government. (Bloomberg)

EU: Services, manufacturing growth accelerates
Growth in Europe’s services and manufacturing industries unexpectedly accelerated for the first time in four months in November as companies weathered the debt crisis and cooling global growth. A composite index based on a survey of Euro-area purchasing managers in both industries advanced to 55.4 from 53.8 in the previous month, according to an initial estimate. A reading above 50 indicates expansion. (Bloomberg)

US: Third-quarter growth revised up on spending gains
The US economy grew more than previously calculated in the third quarter, led by stronger consumer spending and fueled by labor income gains that may stoke demand into 2011. The revised 2.5% increase in GDP compares with a 2% estimate issued last month and a 1.7% rise in the second quarter, figures from the Commerce Department showed. Consumer purchases rose at the fastest pace since the last three months of 2006. (Bloomberg)

US: Existing home sales decrease more than forecast
Sales of existing homes fell more than forecast in October as foreclosure moratoriums and a lack of credit disrupted the US housing market. Purchases decreased 2.2% to a 4.4m annual rate from 4.5m in September, the National Association of Realtors said. Economists projected sales would decline to a 4.5m pace, according to the median forecast. The median price fell 0.9% from a year earlier. (Bloomberg)

No comments: