Malaysia: CPI up 2% y-o-y in November
Malaysia’s consumer price index, a measure of inflation, rose a lower-than-expected 2% in November from a year ago, with corresponding increases in the non-food as well as food and non-alcoholic beverages indices. The Department of Statistics said the index for non-food items, and food and non-alcoholic beverages increased 1.4% and 3% respectively in November compared with the same period a year ago. (Financial Daily)
Japan: Export growth accelerated to 9.1% in November
Japan’s export growth accelerated for the first time in nine months as a rebound in global demand helped the nation’s economy withstand the yen’s advance to a 15-year high. Overseas shipments rose 9.1% in November from a year earlier, from October’s 7.8% gain, the Finance Ministry. The median estimate of 19 economists surveyed was for a 10.3% increase. (Bloomberg)
UK: BOE splits three ways as inflation concerns increase
Bank of England policy makers split three ways for a third month on the need for economic stimulus as some officials became more concerned that Britain’s bout of inflation may persist. Adam Posen kept up his demand to increase the GBP300bn bond-purchase plan by GBP50bn. Andrew Sentence voted to raise interest rate for a seventh month and the rest ensured no change in policy. (Bloomberg)
US: Sales of existing homes rise less than forecast
Sales of existing homes rose less than forecast in November as the industry that triggered the worst US recession in seven decades struggled to recover after a government tax credit lapsed. Purchases increased 5.6% from the prior month to a 4.6m annual rate, the National Association of Realtors said. Economists projected that sales would rise to a 4.75m pace, according to the median forecast. (Bloomberg)
US: GDP grew less than forecast, inflation cooled
The US economy grew less than forecast in the third quarter and inflation unexpectedly cooled, highlighting why the Federal Reserve plans to keep pumping money into financial markets. The revised 2.6% increase in GDP compares with a 2.5% estimate issued last month and was less than the median forecast of a 2.8% in a survey, a Commerce Department report showed. Consumer costs for goods and services, excluding food and fuel, climbed at the slowest pace since records began in 1959. (Bloomberg)
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