Malaysia: Ringgit drops on concern China’s policy may hurt exports
Malaysia’s ringgit fell from a one-week high on concerns exports will cool as monetary tightening in China damps demand in the South-East Asian nation’s biggest export market. The People’s Bank of China raised lenders’ reserve requirements twice last month and announced in October the first interest-rate increase since 2007, seeking to tame the fastest inflation in two years. China including Hong Kong accounted for 18% of Malaysia’s exports in the first 10 months of this year, official figures showed. Bonds fell as currency weakness reduced their allure to foreign buyers. (Star Biz)
Singapore: GDP may slow to 5.1% next year
Singapore’s economy will probably expand next year at a third of this year’s pace as manufacturing and export growth slows, a central bank survey showed. GDP may increase 5.1% next year after a 15% expansion in 2010, according to the median estimate in a survey of 22 economists by the Monetary Authority of Singapore. The Singapore dollar may strengthen to SGD1.24 versus the US currency by the end of 2011, the survey showed. (Star Biz)
Japan:Machinery orders decline for second month
Japanese machinery orders fell for a second month in October because of declining demand from the service sector, adding to signs that the nation’s export-led recovery is stalling. Factory orders fell 1.4% from September, when they dropped 10.3%, the biggest slide since March 2008, the Cabinet Office said. Orders, an indicator of capital spending in three to six months, were projected to fall 0.1%, according to the median forecast of 28 economists surveyed by Bloomberg News. (Financial Daily)
EU: Euro falls as Ireland budget vote doesn’t ease region concern
The euro fell from near a two-week high against the dollar as Ireland’s parliament neared a vote on austerity measures that are required for the nation to qualify for a EUR85bn aid package. Ireland’s Finance Minister Brian Lenihan said the government has an “absolute majority” to pass the budget as European leaders continue to discuss how to contain the region’s debt crisis from spreading to other nations. The dollar weakened earlier after President Barack Obama broke a stalemate about extending middle-class tax cuts introduced by the administration of George W. Bush. (Bloomberg)
EU: German exports declined in October as euro-area demand eased
German exports unexpectedly dropped in October as Europe’s sovereign debt crisis and a cooling global economy curbed demand. Sales abroad, adjusted for working days and seasonal changes, fell 1.1% from September, when they rose 3%, the Federal Statistics Office said. Economists had forecast stagnation in October, according to the median of 14 estimates in a Bloomberg News survey. Imports rose 0.3%. Austerity measures across the euro region are eroding demand for German goods in the country’s biggest export market. Factory orders from within the single-currency area dropped for a second month in October, the Economy Ministry said. (Bloomberg)
EU: French business confidence rose in November on jobs
French business confidence rose in November as job creation and household sentiment suggested that domestic demand will hold up in coming months. The Bank of France’s Business Sentiment Indicator for manufacturers increased to 107 from a revised 104 in October, the central bank said in a statement. Economists expected a reading of 103, according to a Bloomberg survey. The central bank had originally reported an October reading of 103. The increase underlines a shift from export-led growth that helped France pull out of recession last year to reviving consumer demand. France posted its biggest drop in jobless claims in more than two years in October and consumer sentiment improved for a fourth month in November, signaling strength in spending. (Bloomberg)
No comments:
Post a Comment