Germany: Business confidence unexpectedly rose to a record high in January as booming exports to Asia and stronger household spending bolstered growth in Europe's largest economy. The Munich based Ifo institute said its business climate index, based on a survey of 7,000 executives, increased to 110.3 from 109.8 in December. That's the highest since records for a reunified Germany began in 1991. (Source: Bloomberg)
U.K. Retail sales in December had record drop on snow, prices. Sales fell 0.8% MoM from the previous month, when they rose 0.4% MoM. From a year earlier, sales were unchanged, which was also the worst result for the month since records began in 1988. (Source: Bloomberg)
U.K: Residential rents fell for the first time in almost a year in December as landlords cut letting fees and cold weather deterred potential tenants from viewing properties, LSL Property Services Plc said. The average monthly rent for a home in England and Wales fell 1.2 MoM% to GBP684 (USD1,087) from November, the first decline since January last year and the lowest average since July, the Newcastle, England-based company said in an emailed statement. The average fee in London fell 2.3% MoM. On the year, national rents rose 3.8% YoY. (Source: Bloomberg)
France: Business confidence jumped to its highest in almost three years in January. An index of sentiment among factory executives increased more than expected to 108 from a revised 102 in December, national statistics office Insee said. (Source: Bloomberg)
Thailand: Economy grew 8% in 2010, central bank estimates
Thailand’s economy expanded at the top end of the central bank’s forecast range last year, estimates from the Bank of Thailand showed, supporting the case for more interest-rate increases to fight inflation. GDP probably increased 8% and may rise 3% to 5% in 2011 and 2012, Assistant Governor Paiboon Kittisrikangwan said. In October, the central bank forecast growth of 7.3% to 8% for 2010. The estimate for this year is unchanged from October. (Bloomberg)
Japan:Set to miss bond sale target, government says
Japanese Prime Minister Naoto Kan is projected to break his fiscal promise of capping bond sales as he struggles to secure revenue, boosting the case for higher taxes to contain the world’s largest public-debt burden. Japan’s new bond sales will expand to JPY 46.7trn (USD563bn) in the year starting April 2012, surpassing Kan’s target of JPY 44.3trn, according to calculations by the Cabinet Office. Breaking his year-old spending pledges may push up government borrowing costs of around 1.2%. (Bloomberg)
China: Rural incomes surge in boost for consumption
China’s 10.3% economic growth last year drove the biggest increase in the nation’s rural incomes in a quarter century, bolstering efforts to spur consumption in the world’s most populous nation. In the countryside, per capita net income rose 10.9% to RMB 5,919 (USD898), a statistics bureau report showed. The gain was faster than for urban incomes for the first time since 1997. The report also showed acceleration in retail sales and industrial production at the end of last year. (Bloomberg)
UK: BOE’s Posen sees inflation slowing ‘well below’ target
Bank of England policy maker Adam Posen dismissed the recent burst of inflation as temporary, indicating he may keep pushing for more stimulus to aid the economic recovery. “In terms of underlying UK inflation, driven by domestic forces, my position is unchanged,” Posen said. “Inflation will be well below” the bank’s 2% target, he said, citing spare capacity and the likelihood that budget cuts will hurt consumer spending. Posen’s first public comments this year on the UK economic outlook suggest that he is continuing his call for the central bank to expand its bond-purchase plan, even after inflation reached an eight-month high of 3.7% in December. (Bloomberg)
US:Economy speeds up on spending gain
The economy in US probably grew at a faster pace in the fourth quarter, driven by the biggest gain in consumer spending in four years; economists projected a report this week will show. GDP rose at a 3.5% annual pace, up from a 2.6% rate in the previous three months, according to the median estimate of 67 economists surveyed by Bloomberg News before a 28 Jan Commerce Department Report. Other data may show business investment remained a pillar of the economic rebound, while home prices decreased. (Star Biz)
US: 10-Year yields rise by most in 6 weeks on economic outlook
Treasuries fell, pushing up 10-year note yields the most in six weeks, as economic reports in the US and Europe bolstered speculation the global recovery is building momentum and damped government debt’s refuge appeal. Thirty-year bond yields rose to an eight-month high after European officials pledged to strengthen the safety net for debt-strapped countries and a record sale of US inflation- linked notes drew lower-than-average demand. The Treasury will sell USD99bn of notes next week as the Federal Reserve meets and President Barack Obama gives his State of the Union speech. (Bloomberg)
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