Global: Food surge is exacerbating poverty, World Bank says. Global food prices have surged to dangerous levels, pushing 44 million more people into extreme poverty since June, according to the World Bank, which warned some nations may make the mistake of imposing curbs on shipments. "The price hike is already pushing millions of people into poverty and putting stress on the most vulnerable, who spend more than half of their income on food," President Robert Zoellick said. During the 2008 food crisis, the bank said 100 million may be driven deeper into poverty. The bank defines "extreme poverty" as living on less than USD1.25 a day. (Source: Bloomberg)
U.S: FOMC saw stronger recovery, disappointed on jobs. Officials "continued to express disappointment in both the pace and the unevenness of the improvements in labor markets," while also judging the recovery to be on a "firmer footing," the Federal Open Market Committee said in minutes of its Jan. 25-26 meeting. Policy makers raised projections for economic growth this year and made little change to forecasts after 2011 or for unemployment and inflation. Central bankers projected U.S. inflation-adjusted gross domestic product will rise 3.4% to 3.9%, compared with November forecasts of 3% to 3.6%. (Source: Bloomberg)
U.S: Industrial production fell 0.1% MoM in January, dragged down by a decline in utilities as milder temperatures curbed demand for heating. Output fell 0.1% MoM after a 1.2% MoM increase in December that was larger than initially reported. (Source: Bloomberg)
U.S: Fed made USD 13b on lending programs in crisis, paper says. The Federal Reserve earned USD 13b in interest and fee income on its liquidity programs from August 2007 until December 2009, according to the New York Fed. The facilities generated USD 20b in interest and fees before taking into account the USD 7b cost of funds, Michael Fleming and Nicholas Klagge, staff members at the New York Fed said. (Source: Bloomberg)
U.S: Mortgage demand falls to two-year low as refinancing drops. The Mortgage Bankers Association's index of loan applications decreased 9.5% WoW in the week ended Feb. 11, dropping to the lowest point since November 2008. The group's refinancing measure slumped 11% WoW to the weakest point since July 2009, and the purchase gauge fell 5.9% WoW. (Source: Bloomberg)
U.S: January housing starts rise more than forecast, reflecting a surge in multifamily units. Housing starts climbed 15% MoM a 596,000 annual rate. (Source: Bloomberg)
U.K: Consumer confidence fell in January as rising taxes and soaring inflation put pressure on household budgets, Nationwide Building Society said. An index of sentiment dropped 7 points to 47, almost erasing the 8-point gain in December, the customer-owned lender said in a report. A measure of whether now is a good time to spend dropped 20 points to 70, the lowest since November 2008. (Source: Bloomberg)
S. Korea: Unemployment rate rose to a four-month high in January as the number of workers in agricultural, fishery and forestry industries declined. The jobless rate rose to 3.6% from a revised 3.5% in December, Statistics Korea said. (Source: Bloomberg)
Malaysia: Growth probably slowed; rate pressure to stay
Malaysia may report economic growth slowed last quarter as manufacturing output moderated after surging during the recovery from the global financial crisis. Malaysia’s GDP increased 4.6% in the three months through December from a year earlier, after a 5.3% expansion in the previous period, according to the median forecast of 14 economists surveyed by Bloomberg News. (Bloomberg)
Japan:Japan, India sign free trade pact
Japan and India signed a free trade pact under which the high-tech nation and the South Asian population giant pledged to scrap tariffs on 94% of goods within a decade. Japan’s Foreign Minister Seiji Maehara and India’s Commerce Minister Anand Sharma signed the agreement in Tokyo, hoping it will boost two-way trade, which totaled JPY900bn (USD10.7bn) in 2009. (Star Biz)
EU: Spanish exports accelerate as austerity hits spending
Spanish exports accelerated in the fourth quarter, offsetting weaker demand at home as the deepest austerity measures in three decades undermined the economic recovery. Exports rose 3.9% from the previous three months, when they increased 0.5%, and expanded 10.5% from a year earlier, the National Statistics Institute in Madrid said. Spending was flat in the fourth quarter, with household spending increasing 0.3%, after a 1% decline in the previous three months, and government consumption falling 0.7%. (Bloomberg)
UK: January unemployment claims unexpectedly rise
UK unemployment claims unexpectedly rose in January, underlining the fragility of the labor market a year after the economy emerged from recession and as public-spending cuts start in earnest. The number of people receiving jobless benefits rose 2,400 to 1.46 million, the Office for National Statistics in London said. The median of 25 forecasts in a Bloomberg News survey was for a drop of 3,000. Unemployment based on International Labour Organization methods rose by 44,000 in the fourth quarter to 2.49 million. (Bloomberg)
US:Economy production increases, housing stagnates
Production at US factories climbed in January for a fifth consecutive month, while builders began work on fewer single-family houses, showing the expansion remains driven by manufacturing as housing stagnates. Manufacturing output increased 0.3% after a revised 0.9% jump in December that was more than twice as large as previously reported, figures from the Federal Reserve showed. Total production, including mining and utilities, unexpectedly dropped. Single-family home starts decreased 1% to a 413,000 annual pace, the fewest since May 2009, according to the Commerce Department. (Bloomberg)
No comments:
Post a Comment